Commodity Futures Trading Commission Research and Development Modernization Act
This bill directs the Commodity Futures Trading Commission to establish and maintain research, development, demonstration, and information programs regarding emerging technologies and their application to commodities markets. The commission may establish research and development plans for such programs. The bill provides requirements for transactions and nonmonetary contributions related to such programs.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4337 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 4337
To modernize the authority of the Commodity Futures Trading Commission
to conduct research, development, demonstration, and information
programs.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 1, 2021
Mr. Austin Scott of Georgia (for himself and Ms. Plaskett) introduced
the following bill; which was referred to the Committee on Agriculture
_______________________________________________________________________
A BILL
To modernize the authority of the Commodity Futures Trading Commission
to conduct research, development, demonstration, and information
programs.
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 ``Commodity Futures Trading Commission
Research and Development Modernization Act''.
SEC. 2. MODERNIZATION OF AUTHORITY OF THE COMMISSION TO CONDUCT
RESEARCH, DEVELOPMENT, DEMONSTRATION, AND INFORMATION
PROGRAMS.
Section 18 of the Commodity Exchange Act (7 U.S.C. 22) is amended
to read as follows:
``SEC. 18. RESEARCH AND DEVELOPMENT PROGRAMS.
``(a) Programs.--The Commission, as part of its ongoing operations,
shall establish and maintain research, development, demonstration, and
information programs that further the purposes of this Act, including
programs that--
``(1) facilitate the understanding by the Commission of--
``(A) emerging technologies, technological
advances, and innovations;
``(B) with respect to those technologies,
technological advances, and innovations, the potential
application to, and effect on, the transactions and
markets under the jurisdiction of the Commission;
``(C) associated implications for cybersecurity,
data security, and systemic risk; and
``(D) the economics of markets and market
participants by the administration of this Act;
``(2) provide an environment where emerging technologies,
technological advances, and innovations may be explored by the
Commission with developers and potential users to evaluate
potential effects on the Commission and the markets under the
jurisdiction of the Commission;
``(3) identify areas where the Commission should adapt its
administration of this Act in light of emerging technologies,
technological advances, and innovations to benefit the markets
under the jurisdiction of the Commission; and
``(4) develop educational and other informational materials
for dissemination and use among producers, market-users, and
the general public regarding--
``(A) the activities, products, entities and
markets regulated under this Act;
``(B) emerging technologies, technological
advances, and innovations in markets under the
jurisdiction of the Commission; and
``(C) applicable requirements of this Act and the
regulations prescribed under this Act with regard to
the subjects described in subparagraphs (A) and (B).
``(b) Research and Development Plan.--
``(1) In general.--The Commission may, after notice and
comment, adopt a research and development plan for a program
established under subsection (a).
``(2) Conditions.--A research and development plan adopted
pursuant to paragraph (1) shall identify--
``(A) specific areas of interest to the Commission;
``(B) potential activities the Commission will
undertake to investigate an area of interest; and
``(C) the means by which the authority described in
subsection (c) will be used in the applicable program
established under subsection (a).
``(c) Other Transaction Authority.--
``(1) In general.--Notwithstanding the full and open
competition requirements under chapter 33 of title 41, United
States Code, the Commission may enter into and perform a
transaction (other than a standard contract) for the purpose of
aiding or facilitating the programs and activities under
subsection (a).
``(2) Conditions.--The Commission may enter into a
transaction under this subsection only if--
``(A) the transaction is used only in furtherance
of a research and development plan established under
subsection (b);
``(B) the Commission endeavors to use a competitive
process, where appropriate, when determining the
parties to the transaction; and
``(C) using a standard contract to do so is either
not feasible or not appropriate.
``(3) Policies.--The Commission shall, after notice and
comment, establish and publish written policies setting forth
the manner and criteria for utilizing the authority provided by
this subsection.
