§ 16. Commission operations

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1922

   Pub. L. 67–369 § 12 · 42 Stat. 998

   Enacted · 7 U.S.C. § 16

   Sept. 21, 1922, ch. 369, § 12, 42 Stat. 1003

   Source evidence

   Code source credit
   Sept. 21, 1922, ch. 369, § 12, 42 Stat. 1003

   Enacted provision · exact public law section
   Sec. 12. The Secretary of Agriculture may cooperate with any Cooperation with agencies of the Government, States, etc. department or agency of the Government, any State, Territory, District, or possession, or department, agency, or political subdivision thereof, or any person; and shall have the power to appoint, remove, Authority for employees, expenses, etc. and fix the compensation of such officers and employees, not in conflict with existing law, and make such expenditures for rent outside the District of Columbia, printing, telegrams, telephones, law books, books of reference, periodicals, furniture, stationery, office equipment, travel, and other supplies and expenses as shall be necessary to the administration of this Act in the District of Columbia and elsewhere, and there are hereby authorized to be appropriated, out of any moneys Appropriations authorized. Post, p. 1003. in the Treasury not otherwise appropriated, such sums as may be necessary for such purposes.

2. 1974

   Commodity Futures Trading Commission Act of 1974

   Pub. L. 93–463 title I § 101(b) · 88 Stat. 1389

   1. Amended · 7 U.S.C. § 16

      Pub. L. 93–463 designated existing unlettered provisions as subsecs. (a) to (d)

   2. Substituted · 7 U.S.C. § 16

      Pub. L. 93–463 substituted “Commission” for “Secretary of Agriculture”

   3. Inserted · 7 U.S.C. § 16

      Pub. L. 93–463 inserted provisions authorizing the expenditure of funds for expenses upon the presentation of itemized vouchers therefor approved by the Commission

   4. Substituted · 7 U.S.C. § 16

      Pub. L. 93–463 substituted provisions authorizing appropriations specifically for fiscal years ending June 30, 1975, 1976, 1977, and 1978, for provisions making a general authorization of appropriations without a fiscal year limitation

   5. Inserted · 7 U.S.C. § 16

      Pub. L. 93–463 inserted authorization to enter into contracts and compensate experts and consultants in accordance with section 3109 of title 5 at rates not in excess of the maximum daily rate prescribed for GS–18 under section 5332 of title 5

   Source evidence

   Code amendment note
   Pub. L. 93–463 designated existing unlettered provisions as subsecs. (a) to (d), substituted “Commission” for “Secretary of Agriculture”, inserted provisions authorizing the expenditure of funds for expenses upon the presentation of itemized vouchers therefor approved by the Commission, substituted provisions authorizing appropriations specifically for fiscal years ending June 30, 1975, 1976, 1977, and 1978, for provisions making a general authorization of appropriations without a fiscal year limitation, and inserted authorization to enter into contracts and compensate experts and consultants in accordance with section 3109 of title 5 at rates not in excess of the maximum daily rate prescribed for GS–18 under section 5332 of title 5.

   Enacted provision · exact public law section
   (b) Section 12 of the Commodity Exchange Act, as amended (7 U.S.C. 16), is amended by striking such section and inserting in lieu thereof the following: “Sec. 12. (a) The Commission may cooperate with any Department Cooperation with other agencies. or agency of the Government, any State, territory, district, or possession, or department, agency, or political subdivision thereof, or any person. “(b) The Commission shall have the authority to employ such investigators, special experts. Administrative Law Judges, clerks, and other employees as it may from time to time find necessary for the proper performance of its duties and as may be from time to time appropriated for by Congress. The Commission may employ experts Experts and consultants. and consultants in accordance with section 3109 of title 5 of the United States Code, and compensate such persons at rates not in excess of the maximum daily rate prescribed for GS–18 under section 5332 of title 5 of the United States Code. The Commission shall also have Contracts. authority to make and enter into contracts with respect to all matters which in the judgment of the Commission are necessary and appropriate to effectuate the purposes and provisions of this Act, including, but not limited to, the rental of necessary space at the seat of Government and elsewhere. “(c) All of the expenses of the Commissioners, including all necessary Expenses. expenses for transportation incurred by them while on official business of the Commission, shall be allowed and paid on the presentation of itemized vouchers therefor approved by the Commission. “(d) There are hereby authorized to be appropriated to carry out Appropriation. the provisions of this Act such sums as may be required for the fiscal year ending June 30, 1975, for the fiscal year ending June 30, 1976, for the fiscal year ending June 30, 1977, and for the fiscal Year ending June 30, 1978.”

