Commodity Futures Trading Commission Research and Development Modernization Act

Bill: 115-hr-6121
Sponsor: full_name: Rep. Scott, Austin [R-GA-8]
Introduced: 2018-06-14
Policy area: Finance and Financial Sector
Subjects: Advanced technology and technological innovations

Commodities markets

Commodity Futures Trading Commission

Computer security and identity theft

Computers and information technology

Congressional oversight

Government studies and investigations

Public contracts and procurement

Research administration and funding

Research and development

Securities

Technology assessment
Latest action: action_date: 2018-07-19
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summaries:
action_date: 2018-06-14
action_desc: Introduced in House
text: <p><b>Commodity Futures Trading Commission Research and Development Modernization Act </b></p> <p>This bill modifies&nbsp;the requirement for&nbsp;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&nbsp;such purposes. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6121 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.

1. Short title This Act may be cited as the Commodity Futures Trading Commission Research and Development Modernization Act . 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: 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. .