,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bjb  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,janu>y #bc1 #bjbe,mrs4
 ,%ahe5 7= h]self & ,mr4 ,cassidy7      
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on ,small
 ,bus9ess & ,entrepr5eur%ip  ,a ,,bill  
,to require ! ,adm9i/rator ( ! ,small   
,bus9ess ,adm9i/ration to e/abli% a     
program to all[ small bus9ess conc]ns to
 pur*ase c]ta9 commodities futures1 & = 
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,help+ ,small          
,bus9esses ,to ,h$ge ,risk & ,insure    
aga9/ ,volatile ,exp5ses ,act or !      
,help+ ,small ,bus9esses ,,?rive ,act4  
#b4 ,def9itions ,9 ?is ,act3 7#a7       
,adm9i/rator ,! t]m ,adm9i/rator means !
 ,adm9i/rator ( ! ,small ,bus9ess       
,adm9i/ration4  7#b7 ,commission2       
commodity2 commodity pool2 commodity    
trad+ advisor2 future deliv]y2 futures  
commission m]*ant ,! t]ms ,commission1  
commodity1 commodity pool1 commodity    
trad+ advisor1 future deliv]y1 & futures

 commission m]*ant h ! mean+s giv5 ^?   
t]ms 9 section #a;a ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4 #a;a74  7#c7
 ,cov]$ commodity ,! t]m cov]$ commodity
 means a commodity t ! ,adm9i/rator1 "u 
section #d7;b71 det]m9es is eligible to 
be ! subject ( an agreem5t ent]$ into "u
 section #d7;a74  7#d7 ,eligible entity 
,! t]m eligible entity-- 7,a7 means a   
small bus9ess conc]n2 &  7,b7 does n    
include a small bus9ess conc]n t-- 7i7  
is1 or is own$ or controll$ by an entity
 t is1 a f9ancial in/itution 7z def9$ 9 
section #eji ( ! ,gramm-,lea*-,bliley   
,act 7#ae ,u4,s4,c4 #fhji772  7ii7 is1  
or is own$ or controll$ by an entity t  
is1 ) respect to any f9ancial activity1 
subject to ! jurisdiction ( !           
,commission "u ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #a et seq472  7iii7  
is1 or is own$ or controll$ by1 an      
inve/m5t advis] 7z def9$ 9 section      
#bjb7;a7 ( ! ,inve/m5t ,advis]s ,act (  
#aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a777 t is
 requir$ to regi/] ) ! ,securities &    

,ex*ange ,commission "u section #bjc ( t
 ,act 7#ae ,u4,s4,c4 #hj;b-#c72  7iv7   
is1 or is own$ or controll$ by1 a brok] 
7z def9$ 9 section #c7;a7 ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a7772  7v7 has be5 9    
op]ation = less ?an #a ye>1 z ( ! date  
on :i* ! small bus9ess conc]n submits an
 application "u section #c7;b72 or  7vi7
 ! ,adm9i/rator o!rwise det]m9es %\ld be
 exclud$ 9 ord]-- 7,i7 to pres]ve !     
integrity ( ! ,program2 &  7,,ii7 to    
ensure t ! focus ( ! ,program rema9s on 
small bus9ess conc]ns desir+ to         
p>ticipate 9 ! ,program to maximize     
/ability ) respect to ! direct op]at+   
co/s ( ^? small bus9ess conc]ns4  7#e7  
,program ,! t]m ,program means ! ,help+ 
,small ,bus9esses ,?rive ,program       
e/abli%$ "u section #c7;a74  7#f7       
,res\rce p>tn]s ,! t]m res\rce p>tn]s   
means-- 7,a7 small bus9ess developm5t   
c5t]s2  7,b7 wom5's bus9ess c5t]s       
describ$ 9 section #bi ( ! ,small       
,bus9ess ,act 7#ae ,u4,s4,c4 #fef72     

