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6/12/2008--Introduced.<br/>Oil Speculation Control Act of 2008 - Amends the Commodity Exchange Act to define &quot;institutional investor&quot; 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.<br/>Establishes in the Commodity Futures Trading Commission (CFTC) an Office of the Inspector General.<br/>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.<br/>Directs the CFTC to exercise emergency authority to prevent institutional investors from increasing their positions in energy commodity futures and commodity future index funds.<br/>Defines: (1) &quot;bona fide hedging transaction or position&quot; as a transaction or position that represents a hedge against price risk exposure relating to physical transactions involving an energy commodity and (2) &quot;speculator&quot; as any institutional investor or investor of an investment fund that holds a position through an intermediary broker or dealer.<br/>Directs the CFTC to enforce speculation limits with respect to speculators in energy markets.<br/>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.<br/>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.<br/>Imposes certain institutional investor speculation limits with respect to energy commodities.<br/>

1213243200 2008-06-12 Fri Nov 07 18:51:26 -0600 2008 introduced 51164 'act':8 'bill':2 'amend':4 'ensur':10 'limit':15 'applic':12 'commod':6 'energi':19 'market':20 'purpos':24 'specul':14,17 'exchang':7 60577 false official introduced 51164 'act':4 'oil':1 '2008':6 'specul':2 'control':3 61618 true popular introduced 51164 'act':4 'oil':1 '2008':6 'specul':2 'control':3 61866 false short introduced 51164 1213243200 Thu Jun 12 00:00:00 -0500 2008 160237 F000062 1933-06-22 13993 331 Hart Senate Office Building http://feinstein.senate.gov/public/index.cfm?FuseAction=ContactUs.EmailMe 202-228-3954 Dianne 'd':4 'ca':5 'sen':1 'diann':2,6,8 'feinstein':3,7,9 F 300043 Feinstein Dianne_Feinstein Sen. Dianne Feinstein [D, CA] 7588 N00007364 20542 Democrat 202-224-3841 Jewish CA Dianne Feinstein 1.95794392523364 http://feinstein.senate.gov/public/ SenatorFeinstein S000888 1923-11-18 8197 Ted 'ted':1,3,5 'steven':2,4,6 M 300094 Stevens Ted_Stevens F. Ted Stevens 2728 N00007997 7152 Republican Episcopalian Ted Stevens 0.818181818181818 W000779 1949-05-03 7549 223 Dirksen Senate Office Building http://wyden.senate.gov/contact/ 202-228-2717 Ron 'd':4 'ron':2,6,8 'sen':1 'wyden':3,7,9 M 300100 Wyden Ron_Wyden Sen. Ron Wyden [D, OR] 3306 N00007724 10145 Democrat 202-224-5244 Jewish OR Ron Wyden 3.76666666666667 http://wyden.senate.gov/ SenRonWyden introduced 51164 1213243200 Thu Jun 12 00:00:00 -0500 2008 160237 action 51164 1213243200 Thu Jun 12 00:00:00 -0500 2008 160238 Sponsor introductory remarks on measure. (CR S5629-5630) action 51164 1213243200 Thu Jun 12 00:00:00 -0500 2008 160239 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.