Close the London Loophole Act of 2008

A bill to amend the Commodity Exchange Act to prevent price manipulation and excessive speculation and to increase transparency with respect to energy trading on foreign exchanges conducted within the United States.

6/12/2008--Introduced.
Close the London Loophole Act of 2008 - Amends the Commodity Exchange Act to authorize the Commodity Futures Trading Commission (CFTC), in the case of a registered entity located within the United States, and subject to CFTC jurisdiction, which trades on a foreign board of trade, exchange, or market located outside the United States, to:
(1) enforce criminal prosecution of violations, including manipulation or attempted manipulation, the making of false statements, and willful violations of this Act;
(2) require a 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. Addresses 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 CFTC regarding the extent of speculative and nonspeculative trading in the energy commodity that is comparable to the information the CFTC determines necessary to publish a Commitment of Traders report for such a designated contract market, derivatives transaction execution facility, or other registered entity.


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Sponsor

• Sen. Carl Levin [D, MI]
• and 4 Co-Sponsors
  • Sen. Jeff Bingaman [D, NM]
  • Sen. Byron Dorgan [D, ND]
  • Sen. Richard Durbin [D, IL]
  • Sen. Dianne Feinstein [D, CA]
  close

Committees

• Senate Agriculture, Nutrition, and Forestry

Amendments

This bill has no amendments.

Amendments to S.3129

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

Show All Actions (3 actions)Hide Actions

All Bill Actions

• Jun 12, 2008: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
• Jun 12, 2008: Sponsor introductory remarks on measure. (CR S5627-5628)
• Introduced on Jun 12, 2008.

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Related Bills:

• H.R.6284

Related Issue Areas:

• Trade
• Restrictive trade practices
• Prosecution
• Prices
• 9 more
• Petroleum
• Fraud
• Energy prices
• Energy
• Derivative securities
• Criminal justice
• Commodity exchanges
• Business
• Finance

Data from the Congressional Research Service

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In the News

June 16, 2008 Ag Bill to Close 'London Loophole'

In their statement the senators said this "London loophole" bill, formally S. 3129, is intended to complement recent legislation to close what has become ...

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Blog Coverage

June 11, 2008 S. 3129, A bill to amend the Commodity Exchange Act to prevent ...

S. 3129 would amend the Commodity Exchange Act to prevent price manipulation and excessive speculation and to increase transparency with respect to energy trading on foreign exchanges conducted within the United States. ...

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June 11, 2008 Bill Action: Introduced: S. 3129: A bill to amend the Commodity ...

Carl Levin [D-MI] introduced S. 3129: A bill to amend the Commodity Exchange Act to prevent price manipulation and excessive speculation and to increase transparency with respect to energy trading on foreign exchanges conducted within ...

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June 11, 2008 Introduced Bill: S.3129

A bill to amend the Commodity Exchange Act to prevent price manipulation and excessive speculation and to increase transparency with respect to energy trading on foreign exchanges conducted within the United States.

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Source: Open Congress : Sen. Carl Levin [D, MI]

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