3. 1978

   Futures Trading Act of 1978

   Pub. L. 95–405 § 20 · 92 Stat. 865

   Substituted · 7 U.S.C. § 16(d)

   Pub. L. 95–405 substituted “for each of the fiscal years during the period beginning October 1, 1978, and ending September 30, 1982” for “for the fiscal year ending June 30, 1975, for the fiscal year ending June 30, 1976, for the fiscal year ending June 30, 1977, and for the fiscal year ending June 30, 1978”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 95–405 substituted “for each of the fiscal years during the period beginning October 1, 1978, and ending September 30, 1982” for “for the fiscal year ending June 30, 1975, for the fiscal year ending June 30, 1976, for the fiscal year ending June 30, 1977, and for the fiscal year ending June 30, 1978”.

   Enacted provision · exact public law section
   Sec. 20. Section 12(d) of the Commodity Exchange Act (7 U.S.C. 16(d)) is amended to read as follows: “(d) There are hereby authorized to be appropriated to carry out the provisions of this Act such sums as may be required for each of the fiscal years during the period beginning October 1, 1978, and ending September 30, 1982.”.

4. 1983

   Futures Trading Act of 1982

   Pub. L. 97–444 § 228 · 96 Stat. 2294

   Substituted · 7 U.S.C. § 16(d)

   Pub. L. 97–444, § 228, substituted appropriation authorization for fiscal years during period beginning Oct. 1, 1982, and ending Sept. 30, 1986, for prior authorization for fiscal years during period beginning Oct. 1, 1978, and ending Sept. 30, 1982

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 97–444, § 228, substituted appropriation authorization for fiscal years during period beginning Oct. 1, 1982, and ending Sept. 30, 1986, for prior authorization for fiscal years during period beginning Oct. 1, 1978, and ending Sept. 30, 1982.

   Enacted provision · exact public law section
   Sec. 228. reauthorization Section 12(d) of the Commodity Exchange Act (7 U.S.C. 16(d)) is amended to read as follows: “(d) Appropriation authorization. There are hereby authorized to be appropriated to carry out the provisions of this Act such sums as may be required for each of the fiscal years during the period beginning October 1, 1982, and ending September 30, 1986.”.

5. 1983

   Futures Trading Act of 1982

   Pub. L. 97–444 § 229 · 96 Stat. 2294

   Added · 7 U.S.C. § 16(e)

   Pub. L. 97–444, § 229, added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 97–444, § 229, added subsec. (e).

   Enacted provision · exact public law section
   Sec. 229. off-exchange jurisdiction; role of states Section 12 of the Commodity Exchange Act (7 U.S.C. 16) is amended by adding at the end thereof the following new subsection: “(e) Nothing in this Act shall supersede or preempt— “(1) criminal prosecution under any Federal criminal statute; “(2) the application of any Federal or State statute, including any rule or regulation thereunder, to any transaction in or involving any commodity, product, right, service, or interest (A) that is not conducted on or subject to the rules of a contract market, or (B) (except as otherwise specified by the Commission by rule or regulation) that is not conducted on or subject to the rules of any board of trade, exchange, or market located outside the United States, its territories or possessions, or (C) that is not subject to regulation by the Commission under section 4c or 19 7 USC 6c, 23. of this Act; or “(3) the application of any Federal or State statute, including any rule or regulation thereunder, to any person required to be registered or designated under this Act who shall fail or refuse to obtain such registration or designation. The Commission may refer any transaction or matter subject to such other Federal or State statutes to any department or agency administering such statutes for such investigation, action, or proceedings as that department or agency shall deem appropriate.”.

