A bill to modify the definition of cotton futures contracts in the United States Cotton Futures Act.

Bill: 113-s-2984
Sponsor: full_name: Sen. Chambliss, Saxby [R-GA]
Introduced: 2014-12-04
Policy area: Agriculture and Food
Subjects: Agricultural trade

Commodities markets
Latest action: action_date: 2014-12-04
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2014-12-04
action_desc: Introduced in Senate
text: <p>Amends the United States Cotton Futures Act to exclude cotton future contracts involving cotton that is grown outside of the United States and tendered for delivery from coverage under the Act, including the requirement that the cotton be classified by the Department of Agriculture (USDA).</p>

tv_txt: II 113th CONGRESS 2d Session S. 2984 IN THE SENATE OF THE UNITED STATES December 4, 2014 Mr. Chambliss introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To modify the definition of cotton futures contracts in the United States Cotton Futures Act.

1. Cotton futures contracts Section 1952(c) of the United States Cotton Futures Act ( 7 U.S.C. 15B(c) ) is amended by striking paragraph (1) and inserting the following: (1) Cotton futures contract The term cotton futures contract means any contract of sale of cotton for future delivery made at, on, or in any exchange, board of trade, or similar institution or place of business which has been designated a contract market by the Commodity Futures Trading Commission pursuant to the Commodity Exchange Act (7 U.S.C. 1 et seq.) and the term contract of sale as so used shall be held to include sales, agreements of sale, and agreements to sell, except that— (A) any cotton futures contract that, by its terms, is settled in cash is excluded from the coverage of this paragraph and section; and (B) any cotton futures contract that permits tender of cotton grown outside of the United States is excluded from the coverage of this paragraph and section to the extent that the cotton grown outside of the United States is tendered for delivery under the cotton futures contract. .