1. Short title This Act may be cited as the CFTC Cost-Benefit Analysis Improvement Act . 2. Consideration by the Commodity Futures Trading Commission of the costs and benefits of its regulations and orders (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 and perform such other functions and duties as the Chairman may prescribe. (D) Professional staff The Commission shall appoint such other economists as may be necessary to assist the Chief Economist in performing economic analysis, regulatory cost-benefit analysis, or research. . (b) Consideration of costs and benefits Section 15(a) of such Act ( 7 U.S.C. 19(a) ) is amended— (1) by striking paragraphs (1) and (2) and inserting the following: (1) In general Before promulgating a regulation under this Act or issuing an order (except as provided in paragraph (3)), the Commission, through the Office of the Chief Economist, shall assess and publish in the regulation or order the costs and benefits, both qualitative and quantitative, of the proposed regulation or order, and the proposed regulation or order shall state its statutory justification. (2) Considerations In making a reasoned determination of the costs and the benefits, the Commission shall evaluate— (A) considerations of protection of market participants and the public; (B) considerations of the efficiency, competitiveness, and financial integrity of futures and swaps markets; (C) considerations of the impact on market liquidity in the futures and swaps markets; (D) considerations of price discovery; (E) considerations of sound risk management practices; (F) available alternatives to direct regulation