CFTC Reauthorization Act of 2007
Latest action · Apr 25, 2008 Referred to the Subcommittee on General Farm Commodities and Risk Management.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 13, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
CFTC Reauthorization Act of 2007 - Amends the Commodity Exchange Act to revise Commodity Futures Trading Commission (CFTC) jurisdiction over an agreement, contract, or retail transaction in foreign currency.
Extends coverage to certain future commissions merchants (and affiliated persons) and retail foreign exchange dealers. Requires them to register with the CFTC in order to: (1) solicit or accept orders from any person that is not an eligible contract participant in connection with such agreements, contracts, or transactions; (2) exercise discretionary trading authority (or obtain written authorization to do so) over any account for or on behalf of such a person; or (3) operate or solicit funds, securities, or property for any pooled investment vehicle that is not such an eligible contract participant.
Revises the prohibition against contracts designed to defraud or mislead. Declares that the requirements of such prohibition do not obligate any person, in connection with a transaction, to disclose to another person in the transaction any nonpublic information that may be material to the market price, rate, or level of the commodity or transaction, except as necessary to make any statement to such other person not misleading in any material respect.
Authorizes appropriations for the CFTC through FY2013.
Increases: (1) the civil penalty for market manipulation to $1 million, or triple the monetary gain for each such violation; and (2) the criminal penalty for market manipulation from five to ten years imprisonment.
Subjects to CFTC jurisdiction certain agreements, contracts, or transactions that perform a significant price discovery function in spite of the fact that they are conducted, on an electronic trading facility on a principal-to-principal basis solely between persons that are eligible commercial entities, in reliance on the general exemption for such agreements, contracts, and transactions (in the exempt commercial markets (ECMs)).
Subjects to CFTC (large trader) reporting and recordkeeping requirements any significant price discovery contract traded or executed on an electronic trading facility.
Authorizes the CFTC to communicate to an electronic trading facility, with respect to a significant price discovery contract, the full facts concerning any transaction or market operation which, in the CFTC's judgment, disrupts or tends to disrupt any market, or is otherwise harmful or against the best interests of producers, consumers, or investors.
Cosponsors 3
Members who signed on, in the order they did. All signed on Dec 13, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-VA | Bob Goodlatte | Original | Dec 13, 2007 |
| D-MN | Collin C. Peterson | Original | Dec 13, 2007 |
| R-KS | Jerry Moran | Original | Dec 13, 2007 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Agriculture Committee | Referred Dec 13, 2007 |
| General Farm Commodities, Risk Management, and Credit Subcommittee | Referred Apr 25, 2008 |
Actions 4
Everything that happened, newest first.
- Apr 25, 2008Referred to the Subcommittee on General Farm Commodities and Risk Management.
- Dec 14, 2007Sponsor introductory remarks on measure. (CR E2585-2586)
- Dec 13, 2007Introduced in House
- Dec 13, 2007Referred to the House Committee on Agriculture.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E2585 | Bob Etheridge D-NC | Dec 14, 2007 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5768 | To amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission authority over off-exchange retail foreign currency transactions, and for other purposes. | Related bill | Nov 19, 2008 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To reauthorize and amend the Commodity Exchange Act to promote legal certainty, enhance competition, and reduce systemic risk in markets for futures and over-the-counter derivatives, and for other purposes.
- Short Titles as Introduced
- CFTC Reauthorization Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Authorization
- Commodity Futures Trading Commission
- Crime and Law Enforcement
- Economics and Public Finance
- Finance and Financial Sector
- Fines (Penalties)
- Foreign exchange
- Foreign Trade and International Finance
- Futures trading
- Government Operations and Politics
- Government paperwork
- Independent regulatory commissions
- Information disclosure (Securities law)
- Jurisdiction
- Law
- Market manipulation
- Securities fraud
- Securities regulation
- Sentences (Criminal procedure)
Text 1
Each version as it was printed, newest first.
- Dec 13, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
