US Federal House Bill HB9128

US Federal 2025-2026 Regular Session

• Committee Review: 6/3/26

Caption

CFTC Protection of Information and Data Act of 2026

Summary

HB 9128, the CFTC Protection of Information and Data Act of 2026, would amend Section 8 of the Commodity Exchange Act to expand and clarify the Commodity Futures Trading Commission’s authority to share information with other government entities while preserving confidentiality protections. The bill authorizes the CFTC to disclose certain information to Congress, federal agencies, state agencies and political subdivisions, and foreign futures authorities or foreign government entities, subject to conditions limiting further disclosure. It also specifies that the CFTC may publicly disclose information that has already been publicly disclosed in accordance with the statute. The bill further adds a new subsection addressing privilege and nonwaiver. It defines “privilege” broadly to include work-product, attorney-client, governmental, and other recognized privileges under federal, state, or foreign law, and states that sharing information with the CFTC or other authorized entities does not waive those privileges. It also limits when the CFTC can be compelled to disclose privileged information obtained from foreign authorities, while preserving Congress’s access and the ability of federal courts to enforce orders in actions brought by the United States or the Commission.

Impact

If enacted, the bill would revise the Commodity Exchange Act’s information-sharing framework and create stronger statutory protections for confidential and privileged materials handled by the CFTC. It would affect the Commission’s disclosure practices with Congress, federal and state regulators, foreign regulators, and other governmental bodies, and would likely influence how market surveillance, enforcement, and cross-border regulatory cooperation are conducted in commodity and derivatives markets. It would also provide clearer nonwaiver protections for entities that provide privileged information to the CFTC or receive CFTC information under the statute.

Sentiment

Based on the bill text and the absence of recorded committee debate or votes, the measure appears to be a technical, bipartisan-style regulatory bill focused on information security, confidentiality, and intergovernmental cooperation rather than a politically divisive policy change. The sponsors from both parties suggest support for clarifying CFTC data-handling rules and protecting sensitive information. No formal vote history or transcript material is available here to indicate broader opposition or support.

Contention

The main potential points of contention are the scope of the CFTC’s disclosure authority and the balance between confidentiality and transparency. Regulators and market participants may differ over how broadly information can be shared with state, federal, and foreign authorities, and over the conditions attached to foreign disclosures. Another possible issue is the privilege language: while the bill is designed to prevent waiver of attorney-client, work-product, and related privileges, some stakeholders may scrutinize whether the exceptions are sufficiently narrow, especially in investigations or enforcement actions. Congress’s access is preserved explicitly, which may reduce concern on oversight grounds.