Title: CFTC Fund Management Act
Policy area: Finance and Financial Sector

Summary:
CFTC Fund Management Act
This bill expands the permissible uses of the Commodity Futures Trading Commission Customer Protection Fund to include education initiatives and administrative expenses.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4995 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4995

  To amend the Commodity Exchange Act to modify the Commodity Futures 
  Trading Commission Customer Protection Fund, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            December 9, 2020

  Mr. Grassley (for himself, Ms. Hassan, Ms. Ernst, and Ms. Baldwin) 
introduced the following bill; which was read twice and referred to the 
           Committee on Agriculture, Nutrition, and Forestry

_______________________________________________________________________

                                 A BILL


 
  To amend the Commodity Exchange Act to modify the Commodity Futures 
  Trading Commission Customer Protection Fund, 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 ``CFTC Fund Management Act''.

SEC. 2. COMMODITY FUTURES TRADING COMMISSION CUSTOMER PROTECTION FUND.

    Section 23(g) of the Commodity Exchange Act (7 U.S.C. 26(g)) is 
amended--
            (1) in paragraph (2)--
                    (A) in subparagraph (A), by striking ``(a); and'' 
                and inserting ``(b);'';
                    (B) in subparagraph (B), by striking the period at 
                the end and inserting a semicolon; and
                    (C) by adding at the end the following:
                    ``(C) the funding of educational initiatives 
                designed to provide information on the incentives and 
                protections available to customers under this section; 
                and
                    ``(D) the funding of administrative and salary 
                expenses necessary for personnel to carry out the 
                activities described in subparagraphs (A) through 
                (C).'';
            (2) in paragraph (3)--
                    (A) in subparagraph (A), by striking 
                ``$100,000,000'' and inserting ``$250,000,000'';
                    (B) by redesignating subparagraphs (A) through (C) 
                as clauses (i) through (iii), respectively, and 
                indenting appropriately;
                    (C) in the matter preceding clause (i) (as so 
                redesignated), by striking ``There shall'' and 
                inserting the following:
                    ``(A) In general.--There shall'';
                    (D) in subparagraph (A)(ii) (as so designated), by 
                striking ``subparagraph (A)'' and inserting ``clause 
                (i)''; and
                    (E) by adding at the end the following:
                    ``(B) Separate account for education initiatives 
                and administrative expenses.--
                            ``(i) In general.--Any amounts contained 
                        in, deposited into, or credited to the Fund 
                        under subparagraph (A) may be deposited into or 
                        credited to a separate account in the Fund 
                        described in clause (ii), unless the balance of 
                        the separate account at the time the amounts 
                        are deposited or credited exceeds $10,000,000.
                            ``(ii) Use of separate account.--The 
                        separate account referred to in clause (i) 
                        shall be available to the Commission, without 
                        further appropriation or fiscal year 
                        limitation, for the purposes described in 
                        subparagraphs (B) through (D) of paragraph 
                        (2).''; and
            (3) in paragraph (5)--
                    (A) in subparagraph (H), by striking ``and'' at the 
                end; and
                    (B) by striking subparagraph (I) and inserting the 
                following:
                    ``(I) a complete set of audited financial 
                statements, including a balance sheet, income 
                statement, and cash flow analysis, completed by an 
                independent auditor, of the account in the Fund 
                available for the payment of awards to whistleblowers 
                in accordance with paragraph (2)(A); and
                    ``(J) a complete set of audited financial 
                statements, including a balance sheet, income 
                statement, and cash flow analysis, completed by an 
                independent auditor, of the separate account for 
                education initiatives and administrative expenses 
                described in paragraph (3)(B).''.
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