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7 U.S.C. § 16 — Commission operations
Federal law — U.S. Code and appendices · legal_authorities
**(a) Cooperation with other agencies** The Commission may cooperate with any Department or agency of the Government, any State, territory, district, or possession, or department, agency, or political subdivision thereof, any foreign futures authority, any department or agency of a foreign government or political subdivision thereof, or any person.
**(b) Employment of investigators, experts, Administrative Law Judges, consultants, clerks, and other personnel; contracts**
(1) The Commission shall have the authority to employ such investigators, special experts, Administrative Law Judges, clerks, and other employees as it may from time to time find necessary for the proper performance of its duties and as may be from time to time appropriated for by Congress.
(2) The Commission may employ experts and consultants in accordance with [section 3109 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3109&num=0&edition=prelim), and compensate such persons at rates not in excess of the maximum daily rate prescribed for GS–18 under [section 5332 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5332&num=0&edition=prelim).
(3) The Commission shall also have authority to make and enter into contracts with respect to all matters which in the judgment of the Commission are necessary and appropriate to effectuate the purposes and provisions of this chapter, including, but not limited to, the rental of necessary space at the seat of Government and elsewhere.
(4) The Commission may request (in accordance with the procedures set forth in subchapter II of chapter 31 of title 5) and the Office of Personnel Management shall authorize pursuant to the request, eight positions in the Senior Executive Service in addit
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Source file: Laws/federal/codes/united-states-code/title-7/section-16-commission-operations--4cdd61d3fa.md
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Source location: Title 7, Chapter 1, § 16; chapter-001-commodity-exchanges.md
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**(a) Cooperation with other agencies** The Commission may cooperate with any Department or agency of the Government, any State, territory, district, or possession, or department, agency, or political subdivision thereof, any foreign futures authority, any department or agency of a foreign government or political subdivision thereof, or any person.
**(b) Employment of investigators, experts, Administrative Law Judges, consultants, clerks, and other personnel; contracts**
(1) The Commission shall have the authority to employ such investigators, special experts, Administrative Law Judges, clerks, and other employees as it may from time to time find necessary for the proper performance of its duties and as may be from time to time appropriated for by Congress.
(2) The Commission may employ experts and consultants in accordance with [section 3109 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3109&num=0&edition=prelim), and compensate such persons at rates not in excess of the maximum daily rate prescribed for GS–18 under [section 5332 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5332&num=0&edition=prelim).
(3) The Commission shall also have authority to make and enter into contracts with respect to all matters which in the judgment of the Commission are necessary and appropriate to effectuate the purposes and provisions of this chapter, including, but not limited to, the rental of necessary space at the seat of Government and elsewhere.
(4) The Commission may request (in accordance with the procedures set forth in subchapter II of chapter 31 of title 5) and the Office of Personnel Management shall authorize pursuant to the request, eight positions in the Senior Executive Service in addition to the number of such positions authorized for the Commission on October 28, 1992.
**(c) Expenses** All of the expenses of the Commissioners, including all necessary expenses for transportation incurred by them while on official business of the Commission, shall be allowed and paid on the presentation of itemized vouchers therefor approved by the Commission.
**(d) Authorization of appropriations** There are authorized to be appropriated such sums as are necessary to carry out this chapter for each of the fiscal years 2008 through 2013.
**(e) Relation to other law, departments, or agencies**
(1) Nothing in this chapter shall supersede or preempt—
(A) criminal prosecution under any Federal criminal statute;
(B) the application of any Federal or State statute (except as provided in paragraph (2)), including any rule or regulation thereunder, to any transaction in or involving any commodity, product, right, service, or interest—
(i) that is not conducted on or subject to the rules of a registered entity or exempt board of trade;
(ii) (except as otherwise specified by the Commission by rule or regulation) that is not conducted on or subject to the rules of any board of trade, exchange, or market located outside the United States, its territories or possessions; or
(iii) that is not subject to regulation by the Commission under section 6c or 23 of this title; or
(C) the application of any Federal or State statute, including any rule or regulation thereunder, to any person required to be registered or designated under this chapter who shall fail or refuse to obtain such registration or designation.