7,c7 *apt]s ( ! ,s]vice ,corps ( ,retir$
 ,executives e/abli%$ "u section        
#h7;b77#a77;,b7 ( ! ,small ,bus9ess ,act
 7#ae ,u4,s4,c4 #fcg7;b77#a77;,b772 &   
7,d7 ,vet]an ,bus9ess ,outrea* ,c5t]s   
describ$ 9 section #cb ( ! ,small       
,bus9ess ,act 7#ae ,u4,s4,c4 #feg;b74   
7#g7 ,small bus9ess conc]n2 small       
bus9ess developm5t c5t] ,! t]ms small   
bus9ess conc]n & small bus9ess          
developm5t c5t] h ! mean+s giv5 ^? t]ms 
9 section #c ( ! ,small ,bus9ess ,act   
7#ae ,u4,s4,c4 #fcb74  #c4 ,help+ ,small
 ,bus9esses ,?rive ,program  7a7        
,e/abli%m5t & purpose ,n lat] ?an #a ye>
 aft] ! date ( enactm5t ( ?is ,act1 !   
,adm9i/rator %all1 9 consultation ) !   
,commission1 ! ,secret>y ( ! ,treasury1 
& su* o!r ,f$]al (ficials det]m9$       
appropriate by ! ,adm9i/rator1 e/abli%  
)9 ! ,small ,bus9ess ,adm9i/ration a    
pilot program-- 7#a7 :i* %all be kn[n z 
! ,help+ ,small ,bus9esses ,?rive       
,program2 &  7#b7 ! purpose ( :i* %all  
be to assi/ eligible entities 9 limit+ !

 risk fac$ by ^? eligible entities )    
respect to ris+ input co/s f            
commodities4  7b7 ,application  7#a7 ,9 
g5]al ,an eligible entity seek+ to      
p>ticipate 9 ! ,program %all submit an  
application-- 7,a7 at su* "t1 9 su*     
mann]1 & conta9+ su* in=mation z !      
,adm9i/rator det]m9es to be necess>y2   
7,b7 t %all include in=mation necess>y  
to e/abli% t ! entity submitt+ !        
application is an eligible entity2 &    
7,c7 t may include additional in=mation 
to ensure t ! ,adm9i/rator1 ?r\gh !     
,program1 is able to prop]ly assi/ !    
eligible entity 9 det]m9+ :e!r ent]+    
into an agreem5t "u section #d7;a7 w\ld 
be b5eficial = ! eligible entity1       
includ+ a description ( exp5ses incurr$ 
by ! eligible entity relat+ to          
commodities4  7#b7 ,guidance ,!         
,adm9i/rator %all develop guidance1 :i* 
%all be po/$ on a publicly available    
website ( ! ,small ,bus9ess             
,adm9i/ration1 to assi/ an eligible     
entity 9 det]m9+ :e!r ! eligible entity 

%\ld submit an application to p>ticipate
 9 ! ,program & :e!r ent]+ into an      
agreem5t "u section #d7;a7 w\ld be      
b5eficial = ! eligible entity1 includ+  
in=mation reg>d+-- 7,a7 ! purpose ( !   
,program1 ! products ! ,program (f]s1 & 
h[ ^? products c r$uce exposure to price
 volatility = eligible entities )       
respect to cov]$ commodities2  7,b7     
det]m9+ ! co/ ( cov]$ commodities2  7,c7
 ! exp5ses ( eligible entities relat+ to
 ea* cov]$ commodity1 includ+ :5 exp5ses
 = cov]$ commodities incurr$ by an      
eligible entity rea* a level su* t x    
might n be b5eficial = ! eligible entity
 to p>ticipate 9 ! ,program2 &  7,d7 !  
p]c5tages ( commodity-relat$ exp5ses = !
 eligible entity t are mo/ likely       
b5eficial to (fset ?r\gh p>ticipation 9 
! ,program2 &  7,e7 ! impact ( ! type ( 
rev5ue ( an eligible entity1 su* z a    
co/-plus or highly v>iable pric+ model =
 rev5ue or long-t]m recurr+ rev5ue4  7c7
 ,outrea* & consultation ,9 c>ry+ out ! 
,program1 ! ,adm9i/rator %all conduct   

