International Regulatory Cooperation Improvement Act

Bill: 116-hr-4696
Sponsor: full_name: Rep. Bost, Mike [R-IL-12]
Introduced: 2019-10-16
Policy area: Finance and Financial Sector
Subjects: Commodity Futures Trading Commission

Diplomacy, foreign officials, Americans abroad

Foreign and international banking

Government employee pay, benefits, personnel management

Government ethics and transparency, public corruption

International organizations and cooperation

Travel and tourism
Latest action: action_date: 2019-11-08
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summaries:
action_date: 2019-10-16
action_desc: Introduced in House
text: <p><b>International Regulatory Cooperation Improvement Act</b></p> <p>This bill allows the Commodity Futures Trading Commission to incur expenses for incidentals such as meals and transportation when hosting certain foreign officials. The bill also allows the commission to receive assistance such as personnel and support services from other departments and agencies within the federal government and from certain foreign authorities. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 4696 IN THE HOUSE OF REPRESENTATIVES October 16, 2019 Mr. Bost (for himself, Mr. Van Drew , and Mr. Austin Scott of Georgia ) introduced the following bill; which was referred to the Committee on Agriculture A BILL To provide for cooperation between the Commodity Futures Trading Commission and foreign regulators.

1. Short title This Act may be cited as the International Regulatory Cooperation Improvement Act . 2. International regulatory cooperation (a) Section 1a(26) of the Commodity Exchange Act ( 7 U.S.C. 1a(26) ) is amended by striking futures or options each place it appears and inserting futures, swaps, or options. . (b) Clarification of meaning of foreign futures authority Section 8 of such Act ( 7 U.S.C. 12 ) is amended by adding at the end the following: (j) For purposes of this section, the term foreign futures authority includes any foreign authority that is empowered under foreign law to detect, investigate, or prosecute potential violations of law. . (c) Authority To provide food and incidental assistance to foreign guests hosted by the Commission Section 12(b) of such Act ( 7 U.S.C. 16(b) ) is amended by adding at the end the following: (5) The Commission may incur expenses for consultations and meetings hosted by the Commission with foreign governmental and other regulatory officials, such expenses to include necessary logistic and administrative expenses and the expenses of Commission staff and foreign invitees in attendance including: (A) meals; (B) local travel and transportation; and (C) related incidental expenses. . (d) Transfer and acceptance of personnel Section 2(a) of such Act ( 7 U.S.C. 2(a) ) is amended by adding at the end the following: (16) Assistance from federal agencies Any department or agency of the United States may cooperate with and provide to the Commission, any assistance, including services, funds, facilities, employees, and other support services as determined by the Commission to effectuate the purposes and provisions of this Act. An employee from another department or agency of the United States may be detailed to the Commission on a reimbursable or non-reimbursable basis, and the detail shall be without interruption or loss of civil service status or privilege. (17) Assistance from foreign futures authorities, foreign government agencies, foreign ministries, foreign central banks, or foreign persons (A) In general The Commission may— (i) retain or employ officers or employees of a foreign futures authority, foreign government agency, foreign ministry, foreign central bank, or foreign person on a temporary basis as employees of the Commission pursuant to section 12(b) of this Act or section 3101 or section 3109 of title 5, United States Code; and (ii) detail officers or employees of the Commission to work on a temporary basis for any such foreign entity. (B) Reciprocity and reimbursement (i) Reciprocity not required Assistance described in subparagraph (A) need not be provided on a reciprocal basis. (ii) Written agreement required The Commission may provide and accept assistance described in subparagraph (A) on a reimbursable or non-reimbursable basis, only in accordance with a written agreement between the Commission and the foreign entity involved. (iii) Rules applicable to reimbursements (I) Form A reimbursement to, or from or on behalf of, the Commission may be made in cash or in-kind. (II) Advance reimbursements The Commission may provide an advance reimbursement to such a foreign entity, and may accept an advance reimbursement from such a foreign entity. Such an advance reimbursement shall be available for the services and uses set forth in the applicable written agreement. (III) Use of reimbursements from foreign entities (aa) In general The Commission shall credit a reimbursement received from such a foreign entity to the appropriate Commission appropriation, fund, or account, subject to item (bb). (bb) Use of advance reimbursements The Commission may use such an advance reimbursement for direct expenditure in lieu of making the credit required by item (aa). (C) Standards of conduct An officer or employee employed under subparagraph (A)(i) shall be subject to the provisions of law relating to ethics, conflicts of interest, or corruption, and to any other statute governing the standards of conduct for Commission employees that are applicable to the type of appointment for the duration of the appointment. .