Close the Enron Loophole Act

A bill to amend the Commodity Exchange Act to close the Enron loophole, prevent price manipulation and excessive speculation in the trading of energy commodities, and for other purposes.

9/17/2007--Introduced.
Close the Enron Loophole Act - Amends the Commodity Exchange Act to provide that it applies to an agreement, contract, or transaction in an exempt commodity that is executed or traded on an electronic trading facility that is an energy trading center.
Prohibits any person from entering into an agreement, contract, or transaction for future delivery of an energy commodity that is not a spot sale of cash commodity or a sale of a cash commodity for deferred shipment or delivery on or through an energy trading facility that is not registered as such with the U.S. Commodity Futures Trading Commission (CFTC). Sets forth registration criteria.
Requires CFTC to ensure that the position limits and accountability levels applicable to contracts in an energy commodity listed for trading on a designated contract market and similar contracts in the same energy commodity listed for trading on an energy trading facility:
(1) prevent price manipulation, excessive speculation, price distortion, and disruption of the delivery or cash-settlement process; and
(2) are on a parity with each other and are applied in a functionally equivalent manner.
Requires CFTC to take necessary action to direct an energy trading facility or a designated contract market to require a person who has exceeded an applicable position limit or accountability level in an energy commodity to limit, reduce, or liquidate any position to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of the delivery or cash-settlement process.
Sets forth provisions concerning the provision of information and records about energy trading contracts to CFTC.
Revises provisions concerning the prohibition on energy contracts designed to defraud or mislead, including by prohibiting any person from cheating or defrauding another person in connection with any contract of sale of any commodity in interstate commerce or for future delivery that is made subject to the rules of a designated contract market for or on behalf of any such person (currently the provisions prohibit members of registered entities, correspondent agents, or employees of members from such actions.)
Requires CFTC to issue a rule regarding the requirements for an application for registration for an energy trading facility.


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Sponsor

• Sen. Carl Levin [D, MI]
• and 11 Co-Sponsors
  • Sen. Maria Cantwell [D, WA]
  • Sen. Hillary Clinton [D, NY]
  • Sen. Byron Dorgan [D, ND]
  • Sen. Frank Lautenberg [D, NJ]
  • Sen. Claire McCaskill [D, MO]
  • Sen. Robert Menendez [D, NJ]
  • Sen. Bill Nelson [D, FL]
  • Sen. John Reed [D, RI]
  • Sen. Bernard Sanders [I, VT]
  • Sen. Charles Schumer [D, NY]
  • Sen. Ron Wyden [D, OR]
  close

Committees

• Senate Agriculture, Nutrition, and Forestry

Amendments

This bill has no amendments.

Amendments to S.2058

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
September 17, 2007

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All Bill Actions

• Sep 17, 2007: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
• Sep 17, 2007: Sponsor introductory remarks on measure. (CR S11596-11597, S11600-11603)
• Introduced on Sep 17, 2007.

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Related Bills:

• H.R.4066

Related Issue Areas:

• Propane
• Petroleum
• Natural gas
• Methane
• 16 more
• Law
• Independent regulatory commissions
• Heating
• Government paperwork
• Government information
• Gasoline
• Futures trading
• Fraud
• Executive departments
• Energy prices
• Energy
• Electric power
• Commodity exchanges
• Commodity Futures Trading Commission
• Administrative procedure
• Finance

Data from the Congressional Research Service

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In the News

January 16, 2008 High Oil Prices: Who Is Really To Blame?

... speculators that their financial orgy at the expense of American consumers has got to end, pass S.2058/HR4066, and finally, "Close the Enron loophole."

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Source: Suffolk Life Newspapers, NY

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November 01, 2007 New York City Area Oil Dealers Tell Washington to Take Action on ...

... Heating Association (NYOHA) today called on Congress to pass immediately and send to the President the "Close the Enron Loophole Act of 2007" (S. 2058). ...

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Source: Earthtimes, UK

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Blog Coverage

October 09, 2008 How the farm bill caused the economic crisis.

In September 2007, Senator Carl Levin introduced Senate Bill S.2058 to specifically close the "Enron Loophole". This bill was later attached to HR 6124, the Food, Conservation, and Energy Act of 2008, aka "The 2008 Farm Bill". ...

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Source: That's just the way it is! Isn't it?

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September 23, 2008 steal from the poor and give to the rich and digress a whole lot

Finally, last September Senate Bill S.2058 was introduced. It was of course vetoed by Bush. Luckily, Congress overrode the veto. You know, they kept telling us how well the markets work when our jobs were being outsourced and it was ...

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June 07, 2008 Oil Price Spikes to $138 a Barrel Shows a Market Out of Control ...

A regulatory measure in the federal farm bill (S.2058 by Sens. Dianne Feinstein and Carl Levin) would help stop speculative oil pricing. The huge omnibus bill was returned to Congress to fix an error in the version that President Bush ...

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