outrea* to small bus9ess conc]ns1       
includ+ small bus9ess conc]ns t are n   
eligible entities by op]ation ( section 
#b7d77;,b77v71 to %>e in=mation reg>d+ !
 ,program & ! b5efits ( ! ,program1     
includ+ by-- 7#a7 provid+ in=mational   
mat]ials to ! small bus9ess c5t]s ( !   
,small ,bus9ess ,adm9i/ration1 small    
bus9ess /akehold]s & trade associations1
 & res\rce p>tn]s = di/ribution to small
 bus9ess conc]ns2  7#b7 conduct+ web9>s 
or 9-p]son ev5ts ) small bus9ess conc]ns
 reg>d+ ! ,program2 &  7#c7 op]at+ a    
website & telephone l9e t-- 7,a7 (f]s   
additional in=mation reg>d+ ! ,program2 
&  7,b7 all[s a small bus9ess conc]n to 
ask que/ions & obta9 assi/ance 9 det]m9+
 :e!r ! small bus9ess conc]n w\ld b5efit
 f p>ticipat+ 9 ! ,program4  7d7        
,adm9i/ration ( ,program ,9 c>ry+ out ! 
,program1 ! foll[+ %all apply3 7#a7 ,!  
,adm9i/rator may-- 7,a7 issue su* rules 
z may be necess>y2 &  7,b7 9            
consultation ) ! ,commission1 =m a      
commodity pool & apply = regi/ration z a

 commodity pool op]ator "u ! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4 #a et seq474
  7#b7 7,a7 ,! ,adm9i/rator may n take  
deliv]y ( any physical commodity except 
9 extreme & exig5t circum/ances4  7,b7  
,! ,adm9i/rator %all conduct su*        
pur*ases & sales to close positions )   
respect to cov]$ commodities z are      
necess>y to ensure t ! ,adm9i/rator     
rema9s 9 compliance ) ! prohibition "u  
subp>agraph 7,a74  7e7 ,au?orization (  
appropriations ,!re are au?oriz$ to be  
appropriat$ to ! ,adm9i/rator su* sums z
 may be necess>y to e/abli% & op]ate !  
,program1 :i* %all rema9 available until
 ! date t is #e ye>s aft] ! date (      
enactm5t ( ?is ,act4  #d4 ,assi/+ small 
bus9esses transact+ 9 commodity futures 
m>kets  7a7 ,agreem5ts  7#a7 ,9 g5]al ,!
 ,adm9i/rator1 9 accordance ) ! o!r     
provisions ( ?is subsection1 %all ent]  
into agreem5ts ) eligible entities t h  
be5 accept$ = p>ticipation 9 ! ,program 
= ! purpose ( assi/+ ^? eligible        
entities 9 transact+ 9 commodity futures

 m>kets ) respect to any commodity      
select$ by ! ,adm9i/rator "u subsection 
7b74  7#b7 ,requirem5ts  7,a7 ,9 g5]al  
,subject to subp>agraphs 7,c7 & 7,d71 an
 eligible entity may ent] into #a or m  
agreem5ts "u ?is subsection "u :i* !    
eligible entity agrees to pur*ase a     
cov]$ commodity 7or a d]ivative1 ! price
 ( :i* is relat$ to a cov]$ commodity7  
at a price e/abli%$ by ! ,adm9i/rator = 
! duration ( ! agreem5t4  7,b7          
,agreem5ts (f]$ ,9 det]m9+ :i* agreem5ts
 to (f] to an eligible entity "u ?is    
subsection1 ! ,adm9i/rator %all         
consid]-- 7i7 h[ closely ! agreem5t     
correlates ) ! actual co/s ( ! eligible 
entity & :e!r an agreem5t already (f]$  
"u ?is subsection provides simil>       
b5efits2  7ii7 h[ to m9imize complexity 
= ! eligible entity2  7iii7 h[ to r$uce 
friction 9 trad+ co/s ) respect to cov]$
 commodities2 &  7iv7 h[ to m9imize !   
numb] & type ( m>ket positions ( !      
,program 9 ord] to r$uce co/s & !       
pot5tial = errors4  7,c7 ,(f]$ at co/   

