Innovation Advisory Committee

Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end the following: (16) Innovation Advisory Committee (A) In general There is established the Innovation Advisory Committee (referred to in this paragraph as the Committee)— (i) to facilitate discussion and communication on matters of concern to exchanges, firms, end-users, and regulators regarding innovation in the derivatives and commodity market and the regulation of those markets by the Commission; and (ii) to advise the Commission on the matters described in clause (i). (B) Members The Commission shall appoint members to the Committee with a wide diversity of opinions relating to the matters described in subparagraph (A)(i) and who represent a broad spectrum of interests, including— (i) market makers; (ii) derivative end-users; (iii) futures commission merchants; and (iv) market operators. (C) Activities The Committee shall— (i) conduct public meetings at such intervals as are necessary to carry out the functions of the Committee, but not less frequently than 2 times per year; (ii) submit reports and recommendations to the Commission; and (iii) otherwise facilitate discussion and communication on the matters described in subparagraph (A)(i). (D) Terms Members of the Committee shall be appointed to 3-year terms, but may be removed for cause by vote of the Commission. (E) Reimbursements A member of the Committee shall be allowed travel expenses, including per diem in lieu of subsistence, at rates authorized for employees of agencies under subchapter I of chapter 57 of title 5, United States Code, while away from their homes or regular places of business in the performance of services for the Committee. (F) Chapter 10 of title 5, United States Code The Committee shall not be subject to chapter 10 of title 5, United States Code. (G) Termination The Commission may terminate the Committee if the Commission determines that such termination is appropriate..