``(d) Acceptance of Nonmonetary Contributions for Research and
Development Programs, Projects, and Activities.--
``(1) Definition of covered nonmonetary contribution.--In
this subsection, the term `covered nonmonetary contribution'
means a nonmonetary contribution of provision of access, use of
facilities, personal property, or services, that is related
to--
``(A) sharing of research, data, or other
information;
``(B) public presentations; or
``(C) non-commercially available services or
systems.
``(2) Authorization.--The Commission may accept and use, on
behalf of the United States and in accordance with this
subsection, any covered nonmonetary contribution.
``(3) Conditions.--
``(A) In general.--A covered nonmonetary
contribution may be accepted pursuant to this
subsection only if the covered nonmonetary contribution
is in furtherance of a research and development plan
established under subsection (b).
``(B) Limitations.--The Commission may not accept a
covered nonmonetary contribution if--
``(i) conditions inconsistent with
applicable laws or regulations apply to the
covered nonmonetary contribution;
``(ii) the covered nonmonetary contribution
is conditioned on, or will require, the
expenditure of appropriated funds not available
to the Commission;
``(iii) using a standard contract or other
transaction authority under subsection (c) to
acquire the covered nonmonetary contribution is
either feasible or appropriate; or
``(iv) acceptance of the covered
nonmonetary contribution would--
``(I) reflect unfavorably on the
ability of the Commission to carry out
its responsibilities or official duties
in a fair and objective manner;
``(II) compromise the integrity or
the appearance of the integrity of its
programs or any official involved in
its programs; or
``(III) give the endorsement or the
appearance of the endorsement by the
Commission or Commission staff of the
products, services, activities, or
policies of the donor.
``(C) Solicitation prohibition.--
``(i) In general.--Except as provided in
clause (ii), a covered nonmonetary contribution
may not be solicited by any Commissioner,
employee of, or contractor at the Commission.
``(ii) Exception.--A Commissioner or
employee of the Commission may solicit only a
covered nonmonetary contribution described in
paragraph (1)(B).
``(D) Duration.--To the extent applicable, the
Commission shall return any covered nonmonetary
contribution accepted pursuant to this subsection
within 90 days after accepting the covered nonmonetary
contribution.
``(E) Rules.--The Commission shall, after notice
and comment, establish and publish written rules
setting forth the manner and criteria to be used in
determining whether a covered nonmonetary contribution
meets the conditions of this paragraph.
``(4) Disclosure.--Within 30 days after accepting a covered
nonmonetary contribution pursuant to this subsection, the
Commission shall publish in the Federal Register a notice
detailing--
``(A) the source of the covered nonmonetary
contribution;
``(B) the nature of the covered nonmonetary
contribution;
``(C) whether the covered nonmonetary contribution
was solicited pursuant to paragraph (3)(C)(ii), and if
so, by whom; and
``(D) the means by which the covered nonmonetary
contribution meets the conditions set forth in
paragraph (3).
``(5) Sunset.--The authority provided in this subsection
may not be exercised on or after October 1, 2025.
``(e) Annual Report.--Not later than 60 days after the end of each
fiscal year, the Commission shall submit to the Committee on
Agriculture, Nutrition, and Forestry of the Senate and the Committee on
Agriculture of the House of Representatives a report on all
transactions entered into under subsection (c) and all covered
nonmonetary contributions accepted under subsection (d) in the fiscal
year, which shall include the following:
``(1) A brief description of the subject of each such
transaction or covered nonmonetary contribution, with an
explanation of--
``(A) the potential utility of the transaction or
covered nonmonetary contribution to the Commission or
the markets regulated by the Commission;
``(B) the means by which the transaction or covered
nonmonetary contribution fulfills the goals and
objectives of the research and development plan
established under subsection (b); and
``(C) the status of all related projects.
``(2) The information required to be published pursuant to
subsection (d)(4).
``(3) A description of all sums expended by the Commission
in connection with a transaction entered into under subsection
(c), and, if readily ascertainable, the value of any covered
nonmonetary contribution accepted under subsection (d).''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Agriculture.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
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