No official summary available for this bill.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6655 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 6655
To exempt charitable organizations from commodity trading regulations
and registration requirements.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 11, 2025
Mrs. McClain Delaney (for herself and Mr. Messmer) introduced the
following bill; which was referred to the Committee on Agriculture
_______________________________________________________________________
A BILL
To exempt charitable organizations from commodity trading regulations
and registration requirements.
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 ``CFTC Charitable Organization
Exemption Act of 2025''.
SEC. 2. EXEMPTION OF QUALIFIED CHARITABLE ORGANIZATIONS FROM REGULATION
AS COMMODITY POOL OPERATORS.
Section 4m of the Commodity Exchange Act (7 U.S.C. 6m) is amended
to read as follows:
``SEC. 4M. USE OF MAILS OR OTHER MEANS OR INSTRUMENTALITIES OF
INTERSTATE COMMERCE BY COMMODITY TRADING ADVISORS AND
COMMODITY POOL OPERATORS.
``(a) Prohibition.--It shall be unlawful for any commodity trading
advisor or commodity pool operator, unless registered under this Act,
to make use of the mails or any means or instrumentality of interstate
commerce in connection with business as the commodity trading advisor
or commodity pool operator.
``(b) Exceptions.--
``(1) In general.--Subsection (a) shall not apply to a
commodity trading advisor whose commodity trading advice is
solely incidental to the conduct of that person's business, and
who is a--
``(A) dealer, processor, broker, or seller in cash
market transactions of any commodity specifically set
forth in section 2(a) of this Act before the enactment
of the Commodity Futures Trading Commission Act of 1974
(or products thereof); or
``(B) nonprofit, voluntary membership, general farm
organization, that provides advice on the sale or
purchase of any commodity specifically set forth in
section 2(a) of this Act before the enactment of the
Commodity Futures Trading Commission Act of 1974.
``(2) Charitable organization.--Subsection (a) shall not
apply to any commodity trading advisor or commodity pool
operator that is--
``(A) a charitable organization, as defined in
section 3(c)(10)(D) of the Investment Company Act of
1940 (15 U.S.C. 80a-3(c)(10)(D)), or a trustee,
director, officer, employee, or volunteer of such a
charitable organization acting within the scope of the
employment or duties of the person with the
organization, whose advisory or pool activities are
conducted only on behalf of, or with respect to, 1 or
more of--
``(i) any such charitable organization; or
``(ii) an investment trust, syndicate, or
similar form of enterprise excluded from the
definition of `investment company' pursuant to
section 3(c)(10) of the Investment Company Act
of 1940 (15 U.S.C. 80a-3(c)(10)), or the
trustees, administrators, settlors (or
potential settlors), or beneficiaries of the
foregoing; or
``(B) any plan, company, or account described in
section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3(c)(14)), any person or entity who
establishes or maintains such a plan, company, or
account, or any trustee, director, officer, employee,
or volunteer for any of the foregoing plans, persons,
or entities acting within the scope of the employment
or duties of the person with the organization, whose
advisory or pool activities are conducted only on
behalf of, or with respect to, any investment trust,
syndicate, or similar form of enterprise excluded from
the definition of `investment company' pursuant to
section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3(c)(14)).
``(3) Small commodity trading advisors.--Subsection (a)
shall not apply to any commodity trading advisor who, during
the course of the preceding 12 months, has not furnished
commodity trading advice to more than 15 persons and who does
not hold themselves out generally to the public as a commodity
trading advisor.
``(4) SEC-registered.--
``(A) In general.--Subsection (a) shall not apply
to any commodity trading advisor that is registered
with the Securities and Exchange Commission as an
investment adviser whose business does not consist
primarily of acting as a commodity trading advisor and
that does not act as a commodity trading advisor to any
commodity pool that is primarily engaged in trading
commodity interests.
``(B) Engaged primarily.--For purposes of this
paragraph, a commodity trading advisor or a commodity
pool shall be considered to be `engaged primarily' in
the business of being a commodity trading advisor or
commodity pool if it is or holds itself out to the
public as being engaged primarily, or proposes to
engage primarily, in the business of advising on
commodity interests or investing, reinvesting, owning,
holding, or trading in commodity interests,
respectively.
``(C) Commodity interests.--For purposes of this
paragraph, commodity interests shall include contracts
of sale of a commodity for future delivery, options on
such contracts, security futures, swaps, leverage
contracts, foreign exchange, spot and forward contracts
on physical commodities, and any monies held in an
account used for trading commodity interests.
``(5) Subject to proceedings.--A person described in
paragraphs (1) and (2) shall be subject to proceedings under
section 14.
``(c) Relationship to Other Law.--Nothing in this Act shall relieve
any person of any obligation or duty, or affect the availability of any
right or remedy available to the Securities and Exchange Commission or
any private party arising under the Securities Act of 1933 (15 U.S.C.
77a et seq.) or the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.) governing the issuance, offer, purchase, or sale of securities of
a commodity pool, or of persons engaged in transactions with respect to
the securities, or reporting by a commodity pool.
``(d) Disclosure Concerning Exempted Charitable Organizations.--A
commodity trading advisor or commodity pool operator that is an
organization or person described in subsection (b)(2)(A) of this
section to or of any investment trust, syndicate, or similar form of
enterprise excluded from the definition of `investment company'
pursuant to section 3(c)(10)(B) of the Investment Company Act of 1940
(15 U.S.C. 80a-3(c)(10)(B)) shall provide disclosure in accordance with
section 7(e) of that Act (15 U.S.C. 80a-7(e)).''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Agriculture.
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