,i #aafth ,,congress #ast ,session ,h4 ,r4 #dece ,,in ,,the ,,house ,,of ,,representatives ,september #bf1 #bjai,mr4 ,austin ,scott of ,georgia 7for himself1 ,mr4 ,marshall1 ,mr4 ,johnson of ,south ,dakota1 ,mr4 ,crawford1 and ,mr4 ,bost7 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 use the following authorities for the purpose of aiding or facilitating the programs and activities under subsection 7a73 7#a7 ,other transaction authority 7,a7 ,in general ,the ,commission may enter into and perform a transaction 7other than a standard contract7 on such terms and conditions as the ,chairman of the ,commission deems appropriate4 7,b7 ,determination ,the ,commission may only enter into a transaction under this paragraph if the ,chairman makes a written determination that-- 7i7 the transaction is only used in furtherance of a research and development plan established under subsection 7c77#a72 7ii7 the transaction is executed in compliance with the guidance promulgated under subsection 7c77#b72 7iii7 the ,commission endeavored to use a competitive process1 where appropriate1 when determining the parties to the transaction2 and 7iv7 using a standard contract to do so is either not feasible or not appropriate4 7#b7 ,gift acceptance authority 7,a7 ,in general ,subject to this paragraph1 the ,commission may accept and use1 on behalf of the ,united ,states1 any non-monetary gift1 including any provision of access1 use of facilities1 tangible or intangible personal property1 or services1 that is related to-- 7i7 sharing of research1 data1 or other information2 7ii7 public presentations2 or 7iii7 non-commercially available services or systems4 7,b7 ,determination ,the ,commission may accept a gift only if the ,chairman makes a written determination that-- 7i7 the acceptance and use of the gift meets the requirements of this paragraph2 7ii7 the gift will be used only in furtherance of a research and development plan established under subsection 7c77#a72 7iii7 the gift is accepted in compliance with the guidance promulgated under subsection 7c77#b72 and 7iv7 using a standard contract or other transaction to acquire the gift is either not feasible or not appropriate4 7,c7 ,limitations ,the ,commission may not accept a gift if-- 7i7 conditions inconsistent with applicable laws or regulations apply to the gift2 or 7ii7 the gift is conditioned on1 or will require1 the expenditure of appropriated funds not available to the ,commission4 7,d7 ,sunset ,the authority provided by subparagraph 7,a7 may not be exercised on or after ,october #a1 #bjbd4 7c7 ,research and development plan2 guidance ,before using the means authorized in subsection 7b71 the ,commission shall-- 7#a7 approve a research and development plan that furthers the goals of this section1 by establishing-- 7,a7 the potential areas of interest to the ,commission2 7,b7 the potential activities the ,commission may undertake to investigate the potential areas of interest2 and 7,c7 a general explanation of how the means will assist the ,commission in understanding the potential areas of interest2 and 7#b7 promulgate guidance on the appropriate use of the means in order to-- 7,a7 prohibit the ,commission or ,commission staff from accepting or soliciting gifts1 or engaging in other transactions1 which would unduly restrict or interfere with the work of the ,commission2 7,b7 prevent the endorsement or the appearance of the endorsement by the ,commission or ,commission staff of the products1 services1 activities1 or policies of a donor or contractor2 and 7,c7 preserve the integrity and independence of the ,commission and ,commission staff4 7d7 ,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 gifts accepted1 under subsection 7b7 in the fiscal year1 which shall include the following3 7#a7 ,a brief description of the subject of each transaction or gift1 with an explanation of-- 7,a7 its potential utility to the ,commission or the markets regulated by the ,commission2 7,b7 how it fulfills the goals and objectives of the research and development plan established under subsection 7c77#a72 and 7,c7 the status of all related projects4 7#b7 ,the written determination required by subsection 7b7 with respect to each such transaction or gift4 7#c7 ,a description of all sums expended by the ,commission in connection with a transaction entered into under subsection 7b77#a71 and1 if readily ascertainable1 the value of any gift accepted under subsection 7b77#b74 4