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LegislationLEGISLATION | Detail


H.R. 977: Derivatives Markets Transparency and Accountability Act of 2009

Sponsor: Peterson (D - MN)

Official Title: To amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets, and for other purposes.

Status:
2/11/2009: Introduced in House
2/11/2009: Referred to House Agriculture Committee
2/11/2009: Referred to House Financial Services Committee
2/12/2009: Mark up in the House Agriculture Committee
2/12/2009: Ordered to be reported House Agriculture Committee
12/19/2009: Discharged House Financial Services Committee
12/19/2009: Reported as amended by House Agriculture Committee
12/19/2009: Referred to House Judiciary Committee
12/19/2009: Discharged House Judiciary Committee
12/19/2009: Placed on House calendar

Commentary:
This legislation amends the Commodity Exchange Act. The Commodities Futures Trading Commission (CFTC) is an independent agency established in 1974 that regulates all commodities futures and options markets in the United States. The bill would greatly expand the scope of the CFTC’s regulatory powers. In addition, the bill extends power to the CFTC to “initiate and conduct criminal litigation” relating to a violation of the Commodity Exchange Act “and secure evidence therefor, if the Attorney General has declined to do so.” This would be an unprecedented extension of the federal prosecutorial power outside its long-standing boundaries within the Department of Justice.

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