(2) This chapter shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops (other than antifraud provisions of general applicability) in the case of—
(A) an electronic trading facility excluded under section 2(e) 11 See References in Text note below. of this title; and
(B) an agreement, contract, or transaction that is excluded from this chapter under section 2(c) or 2(f) of this title or sections 27 to 27f of this title, or exempted under [section 6(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section6/c&num=0&edition=prelim) (regardless of whether any such agreement, contract, or transaction is otherwise subject to this chapter).
**(f) Investigative assistance to foreign futures authorities**
(1) On request from a foreign futures authority, the Commission may, in its discretion, provide assistance in accordance with this section if the requesting authority states that the requesting authority is conducting an investigation which it deems necessary to determine whether any person has violated, is violating, or is about to violate any laws, rules or regulations relating to futures or options matters that the requesting authority administers or enforces. The Commission may conduct such investigation as the Commission deems necessary to collect information and evidence pertinent to the request for assistance. Such assistance may be provided without regard to whether the facts stated in the request would also constitute a violation of the laws of the United States.
(2) In deciding whether to provide assistance under this subsection, the Commission shall consider whether—
(A) the requesting authority has agreed to provide reciprocal assistance to the Commission in futures and options matters; and
(B) compliance with the request would prejudice the public interest of the United States.
(3) Notwithstanding any other provision of law, the Commission may accept payment and reimbursement, in cash or in kind, from a foreign futures authority, or made on behalf of such authority, for necessary expenses incurred by the Commission, its members, and employees in carrying out any investigation, or in providing any other assistance to a foreign futures authority, pursuant to this section. Any payment or reimbursement accepted shall be considered a reimbursement to the appropriated funds of the Commission.
**(g) Computerized futures trading** Consistent with its responsibilities under [section 22 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section22&num=0&edition=prelim), the Commission is directed to facilitate the development and operation of computerized trading as an adjunct to the open outcry auction system. The Commission is further directed to cooperate with the Office of the United States Trade Representative, the Department of the Treasury, the Department of Commerce, and the Department of State in order to remove any trade barriers that may be imposed by a foreign nation on the international use of electronic trading systems.
**(h) Regulation of swaps as insurance under State law** A swap—
(1) shall not be considered to be insurance; and
(2) may not be regulated as an insurance contract under the law of any State.
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter:
(1) **Alternative trading system** — The term “alternative trading system” means an organization, association, or group of persons that—
(A) is registered as a broker or dealer pursuant to section 15(b) of the Securities Exchange Act of 1934 [[15 U.S.C. 78](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78&num=0&edition=prelim)o(b)] (except paragraph (11) thereof);
(B) performs the functions commonly performed by an exchange (as defined in section 3(a)(1) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)]);
(C) does not—
(i) set rules governing the conduct of subscribers other than the conduct of such subscribers’ trading on the alternative trading system; or
(ii) discipline subscribers other than by exclusion from trading; and
(D) is exempt from the definition of the term “exchange” under such section 3(a)(1) [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)] by rule or regulation of the Securities and Exchange Commission on terms that require compliance with regulations of its trading functions.
(2) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency”—
(A) has the meaning given the term in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim);
(B) means the Board in the case of a noninsured State bank; and
(C) is the Farm Credit Administration for farm credit system institutions.
(3) **Associated person of a security-based swap dealer or major security-based swap participant** — T
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Restriction on futures trading** Unless exempted by the Commission pursuant to subsection (c) or by subsection (e), it shall be unlawful for any person to offer to enter into, to enter into, to execute, to confirm the execution of, or to conduct any office or business anywhere in the United States, its territories or possessions, for the purpose of soliciting or accepting any order for, or otherwise dealing in, any transaction in, or in connection with, a contract for the purchase or sale of a commodity for future delivery (other than a contract which is made on or subject to the rules of a board of trade, exchange, or market located outside the United States, its territories or possessions) unless—
(1) such transaction is conducted on or subject to the rules of a board of trade which has been designated or registered by the Commission as a contract market or derivatives transaction execution facility for such commodity;
(2) such contract is executed or consummated by or through a contract market; and
(3) such contract is evidenced by a record in writing which shows the date, the parties to such contract and their addresses, the property covered and its price, and the terms of delivery: Provided, That each contract market or derivatives transaction execution facility member shall keep such record for a period of three years from the date thereof, or for a longer period if the Commission shall so direct, which record shall at all times be open to the inspection of any representative of the Commission or the Department of Justice.
