H.R. 3009 · 113th Congress
Futures Investor Protection Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CapuanoSponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in House · Aug 2, 2013
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).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Futures Investor Protection Act
Latest action (Aug 2, 2013): Referred to the House Committee on Agriculture.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Aug 2, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.