Commodity End-User Relief Act
Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I appreciate the support of the gentleman from Texas and his insight in this amendment. I was a prosecutor in a former life, and we care a lot about due process, making sure that…
Mr. Chairman, I have an amendment at the desk.
Mr. Chairman, I appreciate the support of the gentleman from Texas and his insight in this amendment. I was a prosecutor in a former life, and we care a lot about due process, making sure that the government can't take something from a private individual just because they want to take it.
As an American, I know that protecting intellectual property is a cornerstone of our free enterprise system. That is why I am concerned about the CFTC's rule on automated trading,
which takes the unprecedented step of requiring a wide array of market participants engaged in algorithmic trading to maintain a source code repository and make it available for inspection by the CFTC or the Department of Justice without a subpoena.
Now, this is highly sensitive source code. This is intellectual property that helps the functionality of our marketplace, and to think that this kind of sensitive data can be taken by the Federal Government without a subpoena should shock our conscience. There are times when the government should get this information; but if they should have it, they should be able to use a subpoena and lay out the cause and the case for why they need to have it.
That is not just my only concern. But the CFTC is potentially going to be taking this source code from all different market players and holding it in a warehouse or a repository, and so we have a concern for hacking. It has been a big conversation as of late. But instead of a foreign entity hacking in to individual companies, they just have to hack the CFTC and they get all the source code. Just think of the malicious things that can happen if you have the source code of market players, how you can disrupt it, how you can take it down. It is absolutely frightening.
So I think we should have great pause, take a little time to reflect on our Constitution, and continue to respect and support due process, which means, if the government wants this information, they should have a subpoena, lay out their case, and that is the avenue by which they get it, not just because they want it.
Mr. Chairman, I reserve the balance of my time.
Will the gentleman yield?
I appreciate the gentleman for yielding.
Again, as an American, when the government wants to take very secure intellectual property and data, we do have this belief that they should be able to get a subpoena to access it. Again, we don't have a disagreement that the CFTC, in circumstances, we want them to get access to this information.
But highly sensitive intellectual property, we think, similar data, should require a subpoena.
If the gentleman would yield, is the gentleman saying that if the government just wants highly sensitive and intellectual property they should be able to go in and just ask for it and require it to be delivered?
But it is the government.
Mr. Chairman, I just want to clarify that in the proposed rule there is no requirement for a subpoena. That doesn't exist. Now, they might have told you that they want to reform that rule, but that is not the way the proposed rule stands today. Again, if our government wants information from the private sector, we all believe they should have a subpoena for it, number one.
Again, on the concern of hacking, I wrote the Chair of the CFTC and asked for additional information about how they can preserve and protect this very sensitive information, and, in essence, they said: We can protect it because we say we can protect it. That doesn't give me great confidence.
Mr. Chairman, I yield back the balance of my time.