6. 1986

   Futures Trading Act of 1986

   Pub. L. 99–641 title I § 106 · 100 Stat. 3556

   Amended · 7 U.S.C. § 16(d)

   Pub. L. 99–641 amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated to carry out the provisions of this chapter such sums as may be required for each of the fiscal years during the period beginning October 1, 1982, and ending September 30, 1986.”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 99–641 amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated to carry out the provisions of this chapter such sums as may be required for each of the fiscal years during the period beginning October 1, 1982, and ending September 30, 1986.”

   Enacted provision · exact public law section
   SEC. 106. AUTHORIZATION FOR APPROPRIATIONS. Subsection (d) of section 12 of the Commodity Exchange Act (7 U.S.C. 16(d)) is amended to read as follows: “(d) There are authorized to be appropriated to carry out this Act such sums as may be necessary for each of the fiscal years during the period beginning October 1, 1986, and ending September 30, 1989.”.

7. 1992

   Futures Trading Practices Act of 1992

   Pub. L. 102–546 § 302 · 106 Stat. 3590

   Inserted · 7 U.S.C. § 16(a)

   Pub. L. 102–546, § 302, inserted “any foreign futures authority, any department or agency of a foreign government or political subdivision thereof,” after “thereof,”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 102–546, § 302, inserted “any foreign futures authority, any department or agency of a foreign government or political subdivision thereof,” after “thereof,”.

   Enacted provision · exact public law section
   SEC. 302. COOPERATION WITH FOREIGN FUTURES AUTHORITIES. Section 12(a) (7 U.S.C. 16(a)) is amended by inserting after “thereof,” the following: “any foreign futures authority, any department or agency of a foreign government or political subdivision thereof,”.

8. 1992

   Futures Trading Practices Act of 1992

   Pub. L. 102–546 § 216 · 106 Stat. 3590

   1. Amended · 7 U.S.C. § 16(b)

      Pub. L. 102–546, § 216, designated first through third sentences as pars. (1) to (3), respectively

   2. Added · 7 U.S.C. § 16(b)

      Pub. L. 102–546, § 216, added par. (4)

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 102–546, § 216, designated first through third sentences as pars. (1) to (3), respectively, and added par. (4).

   Enacted provision · exact public law section
   SEC. 216. COMMISSION OPERATIONS. Section 12(b) (7 U.S.C. 16(b)) is amended— (1) by designating the first through third sentences as paragraphs (1) through (3), respectively, and (2) by adding at the end the following new paragraph: “(4) The Commission may request (in accordance with the procedures set forth in subchapter II of chapter 31 of title 5, United States Code) and the Office of Personnel Management shall authorize pursuant to the request, eight positions in the Senior Executive Service in addition to the number of such positions authorized for the Commission on the date of enactment of this sentence.”.

9. 1992

   Futures Trading Practices Act of 1992

   Pub. L. 102–546 § 401 · 106 Stat. 3590

   Amended · 7 U.S.C. § 16(d)

   Pub. L. 102–546, § 401, amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated to carry out this chapter such sums as may be necessary for each of the fiscal years during the period beginning October 1, 1986, and ending September 30, 1989.”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 102–546, § 401, amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated to carry out this chapter such sums as may be necessary for each of the fiscal years during the period beginning October 1, 1986, and ending September 30, 1989.”

   Enacted provision · exact public law section
   SEC. 401. AUTHORIZATION OF APPROPRIATIONS. Section 12(d) (7 U.S.C. 16(d)) is amended to read as follows: “(d) There are authorized to be appropriated to carry out this Act— “(1) $53,000,000 for fiscal year 1993; and “(2) $60,000,000 for fiscal year 1994.”.

10. 1992

    Futures Trading Practices Act of 1992

    Pub. L. 102–546 § 502(c) · 106 Stat. 3590

    Inserted · 7 U.S.C. § 16(e)(2)(A)

    Pub. L. 102–546, § 502(c), inserted “or, in the case of any State or local law that prohibits or regulates gaming or the operation of ‘bucket shops’ (other than antifraud provisions of general applicability), that is not a transaction or class of transactions that has received or is covered by the terms of any exemption previously granted by the Commission under subsection (c) of section 6 of this title,” after “market,”

    Source evidence

    Code amendment note
    Subsec. (e)(2)(A). Pub. L. 102–546, § 502(c), inserted “or, in the case of any State or local law that prohibits or regulates gaming or the operation of ‘bucket shops’ (other than antifraud provisions of general applicability), that is not a transaction or class of transactions that has received or is covered by the terms of any exemption previously granted by the Commission under subsection (c) of section 6 of this title,” after “market,”.

