S. 3131 (110th): Oil Speculation Control Act of 2008

Introduced:
Jun 12, 2008 (110th Congress, 2007–2009)
Status:
Died (Referred to Committee)
Sponsor
Dianne Feinstein
Senator from California
Party
Democrat
Text
Read Text »
Last Updated
Jun 12, 2008
Length
8 pages
 
Status

This bill was introduced on June 12, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 12, 2008
Referred to Committee Jun 12, 2008
 
Full Title

A bill to amend the Commodity Exchange Act to ensure the application of speculation limits to speculators in energy markets, and for other purposes.

Summary

No summaries available.

Cosponsors
2 cosponsors (1D, 1R) (show)
Committees

Senate Agriculture, Nutrition, and Forestry

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


6/12/2008--Introduced.
Oil Speculation Control Act of 2008 - Amends the Commodity Exchange Act to define "institutional investor" as a long-term investor in financial markets (including pension funds, endowments, and foundations) that invests in energy commodities as an asset class in a portfolio of financial investments and does not take or make physical delivery of energy commodities on a frequent basis.
Establishes in the Commodity Futures Trading Commission (CFTC) an Office of the Inspector General.
Directs the CFTC to carry out a review of the trading practices of index traders, swap dealers, and institutional investors in markets under the CFTC's jurisdiction to: (1) ensure that index trading is not adversely impacting the price discovery process; (2) determine whether different practices or regulations should be implemented; and (3) gather data for use in proposing regulations to limit the size and influence of the institutional investor positions in commodity markets.
Directs the CFTC to exercise emergency authority to prevent institutional investors from increasing their positions in energy commodity futures and commodity future index funds.
Defines: (1) "bona fide hedging transaction or position" as a transaction or position that represents a hedge against price risk exposure relating to physical transactions involving an energy commodity and (2) "speculator" as any institutional investor or investor of an investment fund that holds a position through an intermediary broker or dealer.
Directs the CFTC to enforce speculation limits with respect to speculators in energy markets.
Set forth recordkeeping and reporting requirements relating to large trader transactions and positions applicable to index traders, swaps dealers, and institutional investors in markets under the CFTC's jurisdiction.
Requires the CFTC to promulgate regulations to establish separate classifications for index traders, swap dealers, and institutional investors to enforce recordkeeping and reporting requirements and to enforce position limits and position accountability levels with respect to energy commodities.
Imposes certain institutional investor speculation limits with respect to energy commodities.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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