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Today, Congressman David Scott, Chairman of the Subcommittee on Commodity Exchanges, Energy, and Credit, joined members of the House Committee on Agriculture in advancing H.R. 4257, a bill he introduced earlier this year to improve the Office of Minority and Women Inclusion at the Commodity Futures Trading Commission (CFTC). In addition to bringing the CFTC’s Office of Minority and Women Inclusion up to Dodd-Frank standards, H.R. 4257 would establish an annual internship program for students attending one of the nineteen 1890s Land-Grant Institutions and others, providing students with the opportunity to serve a semester-long program within varying divisions of the CFTC.  This bill was included in broader legislation reauthorizing the CFTC, and passed by voice vote. The CFTC was established as an independent agency outside of the Department of Agriculture through the Commodity Futures Trading Commission Act of 1974, with a mission to foster open, transparent, competitive, and financially sound derivative markets.

“I appreciate the work we’re doing here today. It is both important and necessary. I also am grateful for the bipartisan approach we’ve taken as a committee in doing that work,” said Congressman Scott. “This bill takes great steps to provide integrity and transparency in our commodity markets, while at the same time building resiliency and fostering greater cooperation with international regulators.”

The proposed reauthorization package takes a number of steps to enhance enforcement and security measures designed to further ensure the vitality of the U.S. economy. Expanded whistleblower protections will empower individuals who wish to report unethical or illegal financial conduct to their companies or organizations, instead of just protecting those who go to the CFTC. A strengthened enforcement mechanism will allow the CFTC to confront foreign individuals or companies for violations against American markets and customers.  Additionally, the reauthorization includes a provision to exempt churches and charitable organizations from burdensome regulations in order to ease their ability to provide healthcare and retirement accounts for their employees.