[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1580 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1580

 To provide that Commodity Futures Trading Commission employees may be 
      paid on a par with employees of other government financial 
                             institutions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 25, 2001

Mr. Chambliss introduced the following bill; which was referred to the 
     Committee on Agriculture, and in addition to the Committee on 
 Government Reform, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To provide that Commodity Futures Trading Commission employees may be 
      paid on a par with employees of other government financial 
                             institutions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PAY PARITY FOR COMMODITY FUTURES TRADING COMMISSION 
              EMPLOYEES.

    (a) In General.--
            (1) Section 2(a) of the Commodity Exchange Act (7 U.S.C. 
        4a) is amended by redesignating paragraphs (7) through (11) as 
        paragraphs (8) through (12), respectively, and by inserting 
        after paragraph (6) the following:
            ``(7) Appointment and compensation.--
                    ``(A) In general.--The Commission may appoint and 
                fix the compensation of such officers, attorneys, 
                economists, examiners, and other employees as may be 
                necessary for carrying out its functions under this 
                Act.
                    ``(B) Rates of pay.--Rates of basic pay for all 
                employees of the Commission may be set and adjusted by 
                the Commission without regard to the provisions of 
                chapter 51 or subchapter III of chapter 53 of title 5, 
                United States Code.
                    ``(C) Comparability.--The Commission may provide 
                additional compensation and benefits to employees of 
                the Commission if the same type of compensation or 
                benefits are then being provided by any agency referred 
                to under section 1206(a) of the Financial Institutions 
                Reform, Recovery, and Enforcement Act of 1989 (12 
                U.S.C. 1833b) or, if not then being provided, could be 
                provided by such an agency under applicable provisions 
                of law, rule, or regulation. In setting and adjusting 
                the total amount of compensation and benefits for 
                employees, the Commission shall consult with, and seek 
                to maintain comparability with, the agencies referred 
                to under section 1206(a) of the Financial Institutions 
                Reform, Recovery, and Enforcement Act of 1989 (12 
                U.S.C. 1833b).''.
            (2) Conforming amendments.--Section 12(b) of such Act (7 
        U.S.C. 16(b)) is amended by striking paragraph (2) and 
        redesignating paragraphs (3) and (4) as paragraphs (2) and (3), 
        respectively.
    (b) Reporting of Information.--Section 1206 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
1833b) is amended--
            (1) by inserting ``(a) In General.--'' before ``The Federal 
        Deposit'';
            (2) by striking ``the Thrift Depositor Protection Oversight 
        Board of the Resolution Trust Corporation''; and
            (3) by adding at the end the following:
    ``(b) Reporting of Information.--In establishing and adjusting 
schedules of compensation and benefits for employees of the Commodity 
Futures Trading Commission under applicable provisions of law, the 
Commission shall inform the heads of the agencies referred to under 
subsection (a) and Congress of such compensation and benefits and shall 
seek to maintain comparability with such agencies regarding 
compensation and benefits.''.
    (c) Technical Amendments.--
            (1) Section 3132(a)(1) of title 5, United States Code, is 
        amended--
                    (A) in subparagraph (C), by striking ``or'' after 
                the semicolon; and
                    (B) in subparagraph (D), by striking the period and 
                inserting ``; or''; and
                    (C) by adding at the end the following:
                    ``(E) the Commodity Futures Trading Commission.''.
            (2) Section 5373(a) of such title is amended--
                    (A) in paragraph (2), by striking ``or'' after the 
                semicolon;
                    (B) in paragraph (3), by striking the period and 
                inserting ``; or''; and
                    (C) by adding at the end the following:
            ``(4) section 2(a)(7) of the Commodity Exchange Act.''.
            (3) Section 5316 of such title is amended--
                    (A) by striking ``General Counsel, Commodity 
                Futures Trading Commission''; and
                    (B) by striking ``Executive Director, Commodity 
                Futures Trading Commission.''.
    (d) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall take effect on the date 
        of the enactment of this Act.
            (2) Exception.--The amendments made by subsection (c)(1) 
        shall take effect as of such date as the Commodity Futures 
        Trading Commission shall (by order published in the Federal 
        Register) prescribe, but in no event later than 1 year after 
        the date of the enactment of this Act.
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