CFTC gains power to share trader data with foreign governments
H.R. 9128 — CFTC Protection of Information and Data Act of 2026 · Filed by Mark Messmer (R-IN) · 1 cosponsor · Introduced Jun 3, 2026 · Referred to committee
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What it does
This bill amends the Commodity Exchange Act to clarify when the CFTC can share trader information and market data with Congress, other federal agencies, state governments, and foreign authorities. It also protects attorney-client and work-product privileges when the CFTC shares information with these entities, ensuring that sharing data doesn't waive legal protections. The bill allows the CFTC to disclose previously public trader names and commodity transaction amounts to Congress on request, and permits sharing with other agencies under confidentiality conditions.
Why we flagged it
The bill's core function is to establish and clarify protocols for how the CFTC shares trader information and privileged data with Congress, federal agencies, states, and foreign authorities. It is primarily procedural and governance-focused rather than substantive market regulation.
What the text implies
- The privilege-protection provisions may allow the CFTC to withhold information from public disclosure or congressional oversight if it claims the information came from a foreign authority that marked it privileged, creating a potential loophole for opacity.
- The bill permits the CFTC to share trader names, addresses, and transaction volumes with foreign governments and central banks with minimal oversight, raising questions about data sovereignty and whether U.S. traders' information could be used by foreign regulators in ways not transparent to Congress.
The full analysis lists 4 implications of this text.
Who stands to gain
commodity trading firms; futures exchanges; large institutional traders