§ 19. Consideration of costs and benefits and antitrust laws

Statutory text

Costs and benefits

In general

Before promulgating a regulation under this chapter or issuing an order (except as provided in paragraph (3)), the Commission shall consider the costs and benefits of the action of the Commission.

Considerations

The costs and benefits of the proposed Commission action shall be evaluated in light of—

considerations of protection of market participants and the public;

considerations of the efficiency, competitiveness, and financial integrity of futures markets;

considerations of price discovery;

considerations of sound risk management practices; and

other public interest considerations.

Applicability

This subsection does not apply to the following actions of the Commission:

An order that initiates, is part of, or is the result of an adjudicatory or investigative process of the Commission.

An emergency action.

A finding of fact regarding compliance with a requirement of the Commission.

Antitrust laws

The Commission shall take into consideration the public interest to be protected by the antitrust laws and endeavor to take the least anticompetitive means of achieving the objectives of this chapter, as well as the policies and purposes of this chapter, in issuing any order or adopting any Commission rule or regulation (including any exemption under section 6(c) or 6c(b) of this title), or in requiring or approving any bylaw, rule, or regulation of a contract market or registered futures association established pursuant to section 21 of this title.

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.

1922
Commodity Futures Trading Commission Act of 1974
Pub. L. 93–463 title I § 107 · 88 Stat. 1389
Enacted · 7 U.S.C. § 19
Sept. 21, 1922, ch. 369, § 15, as added Pub. L. 93–463, title I, § 107, Oct. 23, 1974, 88 Stat. 1395
Source evidence
Code source credit
Sept. 21, 1922, ch. 369, § 15, as added Pub. L. 93–463, title I, § 107, Oct. 23, 1974, 88 Stat. 1395
Enacted provision · exact public law section
Sec. 107. The Commodity Exchange Act, as amended, is amended by adding at the end thereof the following new section: “Sec. 15. The 7 USC 19. Commission shall take into consideration the public interest to be protected by the antitrust laws and endeavor to take the least anticompetitive means of achieving the objectives of this Act, as well as the policies and purposes of this Act, in issuing any order or adopting any Commission rule or regulation, or in requiring or approving any bylaw, rule, or regulation of a contract market or registered futures association established pursuant to section 17 of this Act Post, p. 1406. .”
1992
Futures Trading Practices Act of 1992
Pub. L. 102–546 title V § 502(b) · 106 Stat. 3590
Substituted · 7 U.S.C. § 19
Pub. L. 102–546 substituted “regulation (including any exemption under section 6(c) or 6c(b) of this title)” for “regulation”
Source evidence
Code amendment note
Pub. L. 102–546 substituted “regulation (including any exemption under section 6(c) or 6c(b) of this title)” for “regulation”.
Enacted provision · exact public law section
(b) Competitive fairness.— Section 15 (7 U.S.C. 19) is amended by striking “regulation,” and inserting “regulation (including any exemption under section 4(c) or 4c(b)),”.
2000
Consolidated Appropriations Act, 2001
Pub. L. 106–554 § 1(a)(5)(tI)(s119) · 114 Stat. 2763
1. Inserted · 7 U.S.C. § 19
  Pub. L. 106–554 inserted section catchline
2. Added · 7 U.S.C. § 19
  Pub. L. 106–554 added subsec. (a)
3. Amended · 7 U.S.C. § 19
  Pub. L. 106–554 designated existing provisions as subsec. (b)
4. Inserted · 7 U.S.C. § 19
  Pub. L. 106–554 inserted subsec. (b) heading
Source evidence
Code amendment note
Pub. L. 106–554 inserted section catchline, added subsec. (a), designated existing provisions as subsec. (b), and inserted subsec. (b) heading.
Enacted provision · exact public law section
(5) H.R. 5660, as introduced on December 14, 2000.

6 of 6 references resolved to an enrolled provision

Editorial Notes

Amendments1992–2000 · 2 rounds

2000

Pub. L. 106–554 inserted section catchline, added subsec. (a), designated existing provisions as subsec. (b), and inserted subsec. (b) heading.

1992

Pub. L. 102–546 substituted “regulation (including any exemption under section 6(c) or 6c(b) of this title)” for “regulation”.

Statutory Notes and Related Subsidiaries

Effective Date

For effective date of section, see section 418 of Pub. L. 93–463, set out as an Effective Date of 1974 Amendment note under section 2 of this title.

Credits

1922–2000 · 3 acts

1922Sept. 21, 1922, ch. 369, § 15, as added Pub. L. 93–463, title I, § 107, Oct. 23, 1974, 88 Stat. 1395
1992amended Pub. L. 102–546, title V, § 502(b), Oct. 28, 1992, 106 Stat. 3631
2000Pub. L. 106–554, § 1(a)(5) [title I, § 119], Dec. 21, 2000, 114 Stat. 2763, 2763A–403.

Show as published

(Sept. 21, 1922, ch. 369, § 15, as added Pub. L. 93–463, title I, § 107, Oct. 23, 1974, 88 Stat. 1395; amended Pub. L. 102–546, title V, § 502(b), Oct. 28, 1992, 106 Stat. 3631; Pub. L. 106–554, § 1(a)(5) [title I, § 119], Dec. 21, 2000, 114 Stat. 2763, 2763A–403.)