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.

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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Sponsor

• Sen. Dianne Feinstein [D, CA]
• and 2 Co-Sponsors
  • Sen. Ted Stevens [R, AK]
  • Sen. Ron Wyden [D, OR]
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Committees

• Senate Agriculture, Nutrition, and Forestry

Amendments

This bill has no amendments.

Amendments to S.3131

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

• Jun 12, 2008: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
• Jun 12, 2008: Sponsor introductory remarks on measure. (CR S5629-5630)
• Introduced on Jun 12, 2008.

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Related Issue Areas:

• Swaps (Finance)
• Social services
• Restrictive trade practices
• Prices
• 21 more
• Politics and government
• Petroleum
• Pensions
• Pension funds
• Law
• Investors
• Investments
• Inspectors general
• Independent regulatory commissions
• Government paperwork
• Government information
• Futures trading
• Foundations
• Executive reorganization
• Executive departments
• Energy
• Commodity exchanges
• Commodity Futures Trading Commission
• Business
• Administrative procedure
• Finance

Data from the Congressional Research Service

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Blog Coverage

June 13, 2008 DiFi offers bill to curb speculation, cut gas prices

Feinstein’s and Stevens’ 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 ...

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June 11, 2008 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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June 11, 2008 Introduced Bill: S.3131

A bill to amend the Commodity Exchange Act to ensure the application of speculation limits to speculators in energy markets, and for other purposes.

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Source: Open Congress : Sen. Dianne Feinstein [D, CA]

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