,,ii  #aafth ,,congress  #ast ,session  
,s4 #eeb  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #bf1 #bjai
 ,ms4 ,klobuchar 7for herself and ,mr4  
,perdue7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,agriculture1 ,nutrition1
 and ,forestry  ,a ,,bill  ,to amend the
 ,commodity ,exchange ,act to exempt    
certain charitable organizations from   
regulation as commodity pool operators1 
and for other purposes4  #a4 ,exemption 
of qualified charitable organizations   
from regulation as commodity pool       
operators  ,section #dm of the          
,commodity ,exchange ,act 7#g ,u4,s4,c4 
#fm7 is amended-- 7#a7 by striking ,sec4
 #dm4 7#a7 ,it and inserting the        
following3  #dm4 ,use of mails or other 
means or instrumentalities of interstate
 commerce by commodity trading advisors 
and commodity pool operators  7a7       
,prohibition  7#a7 ,in general ,it  2   
7#b7 in the second sentence--  7,a7 by  
striking ,the provisions of this section

 and inserting the following3  7#b7     
,exceptions  7,a7 ,commodity trading    
advisors  7i7 ,in general ,subject to   
clause 7ii7 and except as provided in   
subparagraphs 7,b7 and 7,c71 this       
section  2  7,b7 by striking commodity  
trading advisor who is a 7#a7 dealer and
 inserting the following3 8commodity    
trading advisor who is a--  7,i7 dealer 
2  7,c7 by striking or 7#b7 nonprofit   
and inserting the following3 82 or      
7,,ii7 nonprofit  2  7,d7 by striking   
,commodity ,futures ,trading ,commission
 ,act of #aigd2 if the advice by the    
person described in clause 7#a7 or 7#b7 
of this sentence and inserting the      
following3 8,commodity ,futures ,trading
 ,commission ,act of #aigd4  7ii7       
,applicability ,clause 7i7 only applies 
if the advice by the person described in
 subclause 7,i7 or 7,,ii7 of clause 7i7 
2  7,e7 by striking business3 and       
inserting business42 and  7,f7 by       
striking ,provided1 ,that such person   
shall be subject to proceedings under   

section #ad of this ,act4 and inserting 
the following3  7,b7 ,complaints against
 excepted persons ,a person described in
 subclause 7,i7 or 7,,ii7 of clause 7i7 
shall be subject to proceedings under   
section #ad4  7,c7 ,charitable          
organizations ,this section shall not   
apply to any commodity trading advisor  
or commodity pool operator that is-- 7i7
 a charitable organization1 as defined  
in section #c7;c77#aj77;,d77iii7 of the 
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#c7;c77#aj77;,d77iii771 
or a trustee1 director1 officer1        
employee1 or volunteer of such a        
charitable organization acting within   
the scope of the employment or duties of
 the person with the organization1 whose
 trading advice is provided only to1 or 
with respect to1 #a or more of--  7,i7  
any such charitable organizations2 or   
7,,ii7 an investment trust1 syndicate1  
or similar form of enterprise excluded  
from the definition of investment       
company pursuant to section #c7;c77#aj7 

of the ,investment ,company ,act of     
#aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#aj772
 or  7ii7 any plan1 company1 or account 
described in section #c7;c77#ad7 of the 
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#c7;c77#ad771 any person
 or entity who establishes or maintains 
such a plan1 company1 or account1 or any
 trustee1 director1 officer1 employee1  
or volunteer for any of the foregoing   
plans1 persons1 or entities acting      
within the scope of the employment or   
duties of the person with the           
organization1 whose trading advice is   
provided only to1 or with respect to1   
any investment trust1 syndicate1 or     
similar form of enterprise excluded from
 the definition of investment company   
pursuant to section #c7;c77#ad7 of the  
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#c7;c77#ad774  2  7#c7  
by striking 7#b7 ,nothing in this ,act  
and inserting the following3  7b7       
,relationship to other law ,nothing in  
this ,act  2  7#d7 by striking 7#c7     

,exception4-- and all that follows      
through ,paragraph 7#a7 shall not apply 
and inserting the following3  7c7       
,exception  7#a7 ,in general ,subsection
 7a7 shall not apply  2  7#e7 by        
striking 7,b7 ,engaged primarily4--,for 
purposes of subparagraph 7,a7 and       
inserting the following3  7#b7 ,engaged 
primarily ,for purposes of paragraph    
7#a7  2  7#f7 by striking 7,c7          
,commodity interests4--,for purposes of 
this paragraph and inserting the        
following3  7#c7 ,commodity interests   
,for purposes of this subsection  2 and 
7#g7 by adding at the end the following3
  7d7 ,disclosure concerning exempted   
charitable organizations ,a commodity   
trading advisor or commodity pool       
operator that is an organization or     
person described in subsection          
7a77#b77;,c77i7 to or of any investment 
trust1 syndicate1 or similar form of    
enterprise excluded from the definition 
of investment company pursuant to       
section #c7;c77#aj77;,b7 of the         

,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#c7;c77#aj77;,b77 shall 
provide disclosure in accordance with   
section #g7;e7 of that ,act 7#ae        
,u4,s4,c4 #hj;a-#g7;e774  4