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S. 3886: Future of Water Act of 2022


The text of the bill below is as of Mar 21, 2022 (Introduced).

Summary of this bill

Fittingly, the rapper named Future has a song called Thought It Was a Drought.

Context

The stock market lets you bet on the future value of an individual company or corporation, In the same way, “futures” are a bet on the future monetary value of certain commodities, including agricultural investments such as corn, wheat, soybeans, or sugar.

Just like with a stock, you’d buy if you thought the price of, for example, corn was poised to increase — and you’d sell if you thought it was poised to decrease.

(Fun fact: it’s illegal to trade futures in onions, the only such agricultural product for which futures trading …


II

117th CONGRESS

2d Session

S. 3886

IN THE SENATE OF THE UNITED STATES

March 21, 2022

(for herself, Mr. Merkley, Mr. Whitehouse, Mr. Markey, and Mr. Sanders) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

A BILL

To amend the Commodity Exchange Act to prohibit trading of water and water rights for future delivery, and for other purposes.

1.

Short title

This Act may be cited as the Future of Water Act of 2022.

2.

Prohibition of trading in water and water rights for future delivery

(a)

Commodity Exchange Act

Section 1a(9) of the Commodity Exchange Act (7 U.S.C. 1a(9)) is amended—

(1)

by striking (7 U.S.C. 13–1)) and and inserting (7 U.S.C. 13–1)),;

(2)

by inserting water or water rights (or any index, measure, value, or data related to water or water rights), and after receipts), and; and

(3)

by striking receipts) in which and inserting receipts, and water or water rights, or any index, measure, value, or data related to water or water rights) in which.

(b)

Public Law 85–839

The first section of Public Law 85–839 (7 U.S.C. 13–1) is amended in the first sentence of subsection (a)—

(1)

by inserting water or water rights (or any index, measure, value, or data related to water or water rights), after sale of; and

(2)

by striking receipts) and inserting receipts),.