“To modernize the authority of the Commodity Futures Trading Commission to conduct research, development, demonstration, and information programs.”
No CRS summary available for this bill.
This section replaces Section 18 of the Commodity Exchange Act (7 U.S.C. 22), which previously required the Commodity Futures Trading Commission (CFTC) to maintain research and information programs on computer-based trading feasibility and futures education (with annual reports to Congress), with authority to establish and maintain research, development, demonstration, and information programs furthering the Act's purposes—including understanding emerging technologies' effects on CFTC-regulated markets (e.g., cybersecurity, data security, systemic risk), exploring them with developers, identifying regulatory adaptations, and developing educational materials on regulated activities, technologies, and requirements. The revised section further (1) authorizes the CFTC to adopt research and development plans identifying areas of interest, activities, and use of other authorities; (2) provides other transaction authority, notwithstanding the Office of Federal Procurement Policy Act of 1974 and Competition in Contracting Act, to enter non-contract transactions furthering such programs when contracts are infeasible or inappropriate (subject to competitive processes where appropriate and published policies); and (3) authorizes acceptance of covered non-monetary contributions (i.e., provision of access, facilities, personal property, or services related to research/data sharing, public presentations, or noncommercially available systems) in furtherance of such plans, subject to conditions prohibiting conflicts or endorsements, requirements established by rule or order, return when purpose is met, and disclosure to the House and Senate Agriculture Committees within 14 days.