[Congressional Record Volume 167, Number 108 (Tuesday, June 22, 2021)]
[House]
[Pages H2986-H2987]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     PROVIDING FOR AVAILABILITY OF AMOUNTS FOR CUSTOMER EDUCATION 
   INITIATIVES AND NON-AWARDS EXPENSES OF COMMODITY FUTURES TRADING 
                    COMMISSION WHISTLEBLOWER PROGRAM

  Mr. KHANNA. Mr. Speaker, I move to suspend the rules and pass the 
bill (S. 409) to provide for the availability of amounts for customer 
education initiatives and non-awards expenses of the Commodity Futures 
Trading Commission Whistleblower Program, and for other purposes.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                                 S. 409

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

     SECTION 1. COMMODITY FUTURES TRADING COMMISSION WHISTLEBLOWER 
                   PROGRAM.

       (a) In General.--Notwithstanding any other provision of 
     law, there is established in the Treasury a separate account 
     (referred to in this section as the ``account''), the amounts 
     in which shall be available for the sole purposes of--
       (1) carrying out the activities described in section 
     23(g)(2)(B) of the Commodity Exchange Act (7 U.S.C. 
     26(g)(2)(B)) (referred to in this section as ``customer 
     education initiatives''); and
       (2) funding the administrative, programmatic, and personnel 
     expenses of the Whistleblower Office and the Office of 
     Customer Education and Outreach of the Commodity Futures 
     Trading Commission (referred to in this section as the 
     ``Commission'') in carrying out section 23 of the Commodity 
     Exchange Act (7 U.S.C. 26) (referred to in this section as 
     ``non-awards expenses'').
       (b) Transfers From Fund Into Account.--
       (1) In general.--Notwithstanding any other provision of 
     law, the Commission shall transfer up to $10,000,000 from the 
     Commodity Futures Trading Commission Customer Protection Fund 
     established under section 23(g)(1) of the Commodity Exchange 
     Act (7 U.S.C. 26(g)(1)) (referred to in this section as the 
     ``Fund'') into the account.
       (2) Availability.--Amounts transferred under paragraph (1) 
     shall be available for obligation without further 
     appropriation and remain available until October 1, 2022.
       (3) Remaining amounts.--Amounts remaining in the account 
     that are unobligated on October 1, 2022, shall be returned to 
     the Fund.
       (c) Requirement for Obligations.--The Commission may make 
     obligations from the account only when the unobligated 
     balance of the Fund is insufficient to pay non-awards 
     expenses and expenses for customer education initiatives due 
     to awards that the Commission has ordered under section 23(b) 
     of the Commodity Exchange Act (7 U.S.C. 26(b)).
       (d) Reports to Congress.--The Commission shall include in 
     each report required under section 23(g)(5) of the Commodity 
     Exchange Act (7 U.S.C. 26(g)(5)) the same information with 
     respect to the account as the Commission includes in the 
     report with respect to the Fund, to the extent the 
     information is relevant to the account.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
California (Mr. Khanna) and the gentlewoman from Minnesota (Mrs. 
Fischbach) each will control 20 minutes.
  The Chair recognizes the gentleman from California.


                             General Leave

  Mr. KHANNA. Mr. Speaker, I ask unanimous consent that all Members 
have 5 legislative days to revise and extend their remarks and include 
extraneous material on the bill under consideration.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from California?
  There was no objection.
  Mr. KHANNA. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise in strong support of S. 409.

[[Page H2987]]

  S. 409 provides a bipartisan, short-term legislative solution to 
address a funding shortage in CFTC's Customer Protection Fund. The 
Consumer Protection Fund is used to pay whistleblower awards that fund 
the salaries and expenses of the Whistleblower Office and the Office of 
Customer Education and Outreach.
  Without this critical funding, CFTC would have to suspend some 
operations and furlough employees in the Whistleblower Office and the 
Office of Customer Education and Outreach.
  This short-term solution is by no means a replacement for the much-
needed comprehensive CFTC reauthorization. It will still, though, be a 
positive step to ensure that the CFTC can accomplish the important 
mission to promote the integrity, resilience, and vibrancy of the U.S. 
derivatives markets.
  The Committee on Agriculture passed a committee print equivalent of 
this measure unanimously by voice vote last Wednesday.
  Mr. Speaker, I reserve the balance of my time.
  Mrs. FISCHBACH. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, I rise today in support of S. 409. I want to second what 
my colleague, the gentleman from California, has said about the 
importance of the CFTC Whistleblower Office and the Office of Customer 
Education and Outreach, and, of course, the employees who work in those 
offices.
  These offices help the Commission meet its mission to promote 
integrity, resilience, and vibrancy of the U.S. derivatives markets. I 
am proud to support today's legislation to avoid unnecessary 
disruptions to these activities and needless staff furloughs.
  The work in these offices, particularly the Whistleblower Office, 
helps to root out violations of the law which harm individuals and 
undermine derivatives markets. Fraud and market manipulation can steal 
customer funds, distort prices, disrupt orderly trading and settlement, 
and sap confidence in the fairness of our markets. Whistleblowers are a 
critical source of information which helps the Commission protect the 
integrity of our commodity markets.
  I also want to emphasize that today's legislation does not spend any 
new money or create any new programs. Rather, it sets aside existing 
funds to meet existing obligations. S. 409 ensures that funds to 
support the functioning of the whistleblower and customer education 
offices are temporarily prioritized over the funds to pay whistleblower 
awards in order to keep the offices fully functional. In the end, both 
obligations will be fully met as Congress intended.
  As the ranking member of the Commodity Exchanges, Energy, and Credit 
Subcommittee, I feel a particular responsibility to make sure that the 
CFTC has the best tools at its disposal to meet its mission.
  As we move forward in the coming months, I am looking forward to 
digging deeper into the work of the Commission and coming together to 
craft a responsible CFTC reauthorization bill which makes permanent 
improvements to the Whistleblower Office funding mechanism and meets 
the needs of the 21st century financial regulator.
  I want to take a moment to thank Chairman Scott and Ranking Member 
Thompson for their willingness to involve the whole committee in this 
legislative effort. As a new member of the committee, I appreciated the 
opportunity to act as a body in support of this legislation.
  Mr. Speaker, I urge all Members to support this bill, and I reserve 
the balance of my time.
  Mr. KHANNA. Mr. Speaker, I urge adoption of this bill, and I yield 
back the balance of my time.
  Mrs. FISCHBACH. Mr. Speaker, I would like to say simply that I am 
proud to support this legislation, and I urge my colleagues to support 
S. 409.
  I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from California (Mr. Khanna) that the House suspend the rules 
and pass the bill, S. 409.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Mr. GRIFFITH. Mr. Speaker, on that I demand the yeas and nays.
  The SPEAKER pro tempore. Pursuant to section 3(s) of House Resolution 
8, the yeas and nays are ordered.
  Pursuant to clause 8 of rule XX, further proceedings on this motion 
are postponed.

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