CFTC Information Protection Act

Summary#

This bill changes how the Commodity Futures Trading Commission (CFTC) may share and publish information it holds under section 8 of the Commodity Exchange Act. It allows the CFTC to make public names, addresses, and trading amounts for traders if that information has already been publicly released under the law. It requires the CFTC to give names, addresses, and trading information to congressional committees on request.

The bill lets the CFTC share information with United States departments and agencies, state or local agencies, and certain foreign authorities or central banks when those entities request it. Each type of recipient must keep the information confidential except in specified legal actions or proceedings. The bill explicitly includes Federal Reserve Banks when carrying out Board-assigned functions.

The bill adds rules about privileged information. It defines "privilege" to include attorney-client, work-product, governmental, and other recognized privileges. It says the CFTC or other entities do not waive privilege simply by transferring or permitting use of information under the listed sharing rules. The CFTC cannot be forced to disclose privileged information received from a foreign authority if that authority in good faith says the information is privileged, except in certain cases already covered by the statute. The bill also says nothing in these changes lets the CFTC withhold information from Congress or avoid following a U.S. court order in actions brought by the United States or the CFTC.

What it means for you#

  • Traders: The CFTC may publish names, addresses, and trading amounts for traders when that information has been previously made public under the law.
  • Government agencies: Federal, state, and local agencies may request CFTC information and receive it under rules that limit further disclosure to legal actions or proceedings.
  • Foreign authorities: The CFTC may share information with foreign futures authorities, central banks, or similar foreign entities if the Commission is satisfied the recipients will not improperly disclose it.
  • Privileged information: Information labeled or treated as privileged by providers (including foreign authorities) is protected from waiver in many sharing situations, though some exceptions apply.

Expenses#

No publicly available information.

Proponents' View#

No publicly available information on proponents' stated reasons in the bill text or metadata. Sponsors listed: Mark Messmer and Nikki Budzinski (bill introducers).

Opponents' View#

No publicly available information.