Increasing Transparency and Accountability in Oil Prices Act of 2008

A bill to provide energy price relief by authorizing greater resources and authority for the Commodity Futures Trading Commission, and for other purposes.

6/12/2008--Introduced.
Increasing Transparency and Accountability in Oil Prices Act of 2008 - Expresses the sense of the Senate that the President should immediately send to Congress a request for emergency appropriations for FY2008 for the Commodity Futures Trading Commission (CFTC) in an amount sufficient to:
(1) help restore public confidence in energy commodities markets and federal oversight of those markets;
(2) potentially impose limits on excessive speculation that is increasing the price of oil, gasoline, diesel, and other energy commodities;
(3) significantly improve the information technology capabilities of the CFTC to help it effectively regulate the energy futures markets; and
(4) fund at least 100 new full-time positions at the CFTC to oversee energy commodity market speculation and to enforce the Commodity Exchange Act.
Amends the Commodity Exchange Act to:
(1) provide for additional employees for improved enforcement; and
(2) establish an independent Office of the Inspector General in the CFTC.
Direct the Comptroller General of the United States to study and report to Congress on the international regime for regulating the trading of energy commodity futures and derivatives.
Amends the Commodity Exchange Act to address the kind of case in which the CFTC grants or considers granting relief to a foreign board of trade from the requirement that it become a designated contract market, derivatives transaction execution facility, or other registered entity with respect to an energy commodity physically delivered in the United States. Requires the CFTC, before granting or considering such relief, to determine that the foreign board of trade:
(1) applies comparable principles or requirements regarding the daily publication of trading information and position limits or accountability levels for speculators as apply to a designated contract market, derivatives transaction execution facility, or other registered entity trading energy commodities physically delivered in the United States; and
(2) provides such information to the Commission regarding the extent of speculative and nonspeculative trading in the energy commodity that is comparable to the information the Commission determines necessary to publish a Commitment of Traders report for such a designated contract market, derivatives transaction execution facility, or other registered entity.
Authorizes the CFTC, in the case of a registered entity located within the United States or otherwise subject to CFTC jurisdiction and which trades on a foreign board of trade, exchange, or market located outside the United States, to:
(1) apply and enforce provisions concerned with violations, including provisions related to manipulation or attempted manipulation, the making of false statements, and willful violations of this Act;
(2) require or direct the person to limit, reduce, or liquidate any position to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of delivery or the cash settlement process; and
(3) apply necessary recordkeeping requirements.
Directs the CFTC to:
(1) routinely require detailed reporting from index traders and swap dealers in markets under CFTC jurisdiction;
(2) reclassify the types of traders for regulatory and reporting purposes to distinguish between index traders and swaps dealers; and
(3) review the trading practices for index traders in markets under CFTC jurisdiction to ensure that index trading is not adversely impacting the price discovery process, and to determine whether different practices or regulations should be implemented.
Requires the CFTC to disaggregate and make public monthly:
(1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and
(2) data on speculative positions relative to bona fide physical hedgers in those markets.


... morehide bill summary

Sponsor

• Sen. Richard Durbin [D, IL]
• and 19 Co-Sponsors
  • Sen. Jeff Bingaman [D, NM]
  • Sen. Sherrod Brown [D, OH]
  • Sen. Robert Casey [D, PA]
  • Sen. Byron Dorgan [D, ND]
  • Sen. Dianne Feinstein [D, CA]
  • Sen. Tim Johnson [D, SD]
  • Sen. John Kerry [D, MA]
  • Sen. Amy Klobuchar [D, MN]
  • Sen. Frank Lautenberg [D, NJ]
  • Sen. Patrick Leahy [D, VT]
  • Sen. Carl Levin [D, MI]
  • Sen. Claire McCaskill [D, MO]
  • Sen. Robert Menéndez [D, NJ]
  • Sen. Barbara Mikulski [D, MD]
  • Sen. Patty Murray [D, WA]
  • Barack Obama
  • Sen. John Reed [D, RI]
  • Sen. Harry Reid [D, NV]
  • Sen. Jon Tester [D, MT]
  close

Committees

• Senate Agriculture, Nutrition, and Forestry

Amendments

This bill has no amendments.

Amendments to S.3130

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
June 12, 2008

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All Bill Actions

• Introduced on Jun 12, 2008.
• Jun 12, 2008: Sponsor introductory remarks on measure. (CR S5628)
• Jun 12, 2008: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

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Related Bills:

• H.R.6334
• H.R.6349
• S.2995

Related Issue Areas:

• Finance
• Appropriations
• Budgets
• Business
• 30 more
• Commodity Futures Trading Commission
• Commodity exchanges
• Congress
• Congressional investigations
• Criminal justice
• Derivative securities
• Diesel motor
• Energy
• Energy prices
• Executive departments
• Executive reorganization
• Federal employees
• Fraud
• Futures trading
• Gasoline
• Government employees
• Government information
• Government paperwork
• Government publicity
• Independent regulatory commissions
• Information technology
• Inspectors general
• Petroleum
• Politics and government
• Prices
• Restrictive trade practices
• Swaps (Finance)
• Technology
• Trade
• Transportation

Data from the Congressional Research Service

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Blog Coverage

July 22, 2008 Barack Obama on the Oil Crisis

On June 12, 2008, I joined my colleague Senator Dick Durbin in introducing S. 3130, a bill to increase transparency in the oil futures markets by providing greater resources to the Commodity Futures Trading Commission to detect and ...

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Source: The Franciscan University of Steubenville...

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July 18, 2008 Durbin's pathetic path to gas price relief

For this reason, I introduced the Increasing Transparency and Accountability in Oil Prices Act of 2008 (S. 3130). My legislation would promote greater transparency in the trading of energy commodities and provide the CFTC with increased ...

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Source: illinoisreview

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July 17, 2008 Oil Speculation; response from RI Sen. Jack Reed

S. 3130, the Increasing Transparency and Accountability in Oil Prices Act, which was introduced by Senator Durbin on June 12, 2008, would improve the ability of the Commodity Futures Trading Commission (CFTC) to collect and monitor data ...

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Source: From Trailers to Treasures

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