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This joint resolution would cancel a recent Commodity Futures Trading Commission guidance on voluntary carbon credit derivative contracts. In simple terms, Congress is saying it does not approve of the agency’s guidance, and if this resolution becomes law, that guidance would be treated as having no legal effect.
- It targets guidance from the Commodity Futures Trading Commission about how certain carbon credit-related contracts can be listed for trading.
- The guidance was published in the Federal Register on October 15, 2024.
- This is a congressional disapproval resolution, which is a tool Congress can use to overturn an agency rule or guidance.
- If approved, the guidance would be void and could not be used as a rule going forward.
Official Summaries
This joint resolution nullifies the final guidance issued by the Commodity Futures Trading Commission (CFTC) titled Commission Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts and published on October 15, 2024. The guidance provides factors for designated contract markets (i.e., CFTC-regulated derivatives exchanges) to consider when listing voluntary carbon credit derivative contracts, including characteristics of transparency and permanence.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 9 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. J. RES. 9
Providing for congressional disapproval under chapter 8 of title 5,
United States Code, of the rule submitted by the Commodity Futures
Trading Commission relating to ``Commission Guidance Regarding the
Listing of Voluntary Carbon Credit Derivative Contracts''.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 30, 2025
Mr. Kennedy (for himself and Mr. Sheehy) introduced the following joint
resolution; which was read twice and referred to the Committee on
Agriculture, Nutrition, and Forestry
_______________________________________________________________________
JOINT RESOLUTION
Providing for congressional disapproval under chapter 8 of title 5,
United States Code, of the rule submitted by the Commodity Futures
Trading Commission relating to ``Commission Guidance Regarding the
Listing of Voluntary Carbon Credit Derivative Contracts''.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves the
final guidance submitted by the Commodity Futures Trading Commission
relating to ``Commission Guidance Regarding the Listing of Voluntary
Carbon Credit Derivative Contracts'' (89 Fed. Reg. 83378 (October 15,
2024)) and such rule shall have no force or effect.
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