[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2984 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2984

  To modify the definition of cotton futures contracts in the United 
                       States Cotton Futures Act.


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                   IN THE SENATE OF THE UNITED STATES

                            December 4, 2014

 Mr. Chambliss introduced the following bill; which was read twice and 
   referred to the Committee on Agriculture, Nutrition, and Forestry

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                                 A BILL


 
  To modify the definition of cotton futures contracts in the United 
                       States Cotton Futures Act.

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

SECTION 1. COTTON FUTURES CONTRACTS.

    Section 1952(c) of the United States Cotton Futures Act (7 U.S.C. 
15B(c)) is amended by striking paragraph (1) and inserting the 
following:
            ``(1) Cotton futures contract.--The term `cotton futures 
        contract' means any contract of sale of cotton for future 
        delivery made at, on, or in any exchange, board of trade, or 
        similar institution or place of business which has been 
        designated a `contract market' by the Commodity Futures Trading 
        Commission pursuant to the Commodity Exchange Act (7 U.S.C. 1 
        et seq.) and the term `contract of sale' as so used shall be 
        held to include sales, agreements of sale, and agreements to 
        sell, except that--
                    ``(A) any cotton futures contract that, by its 
                terms, is settled in cash is excluded from the coverage 
                of this paragraph and section; and
                    ``(B) any cotton futures contract that permits 
                tender of cotton grown outside of the United States is 
                excluded from the coverage of this paragraph and 
                section to the extent that the cotton grown outside of 
                the United States is tendered for delivery under the 
                cotton futures contract.''.
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