US Congress House Bill 3009 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on August 2 2013 - 25% progression, died in committee
Action: 2013-08-02 - Referred to the House Committee on Agriculture.
Pending: House Agriculture Committee
Text: Latest bill text (Introduced) [PDF]

Futures Investor Protection Act - Establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit corporation, which shall be neither an agency nor establishment of the federal government. Declares FIPC to be a membership corporation whose members comprise all persons registered as a futures commission merchant with the Commodity Futures Trading Commission (CFTC). Grants FIPC all powers conferred upon the Security Investors Protection Corporation (SIPC). Sets forth FIPC corporate structure. Requires FIPC to: (1) establish, and make deposits into and payments from a FIPC fund in the same manner in which SIPC has established and is authorized to make deposits into and payments from the SIPC fund; and (2) impose upon its membership assessments subject to the same rules that apply to imposition of assessments upon SIPC members. Amends the Commodity Exchange Act to prescribe suitability rules governing a futures commission merchant's recommendations for a customer. Grants the CFTC enforcement powers. Directs the CFTC to review specified guidelines governing establishing account classes and determining the basis for pro rata shares (proof of claims guidelines).

Futures Investor Protection Act

Rep. Michael Capuano [D-MA]

Date	Chamber	Action
2013-08-02	House	Referred to the House Committee on Agriculture.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/3009/all-info
Text	https://www.congress.gov/113/bills/hr3009/BILLS-113hr3009ih.pdf