    Enacted provision · exact public law section
    (c) Conforming amendment.— Section 12(e)(2)(A) (7 U.S.C. 16(e)(2)(A)) is amended by inserting after “market,” the following: “or, in the case of any State or local law that prohibits or regulates gaming or the operation of ‘bucket shops’ (other than antifraud provisions of general applicability), that is not a transaction or class of transactions that has received or is covered by the terms of any exemption previously granted by the Commission under subsection (c) of section 4 of this Act,”.

11. 1992

    Futures Trading Practices Act of 1992

    Pub. L. 102–546 § 303 · 106 Stat. 3590

    Added · 7 U.S.C. § 16(f)

    Pub. L. 102–546, § 303, added subsec. (f)

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 102–546, § 303, added subsec. (f).

    Enacted provision · exact public law section
    SEC. 303. INVESTIGATIVE ASSISTANCE TO FOREIGN FUTURES AUTHORITIES. Section 12 (7 U.S.C. 16) is amended by adding at the end the following: “(f) (1) On request from a foreign futures authority, the Commission may, in its discretion, provide assistance in accordance with this section if the requesting authority states that the requesting authority is conducting an investigation which it deems necessary to determine whether any person has violated, is violating, or is about to violate any laws, rules or regulations relating to futures or options matters that the requesting authority administers or enforces. The Commission may conduct such investigation as the Commission deems necessary to collect information and evidence pertinent to the request for assistance. Such assistance may be provided without regard to whether the facts stated in the request would also constitute a violation of the laws of the United States. “(2) In deciding whether to provide assistance under this sub-section, the Commission shall consider whether— “(A) the requesting authority has agreed to provide reciprocal assistance to the Commission in futures and options matters; and “(B) compliance with the request would prejudice the public interest of the United States. “(3) Notwithstanding any other provision of law, the Commission may accept payment and reimbursement, in cash or in kind, from a foreign futures authority, or made on behalf of such authority, for necessary expenses incurred by the Commission, its members, and employees in carrying out any investigation, or in providing any other assistance to a foreign futures authority, pursuant to this section. Any payment or reimbursement accepted shall be considered a reimbursement to the appropriated funds of the Commission.”.

12. 1992

    Futures Trading Practices Act of 1992

    Pub. L. 102–546 § 220(a) · 106 Stat. 3590

    Added · 7 U.S.C. § 16(g)

    Pub. L. 102–546, § 220(a), added subsec. (g)

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 102–546, § 220(a), added subsec. (g).

    Enacted provision · exact public law section
    (a) International Competitiveness of Electronic Trading Systems.— Section 12 (7 U.S.C. 16) (as amended by section 303 of this Act) is further amended by adding at the end the following new subsection: “(g) Consistent with its responsibilities under section 18, the Commission is directed to facilitate the development and operation of computerized trading as an adjunct to the open outcry auction system. The Commission is further directed to cooperate with the Office of the United States Trade Representative, the Department of the Treasury, the Department of Commerce, and the Department of State in order to remove any trade barriers that may be imposed by a foreign nation on the international use of electronic trading systems.”.

13. 1995

    CFTC Reauthorization Act of 1995

    Pub. L. 104–9 § 2 · 109 Stat. 154

    Amended · 7 U.S.C. § 16(d)

    Pub. L. 104–9 amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated to carry out this chapter—

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 104–9 amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated to carry out this chapter—

    “(1) $53,000,000 for fiscal year 1993; and “(2) $60,000,000 for fiscal year 1994.”

