Sec. 203. Consideration by the Commodity Futures Trading Commission of the costs and benefits of its regulations and orders
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Section 15(a) of the Commodity Exchange Act ( 7 U.S.C. 19(a) ) is amended— by striking paragraphs
(1)and
(2)and inserting the following: Before promulgating a regulation under this Act or issuing an order (except as provided in paragraph (3)), the Commission, through the Office of the Chief Economist, shall assess and publish in the regulation or order the costs and benefits, both qualitative and quantitative, of the proposed regulation or order, and the proposed regulation or order shall state its statutory justification. In making a reasoned determination of the costs and the benefits, the Commission shall evaluate— considerations of protection of market participants and the public; considerations of the efficiency, competitiveness, and financial integrity of futures and swaps markets; considerations of the impact on market liquidity in the futures and swaps markets; considerations of price discovery; considerations of sound risk management practices; available alternatives to direct regulation; the degree and nature of the risks posed by various activities within the scope of its jurisdiction; the costs of complying with the proposed regulation or order by all regulated entities, including a methodology for quantifying the costs (recognizing that some costs are difficult to quantify); whether the proposed regulation or order is inconsistent, incompatible, or duplicative of other Federal regulations or orders; whether, in choosing among alternative regulatory approaches, those approaches maximize net benefits (including potential economic and other benefits, distributive impacts, and equity); and other public interest considerations. ; and by adding at the end the following: Notwithstanding section 24(d), a court shall affirm a Commission assessment of costs and benefits under this subsection, unless the court finds the assessment to be an abuse of discretion. .
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Sec. 203
Consideration by the Commodity Futures Trading Commission of the costs and benefits of its regulations and orders
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