U.S. Congress - S.3131 Oil Speculation Control Act of 2008
S.3131 - Oil Speculation Control Act of 2008
A bill to amend the Commodity Exchange Act to ensure the application of speculation limits to speculators in energy markets, and for other purposes. view all titles (3)
All Bill Titles
- Official: A bill to amend the Commodity Exchange Act to ensure the application of speculation limits to speculators in energy markets, and for other purposes. as introduced.
- Popular: Oil Speculation Control Act of 2008 as introduced.
- Short: Oil Speculation Control Act of 2008 as introduced.
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Official Summary
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 clasOfficial Summary
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.
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Recent Blog Coverage
Feinstein, Stevens introduce bill to limit speculation in energy ...
Specifically the bill (S.3131) would: * Require CFTC to review the trading practices of institutional investors and their dealers within 30 days: - To ensure that their trading is not adversely impacting the market, with respect to ...
DiFi offers bill to curb speculation, cut gas prices
Feinsteinâs and Stevensâ S.3131 would require the Commodity Futures Trading Commission (CFTC) to impose the same position limits on institutional investors to which other investors now are subject. Under current law, CFTC is required to ...
S. 3131, A bill to amend the Commodity Exchange Act to ensure the ...
S. 3131 would amend the Commodity Exchange Act to ensure the application of speculation limits to speculators in energy markets.... Vote on This Bill: For | Against.
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