This legislation aims to enhance the structure and operation of advisory committees within the Commodity Futures Trading Commission (CFTC). It amends the Commodity Exchange Act to mandate that the CFTC establish advisory committees to facilitate discussion and communication on its regulatory activities. These committees are specifically tasked with holding regular meetings and submitting comprehensive reports and recommendations, including any minority views, to the Commission. A significant provision of the bill is the explicit requirement that all advisory committees established under this authority must adhere to the provisions of the Federal Advisory Committee Act (Chapter 10 of Title 5, United States Code), ensuring transparency and accountability. Furthermore, the legislation includes a transitional clause allowing existing CFTC advisory committees to continue functioning under their current charters or previous statutory authority until their charters are renewed or September 30, 2026, whichever event occurs first.
This legislation aims to enhance the structure and operation of advisory committees within the Commodity Futures Trading Commission (CFTC). It amends the Commodity Exchange Act to mandate that the CFTC establish advisory committees to facilitate discussion and communication on its regulatory activities. These committees are specifically tasked with holding regular meetings and submitting comprehensive reports and recommendations, including any minority views, to the Commission. A significant provision of the bill is the explicit requirement that all advisory committees established under this authority must adhere to the provisions of the Federal Advisory Committee Act (Chapter 10 of Title 5, United States Code), ensuring transparency and accountability. Furthermore, the legislation includes a transitional clause allowing existing CFTC advisory committees to continue functioning under their current charters or previous statutory authority until their charters are renewed or September 30, 2026, whichever event occurs first.