[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4696 Introduced in House (IH)]
<DOC>
116th CONGRESS
1st Session
H. R. 4696
To provide for cooperation between the Commodity Futures Trading
Commission and foreign regulators.
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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.
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 ``International Regulatory Cooperation
Improvement Act''.
SEC. 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.''.
<all>
International Regulatory Cooperation Improvement Act
#4696 | HR Congress #116
Policy Area: Finance and Financial Sector
Last Action: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. (11/8/2019)
Bill Text Source: Congress.gov
Summary and Impacts
Original Text