S. 1399 (111th): Carbon Market Oversight Act of 2009

Introduced:
Jul 06, 2009 (111th Congress, 2009–2010)
Sponsor:
Sen. Dianne Feinstein [D-CA]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on July 6, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 06, 2009
Referred to Committee Jul 06, 2009
Cosponsors
2 cosponsors (1R, 1D) (show)
Committees

Senate Agriculture, Nutrition, and Forestry

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Commodity Exchange Act to establish a market for the trading of greenhouse gases, and for other purposes.

Summary

No summaries available.

Text

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Last updated Jul 06, 2009.
56 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

7/6/2009--Introduced.
Carbon Market Oversight Act of 2009 - Amends the Commodity Exchange Act to establish an Office of Carbon Market Oversight in the Commodity Futures Trading Commission (CFTC), headed by a Director for Carbon Market Oversight. Grants the CFTC authority to regulate all contracts involving a regulated instrument.
Defines "regulated instrument" as any regulated allowance (i.e., a greenhouse gas emission allowance or government-issued unit of reduction in the quantity of emissions, or an increase in sequestration, equal to one carbon dioxide equivalent) or regulated allowance derivative (i.e., instruments, contracts, or other obligations linked to the market for regulated allowances).
Makes it unlawful to engage in the trading of regulated instruments unless:
(1) transactions are conducted through a carbon allowance trading facility established by this Act;
(2) sale or purchase contracts are evidenced by a record in writing; and
(3) contracts are cleared through the Carbon Clearing Organization established by this Act. Prohibits price or market manipulation, misleading statements, or fraud in connection with the trading of regulated instruments.
Authorizes the CFTC to establish a carbon allowance trading facility to establish and enforce rules for trading in regulated instruments.
Sets forth eligibility, registration, and educational requirements for market traders, dealers, and brokers in the regulated instrument market.
Requires the CFTC to:
(1) establish a Carbon Clearing Organization to create a common clearing platform for regulated instruments;
(2) facilitate the dissemination of reliable and accurate last-sale and quotation information for transactions in regulated instruments; and
(3) collect and analyze information on the functioning of the markets for regulated instruments.
Grants the CFTC certain administrative powers to enforce this Act, including the power to conduct investigations, review adverse actions by a registered carbon trading facility, suspend or revoke a registered carbon trading facility designation, or issue emergency orders.
Authorizes the CFTC to bring a civil action to prevent or punish violations of this Act. Imposes criminal penalties on persons who knowingly violate the requirements of this Act or who fail to comply with a cease and desist order.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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