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H.R. 2620 (114th): To amend the United States Cotton Futures Act to exclude certain cotton futures contracts from coverage under such Act.


The text of the bill below is as of Jun 2, 2015 (Introduced).

Summary of this bill

H.R. 2620 amended the United States Cotton Futures Act to allow foreign cotton companies to participate in cotton futures trading.

  • A futures contract is an agreement to buy or sell a commodity sometime in the future. They are generally considered more secure than immediate exchange since the extra time gives investors more information.
  • Current law requires that all cotton included in a US exchange listed cotton futures contract be inspected and classified by the USDA. This makes it tough for multinational corporations growing and selling cotton outside the United States to gamble with cotton futures in the Wall Street If the cotton never comes to the United States, it ...

I

114th CONGRESS

1st Session

H. R. 2620

IN THE HOUSE OF REPRESENTATIVES

June 2, 2015

(for himself, Mr. Austin Scott of Georgia, Mr. Westmoreland, and Mr. Bishop of Georgia) introduced the following bill; which was referred to the Committee on Agriculture

A BILL

To amend the United States Cotton Futures Act to exclude certain cotton futures contracts from coverage under such Act.

1.

Excluding certain cotton futures contracts from coverage under United States Cotton Futures Act

(a)

In general

Subsection (c)(1) of the United States Cotton Futures Act (7 U.S.C. 15B(c)(1)) is amended—

(1)

by striking except that any cotton futures contract and inserting the following:

except that—

(A)

any cotton futures contract

; and

(2)

by adding at the end the following new subparagraph:

(B)

any cotton futures contract that permits tender of cotton grown outside of the United States is excluded from the coverage of this paragraph and section to the extent that the cotton grown outside of the United States is tendered for delivery under the cotton futures contract.

.

(b)

Application

The amendments made by subsection (a) shall apply with respect to cotton futures contracts entered into on or after the date of the enactment of this Act.