Congressman Shri Thanedar, Congresswoman Kat Cammack Introduce Bipartisan Customer Property Protection Act

Congressman Shri Thanedar, Congresswoman Kat Cammack Introduce Bipartisan Customer Property Protection Act

Washington, D.C. - This week, Congressman Shri Thanedar (D-MI-13) and Congresswoman Kat Cammack (R-FL-03) introduced HR 9717, the Customer Property Protection Act, bipartisan legislation that creates regulations to ensure customer assets that are held by a commodity broker are protected in the scenario that the commodity broker goes bankrupt.

"As a lifelong serial entrepreneur, I know first-hand the innovative power of new financial technologies, and am encouraged by the rapid innovation currently taking place in the commodity sector," said Congressman Thanedar. "But with the Commodity Futures Trading Commission (CFTC) last reauthorized in 2008, current CFTC regulations are out of date for today's commodity markets, undermining present consumer confidence in these vital markets.

Our Customer Property Protection Act provides needed protections for consumers who use commodity brokers to invest in America's rapidly growing commodity markets by ensuring that cash, securities, or other broker property will go to consumers in the event of a commodity broker's bankruptcy if current customer property isn't enough to make consumers whole. I am grateful for Representative Cammack's bipartisan leadership with me on these common-sense consumer protections."

"Americans deserve to be confident that their funds with commodity brokers are handled safely and responsibly. This legislation will help ensure that market participants are not forced to bear the consequences of misconduct or mismanagement," said Congresswoman Kat Cammack. "The Customer Property Protection Act clarifies the treatment of customer funds by prioritizing them ahead of general creditors in the event of a commodity broker bankruptcy. I'm proud to join my colleague, Rep. Thanedar, in co-leading this commonsense customer protection for America's futures markets."

The full text of the legislation can be viewed here.

Congressman Shri Thanedar proudly represents Michigan's 13th Congressional District, which includes Detroit, Downriver, and the Grosse Pointes. As a champion for working families, Shri is committed to advancing economic opportunities, education, healthcare access, and entrepreneurship for underserved communities. Drawing from his journey from poverty to success, he works tirelessly to uplift Metro Detroit, ensuring every resident has the resources and support they need to thrive.

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