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H.R. 1163: Futures Investor Protection Act

Title: Futures Investor Protection Act

Introduced: Feb 27, 2015 (114th Congress)

Sponsor: (No First Name Found) (No Last Name Found) [-]

Status: Referred to Committee - Referred to the House Committee on Agriculture.

Summary: Futures Investor Protection Act Establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit corporation, which shall be neither an agency nor establishment of the federal government. Declares FIPC to be a membership corporation whose members comprise all persons registered as a futures commission merchant with the Commodity Futures Trading Commission (CFTC). Grants FIPC all powers conferred upon the Security Investors Protection Corporation (SIPC). Sets forth FIPC corporate structure. Requires FIPC to: (1) establish, and make deposits into and payments from a FIPC fund in the same manner in which SIPC has established and is authorized to make deposits into and payments from the SIPC fund; and (2) impose upon its membership assessments subject to the same rules that apply to imposition of assessments upon SIPC members. Amends the Commodity Exchange Act to prescribe suitability rules governing a futures commission merchant's recommendations for a customer. Grants the CFTC enforcement powers. Directs the CFTC to review specified guidelines governing establishing account classes and determining the basis for pro rata shares (proof of claims guidelines).

Votes

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