APEX Act
Bill: S.2462 | Sponsor: Sen. Baldwin, Tammy (D-WI)
Policy area: Finance and Financial Sector

Summary:
Aluminum Pricing Examination Act or the APEX Act
This bill extends the jurisdiction of the Commodity Futures Trading Commission (CFTC) to include the markets for aluminum premiums. Specifically, the CFTC has jurisdiction over (1) the process and manner in which reference prices for such premiums are set or reported, and (2) whether the mechanism for setting such reference prices is fair and transparent.
Additionally, the CFTC must consult with the Department of Justice regarding relevant information, including allegations of anticompetitive conduct.

To amend the Commodity Exchange Act to extend the jurisdiction of the 
   Commodity Futures Trading Commission to include the oversight of 
markets that set or report reference prices for aluminum premiums, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Aluminum Pricing Examination Act'' 
or the ``APEX Act''.

SEC. 2. JURISDICTION OF THE COMMODITY FUTURES TRADING COMMISSION OVER 
              MARKETS THAT SET OR REPORT REFERENCE PRICES FOR ALUMINUM 
              PREMIUMS.

    Section 2(a)(1) of the Commodity Exchange Act (7 U.S.C. 2(a)(1)) is 
amended by adding at the end the following:
                    ``(J) Reference prices for aluminum premiums.--
                            ``(i) Jurisdiction.--
                                    ``(I) In general.--The Commission 
                                shall have jurisdiction over markets 
                                that set or report reference prices for 
                                aluminum premiums, including--
                                            ``(aa) oversight of the 
                                        process and manner in which 
                                        reference prices for aluminum 
                                        premiums are set or reported; 
                                        and
                                            ``(bb) determining whether 
                                        the mechanism for setting 
                                        references prices for aluminum 
                                        premiums is fair and 
                                        transparent.
                                    ``(II) Effect.--Nothing in this Act 
                                grants the Commission authority to set 
                                or control prices for aluminum 
                                premiums.
                            ``(ii) Consultation with attorney 
                        general.--
                                    ``(I) In general.--The Commission 
                                shall consult with the Attorney General 
                                on any relevant information, 
                                allegations of anticompetitive conduct, 
                                or marketplace analysis in the setting 
                                or reporting of a reference price for 
                                aluminum premiums.
                                    ``(II) Review by attorney 
                                general.--The Commission shall afford 
                                the Attorney General an opportunity to 
                                review any regulation or guideline 
                                proposed by the Commission in carrying 
                                out this subparagraph to ensure that 
                                the regulation or guideline is 
                                consistent with the goals and purposes 
                                of the antitrust laws.
                                    ``(III) Authorities and duties of 
                                attorney general.--The Attorney 
                                General--
                                            ``(aa) may cooperate, and 
                                        share relevant information, 
                                        with the Commission with 
                                        respect to the setting of a 
                                        reference price for aluminum 
                                        premiums; and
                                            ``(bb) shall review any 
                                        proposed regulation or 
                                        guideline described in 
                                        subclause (II) to ensure that 
                                        the regulation or guideline is 
                                        in accordance with the goals 
                                        and purposes of the antitrust 
                                        laws.
                                    ``(IV) Transmission to 
                                commission.--The Attorney General shall 
                                transmit to the Commission the views of 
                                the Attorney General on any proposed 
                                regulation or guideline described in 
                                subclause (II).''.
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