,i #aaeth ,,congress #b;d ,session ,h4 ,r4 #faba ,,in ,,the ,,house ,,of ,,representatives ,june #ad1 #bjah,mr4 ,austin ,scott of ,georgia 7for himself1 ,mr4 ,marshall1 ,mr4 ,goodlatte1 and ,mr4 ,soto7 introduced the following bill2 which was referred to the ,committee on ,agriculture ,a ,,bill ,to modernize the authority of the ,commodity ,futures ,trading ,commission to conduct research1 development1 demonstration1 and information programs4 #a4 ,short title ,this ,act may be cited as the ,commodity ,futures ,trading ,commission ,research and ,development ,modernization ,act4 #b4 ,modernization of authority of the ,commodity ,futures ,trading ,commission to conduct research1 development1 demonstration1 and information programs ,section #ah of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #bb7 is amended to read as follows3 #ah4 ,research1 development1 and demonstration of financial technology 7a7 ,authority ,the ,commission shall establish and maintain1 as part of its ongoing operations1 research1 development1 demonstration1 and information programs that further the purposes and objectives of this ,act1 including programs that-- 7#a7 facilitate the understanding by the ,commission of emerging financial1 regulatory1 and compliance technologies1 the potential applications of the technologies to the transactions and markets regulated by the ,commission1 and associated implications for cybersecurity1 data security1 and systemic risk2 7#b7 inform the ,commission of important technological advances and innovations affecting markets regulated by the ,commission2 7#c7 provide an environment where technological advances and innovations may be explored by developers1 potential users1 and the ,commission to evaluate potential benefits to the ,commission and the markets regulated by the ,commission2 7#d7 identify areas where the ,commission should adapt its administration of this ,act to facilitate technological advances and innovations that would benefit the markets regulated by the ,commission2 7#e7 improve the administration of this ,act by the ,commission by identifying technological advances and innovations1 and developing novel tools that are not generally available from traditional vendors for use by the ,commission1 or any division or office of the ,commission2 and 7#f7 develop educational and other informational materials regarding derivatives trading1 technological advances and innovations in markets regulated by the ,commission1 and applicable requirements of this ,act and the regulations prescribed under this ,act4 7b7 ,authorized means ,notwithstanding any other provision of law1 the ,commission may do the following to accomplish the goals described in subsection 7a73 7#a7 ,other transaction authority ,the ,commission may enter into and perform a transaction 7other than a standard contract7 with any agency or instrumentality of the ,united ,states1 or with any ,state1 territory1 or possession of the ,united ,states1 or with any political subdivision thereof1 or with any person1 firm1 association1 corporation1 educational institution1 self-regulatory organization1 foreign government1 international organization or other entity1 on such terms and conditions as the ,chairman of the ,commission deems appropriate1 if-- 7,a7 the transaction is only used for a goal described in subsection 7a72 7,b7 the ,commission endeavors to use a competitive process1 where appropriate1 when determining the parties to the transaction2 and 7,c7 the ,chairman makes a written determination that using a standard contract to do so is either not feasible or not appropriate4 7#b7 ,gift acceptance authority 7,a7 ,in general ,during the #e-year period that begins with the date of the enactment of this section1 the ,commission may solicit1 accept1 and utilize any contribution1 provision of access1 gift1 or donation of tangible or intangible property or service that the ,chairman deems appropriate1 from any agency or instrumentality of the ,united ,states1 or any ,state1 territory1 or possession of the ,united ,states1 or any political subdivision thereof1 or any person1 firm1 association1 corporation1 educational institution1 self-regulatory organization1 foreign government1 international organization1 or other entity1 if-- 7i7 the property or service is used only for a goal described in subsection 7a72 and 7ii7 the ,chairman makes a written determination that accepting the contribution1 provision of access1 gift1 or donation is consistent with fulfilling the goal1 and that using a standard contract or other transaction to do so is either not feasible or not appropriate4 7,b7 ,sunset ,the authority provided by subparagraph 7,a7 may not be exercised on or after ,october #a1 #bjbc4 7c7 ,annual report ,not later than #fj days after the end of each fiscal year1 the ,commission shall submit to the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate and the ,committee on ,agriculture of the ,house of ,representatives a report on all transactions entered into1 and all contributions1 provisions of access1 gifts1 or donations accepted1 under subsection 7b71 which shall describe the following with respect to each such transaction1 contribution1 provision of access1 gift1 or donation3 7#a7 ,a brief description of the subject of the transaction1 contribution1 provision of access1 gift1 or donation1 with an explanation of its potential utility to the ,commission or the markets regulated by the ,commission1 and the status of all related projects4 7#b7 ,the reasons why it was not feasible or appropriate to use a standard contract with respect to that subject4 7#c7 ,in the case of a transaction other than a contribution1 provision of access1 gift1 or donation1 an explanation of the ,commission's efforts to use a competitive process1 or the reasons why such a process was not appropriate4 7#d7 ,a description of all sums expended by the ,commission in connection with a transaction and1 if readily ascertainable1 the value of any contribution1 provision of access1 gift1 or donation4 4