PROVIDING FOR AVAILABILITY OF AMOUNTS FOR CUSTOMER EDUCATION INITIATIVES AND NON-AWARDS EXPENSES OF COMMODITY FUTURES TRADING COMMISSION WHISTLEBLOWER PROGRAM; Congressional Record Vol. 167, No. 108 (House - June 22, 2021)
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[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.
____________________
