APEX Act

Bill: 118-s-1850
Sponsor: full_name: Sen. Baldwin, Tammy [D-WI]
Introduced: 2023-06-07
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-06-07
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2023-06-07
action_desc: Introduced in Senate
text: <p><b>Aluminum Pricing Examination Act or the APEX Act </b></p> <p>This bill extends the jurisdiction of the Commodity Futures Trading Commission (CFTC) to include the markets for aluminum premiums. Specifically, the CFTC has jurisdiction over (1) the process and manner in which reference prices for such premiums are set or reported, and (2) whether the mechanism for setting such reference prices is fair and transparent. </p> <p>Additionally, the CFTC must consult with the Department of Justice regarding relevant information, including allegations of anticompetitive conduct. </p>

tv_txt: II 118th CONGRESS 1st Session S. 1850 IN THE SENATE OF THE UNITED STATES June 7, 2023 Ms. Baldwin (for herself and Mr. Cotton ) 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 extend the jurisdiction of the Commodity Futures Trading Commission to include the oversight of markets that set or report reference prices for aluminum premiums, and for other purposes.

1. Short title This Act may be cited as the Aluminum Pricing Examination Act or the APEX Act . 2. Jurisdiction of Commodity Futures Trading Commission over markets that set or report reference prices for aluminum premiums Section 2(a)(1) of the Commodity Exchange Act ( 7 U.S.C. 2(a)(1) ) is amended by adding at the end the following: (J) Reference prices for aluminum premiums (i) Jurisdiction (I) In general The Commission shall have jurisdiction over markets that set or report reference prices for aluminum premiums, including— (aa) oversight of the process and manner in which reference prices for aluminum premiums are set or reported; and (bb) determining whether the mechanism for setting reference prices for aluminum premiums is fair and transparent. (II) Effect Nothing in this Act grants the Commission authority to set or control prices for aluminum premiums. (ii) Consultation with Attorney General (I) In general The Commission shall consult with the Attorney General on any relevant information, allegations of anticompetitive conduct, or marketplace analysis in the setting or reporting of a reference price for aluminum premiums. (II) Review by Attorney General The Commission shall afford the Attorney General an opportunity to review any regulation or guideline proposed by the Commission in carrying out this subparagraph to ensure that the regulation or guideline is consistent with the goals and purposes of the antitrust laws. (III) Authorities and duties of Attorney General The Attorney General— (aa) may cooperate, and share relevant information, with the Commission with respect to the setting of a reference price for aluminum premiums; and (bb) shall review any proposed regulation or guideline described in subclause (II) to ensure that the regulation or guideline is in accordance with the goals and purposes of the antitrust laws. (IV) Transmission to Commission The Attorney General shall transmit to the Commission the views of the Attorney General on any proposed regulation or guideline described in subclause (II). .