    Enacted provision · exact public law section
    SEC. 2. AUTHORIZATION OF APPROPRIATIONS. Section 12(d) of the Commodity Exchange Act (7 U.S.C. 16(d)) is amended to read as follows: “(d) There are authorized to be appropriated such sums as are necessary to carry out this Act for each of fiscal years 1995 through 2000.”.

14. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tI)(s116) · 114 Stat. 2763

    Substituted · 7 U.S.C. § 16(d)

    Pub. L. 106–554, § 1(a)(5) [title I, § 116], substituted “2005” for “2000”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 106–554, § 1(a)(5) [title I, § 116], substituted “2005” for “2000”.

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

15. 2000

    Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tI)(s117) · 114 Stat. 2763

    1. Added · 7 U.S.C. § 16(e)

       Pub. L. 106–554, § 1(a)(5) [title I, § 117], added subsec. (e)

    2. Struck · 7 U.S.C. § 16(e)

       Pub. L. 106–554, § 1(a)(5) [title I, § 117], struck out former subsec. (e) which provided that this chapter did not supersede or preempt criminal prosecutions under Federal criminal statutes or the application of any Federal or State statute to certain specified transactions and persons

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 106–554, § 1(a)(5) [title I, § 117], added subsec. (e) and struck out former subsec. (e) which provided that this chapter did not supersede or preempt criminal prosecutions under Federal criminal statutes or the application of any Federal or State statute to certain specified transactions and persons.

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

16. 2008

    CFTC Reauthorization Act of 2008

    Pub. L. 110–246 § 13104 · 122 Stat. 1651

    Amended · 7 U.S.C. § 16(d)

    Pub. L. 110–246, § 13104, amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated such sums as are necessary to carry out this chapter for each of fiscal years 1995 through 2005.”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 110–246, § 13104, amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “There are authorized to be appropriated such sums as are necessary to carry out this chapter for each of fiscal years 1995 through 2005.”

    Enacted provision · exact public law section
    SEC. 13104. AUTHORIZATION OF APPROPRIATIONS.   Section 12(d) of the Commodity Exchange Act (7 U.S.C. 16(d)) is amended to read as follows: “(d) There are authorized to be appropriated such sums as are necessary to carry out this Act for each of the fiscal years 2008 through 2013.” .

17. 2010

    Wall Street Transparency and Accountability Act of 2010

    Pub. L. 111–203 § 749(f) · 124 Stat. 1376

    1. Substituted · 7 U.S.C. § 16(e)(2)(B)

       Pub. L. 111–203, § 749(f), substituted “section 2(c) or 2(f) of this title” for “section 2(c), 2(d), 2(f), or 2(g) of this title”

    2. Struck · 7 U.S.C. § 16(e)(2)(B)

       Pub. L. 111–203, § 749(f), struck out “2(h) or” before “6(c)”

    Source evidence

    Code amendment note
    Subsec. (e)(2)(B). Pub. L. 111–203, § 749(f), substituted “section 2(c) or 2(f) of this title” for “section 2(c), 2(d), 2(f), or 2(g) of this title” and struck out “2(h) or” before “6(c)”.

    Enacted provision · exact public law section
    (f) Section 12(e)(2)(B) of the Commodity Exchange Act (7 U.S.C. 16(e)(2)(B)) is amended— (1) by striking “section 2(c), 2(d), 2(f), or 2(g) of this Act” and inserting “section 2(c) or 2(f) of this Act”; and (2) by striking “2(h) or”.

    Effective date note
    Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.

18. 2010

    Wall Street Transparency and Accountability Act of 2010

    Pub. L. 111–203 § 722(b) · 124 Stat. 1376

    Added · 7 U.S.C. § 16(h)

    Pub. L. 111–203, § 722(b), added subsec. (h)

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 111–203, § 722(b), added subsec. (h).

    Enacted provision · exact public law section
    (b) Regulation of Swaps Under Federal and State Law.— Section 12 of the Commodity Exchange Act (7 U.S.C. 16) is amended by adding at the end the following: “(h) Regulation of Swaps as Insurance Under State Law.— A swap— “(1) shall not be considered to be insurance; and “(2) may not be regulated as an insurance contract under the law of any State.” .

    Effective date note
    Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.

25 of 25 references resolved to an enrolled provision