Customer Protection and End User Relief Act (H.R. 4413; 113th Congress)
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| Full title | To reauthorize the Commodity Futures Trading Commission, to better protect futures customers, to provide end users with market certainty, to make basic reforms to ensure transparency and accountability at the Commission, to help farmers, ranchers, and end users manage risks to help keep consumer costs low, and for other purposes. |
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| Introduced in | 113th United States Congress |
| Introduced on | April 7, 2014 |
| Sponsored by | Rep. Frank D. Lucas (R, OK-3) |
| Number of co-sponsors | 3 |
| Effects and codifications | |
| U.S.C. section(s) affected | 7 U.S.C. § 2, 7 U.S.C. § 1a, 7 U.S.C. § 6s, 7 U.S.C. § 21, 7 U.S.C. § 24a, and others. |
| Agencies affected | U.S. Securities and Exchange Commission, African Development Fund, Government Accountability Office, Inter-American Development Bank, U.S. Court of Appeals for the Federal Circuit, International Monetary Fund, United Nations, International Bank for Reconstruction and Development, Asian Development Bank, Commodity Futures Trading Commission |
| Authorizations of appropriations | an unlimited amount for each of fiscal years 2014, 2015, 2016, 2017 and 2018 |
| Legislative history | |
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The Customer Protection and End User Relief Act (H.R. 4413) is a bill that would reauthorize the Commodity Futures Trading Commission through 2018 and amend some provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act.
The bill was introduced into the United States House of Representatives during the 113th United States Congress.
One provision of the bill was the inclusion of the provisions of H.R. 742, the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013. This previous bill dealt with "issues surrounding the indemnification provisions and confidentiality requirements of Dodd-Frank."
Another provision of the bill was the inclusion of the Business Risk Mitigation and Price Stabilization Act of 2013 (H.R. 634), a bill that would exempt nonfinancial entities that enter into a swap or a security-based swap transaction from meeting certain margin requirements when the transaction is designed to offset losses or gains in other investments.
The bill also includes some of the provisions from H.R. 677, the Inter-Affiliate Swap Clarification Act.
This summary is based largely on the summary provided by the Congressional Budget Office, as ordered reported by the House Committee on Agriculture on April 9, 2014. This is a public domain source.
H.R. 4413 would authorize appropriations for the Commodity Futures Trading Commission (CFTC) through 2018 and make changes in some of the agency’s operating procedures. The bill also would amend the Commodity Exchange Act to provide greater protections for customer funds held by entities that broker transactions in commodity futures and to relax requirements on certain participants in swap transactions in a number of different circumstances. (A swap is a contract that calls for an exchange of cash between two participants, based on an underlying rate or index or on the performance of an asset.)
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