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S. 1655 (114th): A bill to amend the United States Cotton Futures Act to exclude certain cotton futures contracts from coverage under that Act.

The text of the bill below is as of Jun 24, 2015 (Introduced).


II

114th CONGRESS

1st Session

S. 1655

IN THE SENATE OF THE UNITED STATES

June 24, 2015

introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

A BILL

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

;

(2)

by striking the period at the end and inserting ; and; and

(3)

by adding at the end the following:

(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 enactment of this Act.