Title: Commodity Futures Trading Commission Research and Development Modernization Act
Policy area: Finance and Financial Sector

Summary:
Commodity Futures Trading Commission Research and Development Modernization Act
This bill modifies the requirement for the Commodity Futures Trading Commission to establish programs and perform research related to financial technologies, including to allow the commission to accept gifts and donations for such purposes.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6121 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6121

To modernize the authority of the Commodity Futures Trading Commission 
   to conduct research, development, demonstration, and information 
                               programs.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 14, 2018

Mr. Austin Scott of Georgia (for himself, Mr. Marshall, Mr. Goodlatte, 
and Mr. Soto) introduced the following bill; which was referred to the 
                        Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
To modernize the authority of the Commodity Futures Trading Commission 
   to conduct research, development, demonstration, and information 
                               programs.

    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 ``Commodity Futures Trading Commission 
Research and Development Modernization Act''.

SEC. 2. MODERNIZATION OF AUTHORITY OF THE COMMODITY FUTURES TRADING 
              COMMISSION TO CONDUCT RESEARCH, DEVELOPMENT, 
              DEMONSTRATION, AND INFORMATION PROGRAMS.

    Section 18 of the Commodity Exchange Act (7 U.S.C. 22) is amended 
to read as follows:

``SEC. 18. RESEARCH, DEVELOPMENT, AND DEMONSTRATION OF FINANCIAL 
              TECHNOLOGY.

    ``(a) Authority.--The Commission shall establish and maintain, as 
part of its ongoing operations, research, development, demonstration, 
and information programs that further the purposes and objectives of 
this Act, including programs that--
            ``(1) facilitate the understanding by the Commission of 
        emerging financial, regulatory, and compliance technologies, 
        the potential applications of the technologies to the 
        transactions and markets regulated by the Commission, and 
        associated implications for cybersecurity, data security, and 
        systemic risk;
            ``(2) inform the Commission of important technological 
        advances and innovations affecting markets regulated by the 
        Commission;
            ``(3) provide an environment where technological advances 
        and innovations may be explored by developers, potential users, 
        and the Commission to evaluate potential benefits to the 
        Commission and the markets regulated by the Commission;
            ``(4) identify areas where the Commission should adapt its 
        administration of this Act to facilitate technological advances 
        and innovations that would benefit the markets regulated by the 
        Commission;
            ``(5) improve the administration of this Act by the 
        Commission by identifying technological advances and 
        innovations, and developing novel tools that are not generally 
        available from traditional vendors for use by the Commission, 
        or any division or office of the Commission; and
            ``(6) develop educational and other informational materials 
        regarding derivatives trading, technological advances and 
        innovations in markets regulated by the Commission, and 
        applicable requirements of this Act and the regulations 
        prescribed under this Act.
    ``(b) Authorized Means.--Notwithstanding any other provision of 
law, the Commission may do the following to accomplish the goals 
described in subsection (a):
            ``(1) Other transaction authority.--The Commission may 
        enter into and perform a transaction (other than a standard 
        contract) with any agency or instrumentality of the United 
        States, or with any State, territory, or possession of the 
        United States, or with any political subdivision thereof, or 
        with any person, firm, association, corporation, educational 
        institution, self-regulatory organization, foreign government, 
        international organization or other entity, on such terms and 
        conditions as the Chairman of the Commission deems appropriate, 
        if--
                    ``(A) the transaction is only used for a goal 
                described in subsection (a);
                    ``(B) the Commission endeavors to use a competitive 
                process, where appropriate, when determining the 
                parties to the transaction; and
                    ``(C) the Chairman makes a written determination 
                that using a standard contract to do so is either not 
                feasible or not appropriate.
            ``(2) Gift acceptance authority.--
                    ``(A) In general.--During the 5-year period that 
                begins with the date of the enactment of this section, 
                the Commission may solicit, accept, and utilize any 
                contribution, provision of access, gift, or donation of 
                tangible or intangible property or service that the 
                Chairman deems appropriate, from any agency or 
                instrumentality of the United States, or any State, 
                territory, or possession of the United States, or any 
                political subdivision thereof, or any person, firm, 
                association, corporation, educational institution, 
                self-regulatory organization, foreign government, 
                international organization, or other entity, if--
                            ``(i) the property or service is used only 
                        for a goal described in subsection (a); and
                            ``(ii) the Chairman makes a written 
                        determination that accepting the contribution, 
                        provision of access, gift, or donation is 
                        consistent with fulfilling the goal, and that 
                        using a standard contract or other transaction 
                        to do so is either not feasible or not 
                        appropriate.
                    ``(B) Sunset.--The authority provided by 
                subparagraph (A) may not be exercised on or after 
                October 1, 2023.
    ``(c) Annual Report.--Not later than 60 days after the end of each 
fiscal year, the Commission shall submit to the Committee on 
Agriculture, Nutrition, and Forestry of the Senate and the Committee on 
Agriculture of the House of Representatives a report on all 
transactions entered into, and all contributions, provisions of access, 
gifts, or donations accepted, under subsection (b), which shall 
describe the following with respect to each such transaction, 
contribution, provision of access, gift, or donation:
            ``(1) A brief description of the subject of the 
        transaction, contribution, provision of access, gift, or 
        donation, with an explanation of its potential utility to the 
        Commission or the markets regulated by the Commission, and the 
        status of all related projects.
            ``(2) The reasons why it was not feasible or appropriate to 
        use a standard contract with respect to that subject.
            ``(3) In the case of a transaction other than a 
        contribution, provision of access, gift, or donation, an 
        explanation of the Commission's efforts to use a competitive 
        process, or the reasons why such a process was not appropriate.
            ``(4) A description of all sums expended by the Commission 
        in connection with a transaction and, if readily ascertainable, 
        the value of any contribution, provision of access, gift, or 
        donation.''.
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