**(b) Regulation of foreign transactions by United States persons**
(1) **Foreign boards of trade**
(A) *Registration* — The Commission may adopt rules and regulations requiring registration with the Commission for a foreign board
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** This section applies to—
(1) positions that are classified above GS–15 pursuant to section 5108; and
(2) scientific or professional positions established under section 3104;
but does not apply to—
(A) any Senior Executive Service position under section 3132; or
(B) any position in the Federal Bureau of Investigation and Drug Enforcement Administration Senior Executive Service under section 3151.
**(b)**
(1) Subject to such regulations as the Office of Personnel Management prescribes, the head of the agency concerned shall fix the rate of basic pay for any position within such agency to which this section applies. A rate fixed under this section shall be—
(A) not less than 120 percent of the minimum rate of basic pay payable for GS–15 of the General Schedule; and
(B) subject to paragraph (3), not greater than the rate of basic pay payable for level III of the Executive Schedule.
The payment of a rate of basic pay under this section shall not be subject to the pay limitation of section 5306(e) or 5373.
(2) Subject to paragraph (1), effective at the beginning of the first applicable pay period commencing on or after the first day of the month in which an adjustment takes effect under section 5303 in the rates of pay under the General Schedule, each rate of pay established under this section for positions within an agency shall be adjusted by such amount as the head of such agency considers appropriate.
(3) In the case of an agency which has a performance appraisal system which, as designed and applied, is certified under section 5307(d) as making meaningful distinctions based on relative performance, paragraph (1)(B) shall apply as if the reference to “level III” were a reference to “level II”.
(4) No employee may suffer a reduction in pay by reaso
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Jurisdiction of Commission; Commodity Futures Trading Commission**
(1) **Jurisdiction of Commission**
(A) *In general* — The Commission shall have exclusive jurisdiction, except to the extent otherwise provided in the Wall Street Transparency and Accountability Act of 2010 (including an amendment made by that Act) and subparagraphs (C), (D), and (I) of this paragraph and subsections (c) and (f), with respect to accounts, agreements (including any transaction which is of the character of, or is commonly known to the trade as, an “option”, “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”), and transactions involving swaps or contracts of sale of a commodity for future delivery (including significant price discovery contracts), traded or executed on a contract market designated pursuant to [section 7 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7&num=0&edition=prelim) or a swap execution facility pursuant to [section 7b–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7b-3&num=0&edition=prelim) or any other board of trade, exchange, or market, and transactions subject to regulation by the Commission pursuant to [section 23 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section23&num=0&edition=prelim). Except as hereinabove provided, nothing contained in this section shall (I) supersede or limit the jurisdiction at any time conferred on the Securities and Exchange Commission or other regulatory authorities under the laws of the United States or of any State, or (II) restrict the Securities and Exchange Commission and such other authorities from carrying out their duties and responsibilities in
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** For the purpose of this section—
(1) “agency” has the meaning given it by [section 5721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5721&num=0&edition=prelim); and
(2) “appropriation” includes funds made available by statute under [section 9104 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section9104&num=0&edition=prelim).
**(b)** When authorized by an appropriation or other statute, the head of an agency may procure by contract the temporary (not in excess of 1 year) or intermittent services of experts or consultants or an organization thereof, including stenographic reporting services. Services procured under this section are without regard to—
(1) the provisions of this title governing appointment in the competitive service;
(2) chapter 51 and subchapter III of chapter 53 of this title; and
(3) section 6101(b) to (d) of title 41, except in the case of stenographic reporting services by an organization.
However, an agency subject to chapter 51 and subchapter III of chapter 53 of this title may pay a rate for services under this section in excess of the daily equivalent of the highest rate payable under [section 5332 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5332&num=0&edition=prelim) only when specifically authorized by the appropriation or other statute authorizing the procurement of the services.
**(c)** Positions in the Senior Executive Service or the Federal Bureau of Investigation and Drug Enforcement Administration Senior Executive Service may not be filled under the authority of subsection (b) of this section.
**(d)** The Office of Personnel Management shall prescribe regulations necessary for the administration of t
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Agricultural commodity** — The term “agricultural commodity” has the meaning given the term in [section 5602 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section5602&num=0&edition=prelim).
(2) **Geographically disadvantaged farmer or rancher** — The term “geographically disadvantaged farmer or rancher” has the meaning given the term in section 10906(a) of the Farm Security and Rural Investment Act of 2002 ([7 U.S.C. 2204](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2204&num=0&edition=prelim) note; Public Law 107–171).
