Office of the Chief Economist

(a) In general Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end the following: (16) Office of the chief economist (A) Establishment There is established in the Commission the Office of the Chief Economist. (B) Head The Office of the Chief Economist shall be headed by the Chief Economist. (C) Functions The Chief Economist shall serve as economic advisor to the Commission and perform functions such as economic analysis, regulatory cost-benefit analysis, and research. (D) Professional staff (i) Appointment authority The Commission may appoint an individual to a position described in clause (ii)— (I) in accordance with the statutes, rules, and regulations governing appointments to positions in the excepted service (as defined in section 2103 of title 5, United States Code); and (II) without regard to any statute, rule, or regulation governing appointments to positions in the competitive service (as defined in section 2102 of such title). (ii) Position described A position referred to in clause (i) is a position at the Commission that— (I) serves the Office of the Chief Economist; (II) is in the competitive service (as defined in section 2102 of such title); and (III) (aa) is an economist, research analyst, or data specialist; or (bb) requires specialized knowledge of futures, swaps, or commodities markets, financial and capital market formation or regulation, financial market structures or surveillance, data collection or analysis, or information technology. (iii) Rule of construction The appointment of a candidate to a position under authority of this subsection shall not be considered to cause such position to be converted from the competitive service to the excepted service.. (b) Conforming amendment Section 15(a) of such Act (7 U.S.C. 19(a)) is amended— (1) in paragraph (1), by inserting, after coordinating with the Office of the Chief Economist, before shall; (2) in paragraph (2)(B), by striking futures markets and inserting markets under the jurisdiction of the Commission; (3) in paragraph (2), by redesignating subparagraphs (D) and (E) as subparagraphs (E) and (F); and (4) in paragraph (2), by inserting after subparagraph (C) the following: (D) considerations of market liquidity;.