,an agreem5t "u ?is subsection %all (f] 
to ! applicable eligible entity ! cov]$ 
commodity 7or d]ivative1 z applicable7 t
 is ! subject ( ! agreem5t at co/1      
includ+ any fees & commissions incurr$  
by ! ,adm9i/rator 9 procur+ ! cov]$     
commodity or d]ivative4  7,d7 ,types (  
agreem5ts  7i7 ,9 g5]al ,! ,adm9i/rator1
 ?r\gh ! ,program1 may (f] to ent] into 
a call option pur*ase agreem5t ) an     
eligible entity to protect ! eligible   
entity 9 any case 9 :i* ! price ( !     
applicable cov]$ commodity increases by 
m ?an #e p]c5t4  7ii7 ,paym5t ,ea*      
agreem5t "u ?is subsection %all cle>ly  
/ate t-- 7,i7 ! applicable eligible     
entity %all be responsible = all co/s   
associat$ ) ! agreem5t2 &  7,,ii7 any   
initial co/s %all be paid at ! "t t !   
applicable eligible entity ent]s into ! 
agreem5t4  7,e7 ,duration  7i7 ,9 g5]al 
,an agreem5t ent]$ into "u ?is          
subsection %all be = a duration ( n less
 ?an #fj days & n m ?an #c ye>s4  7ii7  
,requirem5t ,! ,adm9i/rator %all ensure 

t ! majority ( agreem5ts ent]$ into "u  
?is subsection %all be = a duration ( n 
less ?an #abj days4  7b7 ,cov]$         
commodities  7#a7 ,9 g5]al ,subject to  
p>agraph 7#b71 ! ,adm9i/rator %all      
det]m9e :i* commodities %all be eligible
 to be ! subject ( agreem5ts ent]$ into 
"u subsection 7a74  7#b7 ,requirem5ts ,9
 c>ry+ out p>agraph 7#a71 !             
,adm9i/rator-- 7,a7 %all ensure t       
gasol9e & diesel gasol9e are cov]$      
commodities2  7,b7 may (f] agreem5ts "u 
subsection 7a7 relat+ to n m ?an #c     
cov]$ commodities 9 addition to gasol9e 
& diesel gasol9e dur+ ! #a-ye> p]iod    
beg9n+ on ! date on :i* ! ,adm9i/rator  
e/abli%es ! ,program1 ( :i* only #a     
cov]$ commodity may be int5d$ = specific
 indu/ry use2  7,c7 may remove a        
commodity f be+ eligible to be ! subject
 ( an agreem5t ent]$ into subsection 7a7
 only aft] provid+ n less ?an #ij days  
notice to p>ticipants 9 ! ,program2 &   
7,d7 %all use contracts available ?r\gh 
entities regulat$ by ! ,commission1 su* 

z designat$ contract m>kets1 to !       
maximum ext5t practicable4  7#c7        
,factors = consid]ation ,9 det]m9+      
additional commodities t c be ! subject 
( agreem5ts ent]$ into "u subsection 7a7
 7beyond ! commodities t are requir$ to 
be includ$ = t purpose "u p>agraph 7#b7 
( ?is subsection71 or 9 remov+ a        
commodity t is eligible to be ! subject 
( an agreem5t ent]$ into "u subsection  
7a71 ! ,adm9i/rator1 9 consultation ) ! 
,commission1 %all-- 7,a7 take into      
consid]ation-- 7i7 fe$back f eligible   
entities & /akehold]s1 includ+ survey   
data t ! ,adm9i/rator may collect1      
relat+ to dem& f eligible entities = !  
,adm9i/rator to add to ! li/ ( cov]$    
commodities 7beyond ! commodities t are 
requir$ to be classifi$ z cov]$         
commodities "u p>agraph 7#b7 ( ?is      
subsection71 includ+ :e!r c]ta9         
commodities may see high] dem& f        
eligible entities 9 specific indu/ries1 
ev5 if dem& is n z widespread across all
 indu/ries2  7ii7 dem& & transaction    

