Risk Hedging Protection Act of 2014

Risk Hedging Protection Act of 2014 - Amends the Commodity Exchange Act, with respect to futures commission merchants registration requirements and duties, to require that any rules or regulations requiring a futures commission merchant to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all their customers' uncollected margin deficits must also provide that such a merchant meets the residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2601 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2601

   To amend the Commodity Exchange Act to ensure futures commission 
                          merchant compliance.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 15, 2014

  Mr. Roberts (for himself and Ms. Heitkamp) 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 ensure futures commission 
                          merchant compliance.

    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 ``Risk Hedging Protection Act of 
2014''.

SEC. 2. FUTURES COMMISSION MERCHANT COMPLIANCE.

    (a) In General.--Section 4d(a) of the Commodity Exchange Act (7 
U.S.C. 6d(a)) is amended--
            (1) by redesignating paragraphs (1) and (2) as 
        subparagraphs (A) and (B), respectively, and indenting 
        appropriately;
            (2) by striking ``Sec. 4d'' and all that follows through 
        ``It shall be unlawful'' and inserting the following:
    ``Sec. 4d. Dealing by Unregistered Futures Commission Merchants or 
Introducing Merchants Prohibited.
    ``(a) Registration Requirements and Duties.--
            ``(1) In general.--It shall be unlawful''; and
            (3) by adding at the end the following:
            ``(2) Residual interest requirement.--Any rules or 
        regulations requiring a futures commission merchant to maintain 
        a residual interest in accounts held for the benefit of 
        customers in amounts at least sufficient to exceed the sum of 
        all uncollected margin deficits of the customers shall provide 
        that a futures commission merchant shall meet the residual 
        interest requirement as of the end of each business day 
        calculated as of the close of business on the previous business 
        day.''.
    (b) Conforming Amendments.--
            (1) Section 4d of the Commodity Exchange Act (7 U.S.C. 6d) 
        is amended--
                    (A) in subsection (b), by striking ``paragraph (2) 
                of this section'' and inserting ``subsection 
                (a)(1)(B)''; and
                    (B) in subsection (h), by striking 
                ``Notwithstanding subsection (a)(2)'' and inserting 
                ``Notwithstanding subsection (a)(1)(B)''.
            (2) Section 15(c)(3)(C) of the Securities Exchange Act of 
        1934 (15 U.S.C. 78o(c)(3)(C)) is amended by striking 
        ``4d(a)(2)'' and inserting ``4d(a)(1)(B)''.
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