[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4770 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 4770

To revise and improve the advisory committees of the Commodity Futures 
                          Trading Commission.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 21, 2019

  Mr. Baird (for himself and Mr. Harder of California) introduced the 
   following bill; which was referred to the Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
To revise and improve the advisory committees of the Commodity Futures 
                          Trading Commission.

    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 Advisory Committee Improvement 
Act''.

SEC. 2. ADVISORY COMMITTEE CHANGES.

    Section 2(a)(15) of the Commodity Exchange Act (7 U.S.C. 2(a)(15)) 
is amended to read as follows:
            ``(15) Advisory committees.--
                    ``(A) Establishment.--
                            ``(i) In general.--The Commission shall 
                        establish advisory committees to serve as 
                        vehicles for discussion and communication on 
                        matters related to the regulatory activities of 
                        the Commission.
                            ``(ii) Membership.--The Commission shall 
                        appoint to an advisory committee such members 
                        as the Commission finds appropriate to promote 
                        robust discussion of the subject matter before 
                        the advisory committee. In appointing members 
                        to an advisory committee, the Commission shall 
                        seek to include a wide diversity of opinion and 
                        represent a broad cross-section of interests, 
                        as applicable to the subject matter.
                    ``(B) Activities.--The activities of an advisory 
                committee shall include the following:
                            ``(i) To hold public meetings at such 
                        intervals as necessary to carry out the 
                        functions of the advisory committee.
                            ``(ii) To submit to the Commission such 
                        reports and recommendations to the Commission 
                        (including minority views, if any) as the 
                        advisory committee deems appropriate; and
                            ``(iii) To serve as a vehicle for 
                        discussion and communication on matters of 
                        concern to exchanges, firms, end-users, and 
                        regulators regarding the derivatives markets 
                        and their regulation by the Commission.
                    ``(C) Reimbursement.--The members of each advisory 
                committee shall be entitled to per diem and travel 
                expense reimbursement by the Commission.
                    ``(D) Applicability of the federal advisory 
                committee act.--An advisory committee shall be subject 
                to the Federal Advisory Committee Act (5 U.S.C. 
                App.).''.

SEC. 3. TRANSITION RULES.

    Notwithstanding section 2(a)(15) of the Commodity Exchange Act, the 
Commodity Futures Trading Commission may permit an advisory committee 
that, as of the date of the enactment of this Act, had a charter 
established by the Commission, or that was established under such 
section as in effect before such date of enactment, to continue to 
operate in accordance with the charter or in accordance with such 
predecessor section, as the case may be, until the charter is renewed 
or the sponsor of the advisory committee is changed, whichever occurs 
earlier.
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