volume 9 p>ticul> commodities2  7iii7   
available liquidity 9 new commodity     
m>kets2 &  7iv7 ! capacity ( ! ,program 
) respect to fund+ & /aff exp]tise      
relat+ to commodities2 &  7,b7 give     
p>ticul> consid]ation to classify+ /&>d 
utilities1 su* z electricity & natural  
gas1 z cov]$ commodities4  7c7          
,commodity transactions by ,adm9i/rator 
,! ,adm9i/rator-- 7#a7 %all conduct or  
facilitate su* transactions 9 commodity 
d]ivatives m>kets z ! ,adm9i/rator      
det]m9es to be necess>y to fulfill !    
obligations ( ! ,program "u agreem5ts   
ent]$ into ) eligible entities "u       
subsection 7a72 &  7#b7 may ent] into an
 agreem5t ) a commodity trad+ advisor or
 futures commission m]*ant to c>ry out  
p>agraph 7#a74  7d7 ,use ( proce$s ,!   
,adm9i/rator %all-- 7#a7 use any proce$s
 e>n$ by ! ,program 9 a fiscal ye> to   
(fset ! op]at+ co/s ( ! ,program = t    
fiscal ye>2 &  7#b7 return any proce$s  
beyond ! proce$s requir$ to c>ry out    
p>agraph 7#a7 to ! g5]al fund ( !       

,treasury4  #e4 ,reports  7a7 ,initial  
report ,n lat] ?an #abj days aft] ! date
 ( enactm5t ( ?is ,act1 ! ,adm9i/rator  
%all submit to ! ,committee on ,small   
,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & 
! ,committee on ,small ,bus9ess ( !     
,h\se ( ,repres5tatives a report1 :i*   
%all include-- 7#a7 a description ( !   
/ructure (1 & proc$ures =1 ! ,program1  
includ+ h[ cov]$ commodities are        
select$2  7#b7 a plan = managem5t ( !   
,program2 &  7#c7 a description ( !     
m]it-bas$ review process to be us$ 9    
select+ eligible entities to p>ticipate 
9 ! ,program4  7b7 ,annual reports  7#a7
 ,9 g5]al ,n lat] ?an #a ye> aft] ! date
 ( enactm5t ( ?is ,act1 & annually      
!reaft]1 ! ,adm9i/rator %all submit to !
 ,committee on ,small ,bus9ess &        
,entrepr5eur%ip ( ! ,s5ate & !          
,committee on ,small ,bus9ess ( ! ,h\se 
( ,repres5tatives a report reg>d+ !     
,program1 :i* %all include1 = ! p]iod   
cov]$ by ! report-- 7,a7 ! numb] (      
applications submitt$ by eligible       

entities = p>ticipation 9 ! ,program2   
7,b7 ! numb] ( agreem5ts ent]$ into "u  
section #d7;a72  7,c7 ! total notional  
value ( ! cov]$ commodities t 7 !       
subjects ( ! agreem5ts describ$ 9       
subp>agraph 7,b71 :i* %all be           
disaggregat$ by cov]$ commodity2 &  7,d7
 ! effect ( ! ,program on ! eligible    
entities p>ticipat+ ! ,program1 includ+ 
fe$back f ^? eligible entities on any   
co/s & b5efits ( ! ,program ) respect to
 ! bus9ess op]ations ( ^? eligible      
entities1 9 p>ticul> ) respect to       
expansion & gr[? plans4  7#b7           
,limitation  7,a7 ,9 g5]al ,except z    
provid$ 9 subp>agraph 7,b71 9 collect+  
in=mation f eligible entities = !       
purpose ( c>ry+ out p>agraph 7#a77;,d71 
! ,adm9i/rator may n require an eligible
 entity to report to ! ,adm9i/rator m   
frequ5tly ?an ^u ! t]m9ation ( an       
agreem5t "u section #d7;a7 to :i* !     
eligible entity is a p>ty or annually1  
:i*ev] is less frequ5t4  7,b7 ,exception
 ,= ! fir/ #b fiscal ye>s aft] ! fiscal 

ye> 9 :i* an eligible entity ent]s into 
an agreem5t "u section #d7;a71 !        
,adm9i/rator1 = ! purpose ( c>ry+ out   
p>agraph 7#a77;,d71 may n require an    
eligible entity to report to !          
,adm9i/rator m frequ5tly ?an ^u !       
t]m9ation ( an agreem5t "u section      
#d7;a7 to :i* ! eligible entity is a    
p>ty or annually1 :i*ev] is m frequ5t4