,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #diji  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #bi1 #bjai,mr4
 ,johnson ( ,s\? ,dakota introduc$ !    
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,agriculture  ,a ,,bill   
,to exp& ! scope ( ! matt]s requir$ to  
be evaluat$ by ! ,commodity ,futures    
,trad+ ,commission 9 consid]+ ! co/s &  
b5efits ( its propos$ regulations &     
ord]s1 & = o!r purposes4  #a4 ,%ort     
title ,?is ,act may be cit$ z ! ,,cftc  
,co/-,b5efit ,analysis ,improvem5t ,act4
  #b4 ,consid]ation by ! ,commodity     
,futures ,trad+ ,commission ( ! co/s &  
b5efits ( its regulations & ord]s  7a7  
,9 g5]al ,section #b7;a7 ( ! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4 #b7;a77 is  
am5d$ by add+ at ! end ! foll[+3  7#af7 
,(fice ( ! *ief economi/  7,a7          
,e/abli%m5t ,!re is e/abli%$ 9 !        
,commission ! ,(fice ( ! ,*ief          
,economi/4  7,b7 ,head ,! ,(fice ( !    
,*ief ,economi/ %all be head$ by ! ,*ief
 ,economi/4  7,c7 ,functions ,! ,*ief   

,economi/ %all s]ve z economic advisor &
 p]=m su* o!r functions & duties z !    
,*airman may prescribe4  7,d7           
,pr(essional /aff ,! ,commission %all   
appo9t su* o!r economi/s z may be       
necess>y to assi/ ! ,*ief ,economi/ 9   
p]=m+ economic analysis1 regulatory     
co/-b5efit analysis1 or rese>*4  4  7b7 
,consid]ation ( co/s & b5efits ,section 
#ae7;a7 ( su* ,act 7#g ,u4,s4,c4        
#ai7;a77 is am5d$-- 7#a7 by /rik+       
p>agraphs 7#a7 & 7#b7 & ins]t+ ! foll[+3
  7#a7 ,9 g5]al ,be=e promulgat+ a      
regulation "u ?is ,act or issu+ an ord] 
7except z provid$ 9 p>agraph 7#c771 !   
,commission1 ?r\gh ! ,(fice ( ! ,*ief   
,economi/1 %all assess & publi% 9 !     
regulation or ord] ! co/s & b5efits1 bo?
 qualitative & quantitative1 ( ! propos$
 regulation or ord]1 & ! propos$        
regulation or ord] %all /ate its        
/atutory ju/ification4  7#b7            
,consid]ations ,9 mak+ a reason$        
det]m9ation ( ! co/s & ! b5efits1 !     
,commission %all evaluate-- 7,a7        

consid]ations ( protection ( m>ket      
p>ticipants & ! public2  7,b7           
consid]ations ( ! effici5cy1            
competitiv5ess1 & f9ancial integrity (  
futures & swaps m>kets2  7,c7           
consid]ations ( ! impact on m>ket       
liquidity 9 ! futures & swaps m>kets2   
7,d7 consid]ations ( price discov]y2    
7,e7 consid]ations ( s\nd risk managem5t
 practices2  7,f7 available alt]natives 
to direct regulation2  7,g7 ! degree &  
nature ( ! risks pos$ by v>i\s          
activities )9 ! scope ( its             
jurisdiction2  7,h7 ! co/s ( comply+ ) !
 propos$ regulation or ord] by all      
regulat$ entities1 includ+ a me?odology 
= quantify+ ! co/s 7recogniz+ t "s co/s 
are difficult to quantify72  7,i7 :e!r !
 propos$ regulation or ord] is          
inconsi/5t1 incompatible1 or duplicative
 ( o!r ,f$]al regulations or ord]s2     
7,j7 ! co/ to ! ,commission ( implem5t+ 
! propos$ regulation or ord] by !       
,commission /aff1 includ+ a me?odology =
 quantify+ ! co/s2  7,k7 :e!r1 9 *oos+  

among alt]native regulatory approa*es1  
^? approa*es maximize net b5efits       
7includ+ pot5tial economic & o!r        
b5efits1 di/ributive impacts1 & equity72
 &  7,l7 o!r public int]e/              
consid]ations4  2 &  7#b7 by add+ at !  
end ! foll[+3  7#d7 ,judicial review    
,not)/&+ section #bd7;d71 a c\rt %all   
affirm a ,commission assessm5t ( co/s & 
b5efits "u ?is subsection1 unless ! c\rt
 f9ds ! assessm5t to be an abuse (      
discretion4  4