“To allow the Commodity Futures Trading Commission and certain authorities to exchange detailees on a temporary basis, and to allow resource-sharing from other Federal agencies.”
No CRS summary available for this bill.
This section revises the definition of "foreign futures authority" under the Commodity Exchange Act to include any foreign government or political subdivision thereof—or any law enforcement authority, department, central bank, ministry, agency, governmental body, or regulatory organization empowered thereby—to administer, enforce, or prosecute laws, rules, or regulations relating to futures, options, swaps, or commodities. It makes conforming amendments to the Commodity Futures Trading Commission's (CFTC) authority to cooperate with such foreign authorities (1) by expanding the covered matters from futures or options to futures, options, swaps, or commodities and from administering or enforcing to administering, enforcing, or prosecuting; and (2) by making a parallel expansion of covered matters in the scope of information sharing.
This section authorizes the Commodity Futures Trading Commission (CFTC) to accept assistance—including services, funds, facilities, and employee details on a reimbursable or non-reimbursable basis without loss of civil service status—from U.S. departments or agencies. The section further authorizes the CFTC to accept temporary details of personnel from foreign futures authorities, central banks, or other foreign governmental entities (and to detail its own personnel to such entities) on a non-reciprocal basis pursuant to written agreements that may involve cash or in-kind reimbursements, subject to U.S. ethics and conflicts-of-interest laws and prohibiting detailed foreign personnel from holding management positions at the CFTC.