Section 1 Short title
This Act may be cited as the “CFTC Fund Management Act”.
CFTC Fund Management Act
A BILL
To amend the Commodity Exchange Act to modify the Commodity Futures Trading Commission Customer Protection Fund, and for other purposes.
Sec. 2 Commodity Futures Trading Commission Customer Protection Fund
Section 23(g) of the Commodity Exchange Act (7 U.S.C. 26(g)) is amended—
in paragraph (2)—
in subparagraph (A), by striking “(a); and” and inserting “(b);”;
in subparagraph (B), by striking the period at the end and inserting a semicolon; and
by adding at the end the following:
“(C) the funding of educational initiatives designed to provide information on the incentives and protections available to customers under this section; and
“(D) the funding of administrative and salary expenses necessary for personnel to carry out the activities described in subparagraphs (A) through (C).”
in paragraph (3)—
in subparagraph (A), by striking “$100,000,000” and inserting “$250,000,000”;
by redesignating subparagraphs (A) through (C) as clauses (i) through (iii), respectively, and indenting appropriately;
in the matter preceding clause (i) (as so redesignated), by striking “There shall” and inserting the following:
“(A) In general—There shall”
in subparagraph (A)(ii) (as so designated), by striking “subparagraph (A)” and inserting “clause (i)”; and
by adding at the end the following:
“(B) Separate account for education initiatives and administrative expenses
“(i) In general—Any amounts contained in, deposited into, or credited to the Fund under subparagraph (A) may be deposited into or credited to a separate account in the Fund described in clause (ii), unless the balance of the separate account at the time the amounts are deposited or credited exceeds $10,000,000.
“(ii) Use of separate account—The separate account referred to in clause (i) shall be available to the Commission, without further appropriation or fiscal year limitation, for the purposes described in subparagraphs (B) through (D) of paragraph (2).”
in paragraph (5)—
in subparagraph (H), by striking “and” at the end; and
by striking subparagraph (I) and inserting the following:
“(I) a complete set of audited financial statements, including a balance sheet, income statement, and cash flow analysis, completed by an independent auditor, of the account in the Fund available for the payment of awards to whistleblowers in accordance with paragraph (2)(A); and
“(J) a complete set of audited financial statements, including a balance sheet, income statement, and cash flow analysis, completed by an independent auditor, of the separate account for education initiatives and administrative expenses described in paragraph (3)(B).”