Futures Investor Protection Act
This bill establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit membership corporation for all futures commission merchants registered with the Commodity Futures Trading Commission (CFTC). In general, the FIPC's powers and duties shall mirror those of the Security Investors Protection Corporation (the nonprofit membership corporation for registered broker-dealers).
In addition, the bill amends the Commodity Exchange Act to establish suitability rules with respect to recommendations by a futures commission merchant to a customer.
The CFTC must review certain guidelines regarding proof of claims, as specified by the bill.