**(b) Authorization** Subject to the availability of funds under subsection (d), the Secretary may provide geographically disadvantaged farmers or ranchers direct reimbursement payments for activities described in subsection (c).
**(c) Transportation**
(1) **In general** — Subject to paragraphs (2) and (3), the Secretary may provide direct reimbursement payments to a geographically disadvantaged farmer or rancher to transport an agricultural commodity, or inputs used to produce an agricultural commodity, during a fiscal year.
(2) **Proof of eligibility** — To be eligible to receive assistance under paragraph (1), a geographically disadvantaged farmer or rancher shall demonstrate to the Secretary that transportation of the agricultural commodity or inputs occurred over a distance of more than 30 miles, as determined by the Secretary.
(3) **Amount**
(A) *In general* — Subject to paragraph (2), the amount of direct reimbursement payments made to a geographically disadvantaged farmer or rancher under this section for a fiscal year shall equal the product obtained by multiplying—
(i) the amount of costs incurred by the geographically di
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Commission shall establish and maintain, as part of its ongoing operations, research and information programs to (1) determine the feasibility of trading by computer, and the expanded use of modern information system technology, electronic data processing, and modern communication systems by commodity exchanges, boards of trade, and by the Commission itself for purposes of improving, strengthening, facilitating, or regulating futures trading operations; (2) assist in the development of educational and other informational materials regarding futures trading for dissemination and use among producers, market users, and the general public; and (3) carry out the general purposes of this chapter.
**(b)** The Commission shall include in its annual reports to Congress plans and findings with respect to implementing this section.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) The General Schedule, the symbol for which is “GS”, is the basic pay schedule for positions to which this subchapter applies. Each employee to whom this subchapter applies is entitled to basic pay in accordance with the General Schedule.
(2) The General Schedule is a schedule of annual rates of basic pay, consisting of 15 grades, designated “GS–1” through “GS–15”, consecutively, with 10 rates of pay for each such grade. The rates of pay of the General Schedule are adjusted in accordance with section 5303.
**(b)** When payment is made on the basis of an hourly, daily, weekly, or biweekly rate, the rate is computed from the appropriate annual rate of basic pay named by subsection (a) of this section in accordance with the rules prescribed by [section 5504(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5504/b&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Commodity Exchange Act.”
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Federal law — U.S. Code and appendices · legal_authorities
Page 129
TITLE 7—AGRICULTURE
§ 16
1 See References in Text note below.
In subsec. (f)(1)(G), ‘‘chapters 1 to 11 of title 40 and di-
vision C (except sections 3302, 3307(e), 3501(b), 3509, 3906,
4710, and 4711) of subtitle I of title 41’’ substituted for
‘‘the Federal Property and Administrative Services Act
of 1949 (40 U.S.C. 471 et seq.)’’ on authority of Pub. L.
107–217, § 5(c), Aug. 21, 2002, 116 Stat. 1303, which Act en-
acted Title 40, Public Buildings, Property, and Works,
and Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854,
which Act enacted Title 41, Public Contracts.
AMENDMENTS
2015—Subsec. (c)(1). Pub. L. 114–36 inserted a dash
after ‘‘except that’’, designated ‘‘any cotton futures
contract that, by its terms, is settled in cash is ex-
cluded from the coverage of this paragraph and sec-
tion.’’ as subpar. (A), and added subpar. (B).
2000—Subsec. (d)(2). Pub. L. 106–472 inserted at end ‘‘A
person complying with the preceding sentence shall not
be liable for any loss or damage arising or resulting
from such compliance.’’
1991—Subsec. (c)(1). Pub. L. 102–237 inserted before pe-
riod at end ‘‘, except that any cotton futures contract
that, by its terms, is settled in cash is excluded from
the coverage of this paragraph and section’’.
1981—Subsec. (f)(1)(G). Pub. L. 97–35 inserted provi-
sions relating to crediting to account referred to in sec-
tion 55 of this title and provisions respecting cotton
samples submitted or used becoming the property of
the United States.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2015 AMENDMENT
Pub. L. 114–36, § 1(b), July 20, 2015, 129 Stat. 435, pro-
vided that: ‘‘The amendments made by subsection (a)
[amending this section] shall apply with respect to cot-
ton futures contracts entered i
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 16
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