Customer Property Protection Act

This bill changes the Commodity Exchange Act to allow the Commodity Futures Trading Commission to set rules on how property is treated when a commodity broker goes bankrupt. Under the bill, the broker's own cash, securities, and other property, including its trading or operating accounts and commodities it holds in inventory, would be counted as customer property. This would apply only when the existing customer property is not enough to pay the net equity claims of public customers. These assets would remain subject to certain creditor rights, such as security interests and contractual offset or netting rights, including those in clearing organization rules.

Full text and official record on Congress.gov

Sponsors

• Shri Thanedar Democrat sponsor
• 1 cosponsors