,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #diji  ,,in ,,the ,,house ,,of  
,,representatives  ,october #bi1        
#bjai,mr4 ,johnson of ,south ,dakota    
introduced the following bill2 which was
 referred to the ,committee on          
,agriculture  ,a ,,bill  ,to expand the 
scope of the matters required to be     
evaluated by the ,commodity ,futures    
,trading ,commission in considering the 
costs and benefits of its proposed      
regulations and orders1 and for other   
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,,cftc              
,cost-,benefit ,analysis ,improvement   
,act4  #b4 ,consideration by the        
,commodity ,futures ,trading ,commission
 of the costs and benefits of its       
regulations and orders  7a7 ,in general 
,section #b7;a7 of the ,commodity       
,exchange ,act 7#g ,u4,s4,c4 #b7;a77 is 
amended by adding at the end the        
following3  7#af7 ,office of the chief  
economist  7,a7 ,establishment ,there is
 established in the ,commission the     

,office of the ,chief ,economist4  7,b7 
,head ,the ,office of the ,chief        
,economist shall be headed by the ,chief
 ,economist4  7,c7 ,functions ,the      
,chief ,economist shall serve as        
economic advisor and perform such other 
functions and duties as the ,chairman   
may prescribe4  7,d7 ,professional staff
 ,the ,commission shall appoint such    
other economists as may be necessary to 
assist the ,chief ,economist in         
performing economic analysis1 regulatory
 cost-benefit analysis1 or research4  4 
7b7 ,consideration of costs and benefits
 ,section #ae7;a7 of such ,act 7#g      
,u4,s4,c4 #ai7;a77 is amended-- 7#a7 by 
striking paragraphs 7#a7 and 7#b7 and   
inserting the following3  7#a7 ,in      
general ,before promulgating a          
regulation under this ,act or issuing an
 order 7except as provided in paragraph 
7#c771 the ,commission1 through the     
,office of the ,chief ,economist1 shall 
assess and publish in the regulation or 
order the costs and benefits1 both      

qualitative and quantitative1 of the    
proposed regulation or order1 and the   
proposed regulation or order shall state
 its statutory justification4  7#b7     
,considerations ,in making a reasoned   
determination of the costs and the      
benefits1 the ,commission shall         
evaluate-- 7,a7 considerations of       
protection of market participants and   
the public2  7,b7 considerations of the 
efficiency1 competitiveness1 and        
financial integrity of futures and swaps
 markets2  7,c7 considerations of the   
impact on market liquidity in the       
futures and swaps markets2  7,d7        
considerations of price discovery2  7,e7
 considerations of sound risk management
 practices2  7,f7 available alternatives
 to direct regulation2  7,g7 the degree 
and nature of the risks posed by various
 activities within the scope of its     
jurisdiction2  7,h7 the costs of        
complying with the proposed regulation  
or order by all regulated entities1     
including a methodology for quantifying 

the costs 7recognizing that some costs  
are difficult to quantify72  7,i7       
whether the proposed regulation or order
 is inconsistent1 incompatible1 or      
duplicative of other ,federal           
regulations or orders2  7,j7 the cost to
 the ,commission of implementing the    
proposed regulation or order by the     
,commission staff1 including a          
methodology for quantifying the costs2  
7,k7 whether1 in choosing among         
alternative regulatory approaches1 those
 approaches maximize net benefits       
7including potential economic and other 
benefits1 distributive impacts1 and     
equity72 and  7,l7 other public interest
 considerations4  2 and  7#b7 by adding 
at the end the following3  7#d7         
,judicial review ,notwithstanding       
section #bd7;d71 a court shall affirm a 
,commission assessment of costs and     
benefits under this subsection1 unless  
the court finds the assessment to be an 
abuse of discretion4  4