S 3202 PCSCommentsClose CommentsPermalink

To address record high gas prices at the pump, and for other purposes.CommentsClose CommentsPermalink

June 26, 2008CommentsClose CommentsPermalink

Mr. MCCONNELL (for himself, Mr. ALEXANDER, Mr. ALLARD, Mr. BARRASSO, Mr. BENNETT, Mr. BOND, Mr. BROWNBACK, Mr. BUNNING, Mr. BURR, Mr. CHAMBLISS, Mr. COBURN, Mr. COCHRAN, Mr. COLEMAN, Mr. CORKER, Mr. CORNYN, Mr. CRAIG, Mr. CRAPO, Mr. DEMINT, Mrs. DOLE, Mr. DOMENICI, Mr. ENSIGN, Mr. ENZI, Mr. GRAHAM, Mr. GRASSLEY, Mr. GREGG, Mr. HATCH, Mrs. HUTCHISON, Mr. INHOFE, Mr. ISAKSON, Mr. KYL, Mr. LUGAR, Mr. MARTINEZ, Ms. MURKOWSKI, Mr. ROBERTS, Mr. SESSIONS, Mr. SHELBY, Mr. SPECTER, Mr. STEVENS, Mr. SUNUNU, Mr. THUNE, Mr. VITTER, Mr. VOINOVICH, Mr. WARNER, and Mr. WICKER) introduced the following bill; which was read the first timeCommentsClose CommentsPermalink

June 27, 2008CommentsClose CommentsPermalink

Read the second time and placed on the calendarCommentsClose CommentsPermalink

To address record high gas prices at the pump, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title- This Act may be cited as the ‘Gas Price Reduction Act of 2008’.CommentsClose CommentsPermalink





(b) Table of Contents- The table of contents of this Act is as follows:CommentsClose CommentsPermalink





Sec. 1. Short title; table of contents.CommentsClose CommentsPermalink

TITLE I--DEEP SEA EXPLORATION

Sec. 101. Publication of projected State lines on outer Continental Shelf.CommentsClose CommentsPermalink





Sec. 102. Production of oil and natural gas in new producing areas.CommentsClose CommentsPermalink





Sec. 103. Conforming amendments.CommentsClose CommentsPermalink

TITLE II--WESTERN STATE OIL SHALE EXPLORATION

Sec. 201. Removal of prohibition on final regulations for commercial leasing program for oil shale resources on public land.CommentsClose CommentsPermalink

TITLE III--PLUG-IN ELECTRIC CARS AND TRUCKS

Sec. 301. Advanced batteries for electric drive vehicles.CommentsClose CommentsPermalink

TITLE IV--ENERGY COMMODITY MARKETS

Sec. 401. Study of international regulation of energy commodity markets.CommentsClose CommentsPermalink





Sec. 402. Foreign boards of trade.CommentsClose CommentsPermalink





Sec. 403. Index traders and swap dealers; disaggregation of index funds.CommentsClose CommentsPermalink





Sec. 404. Improved oversight and enforcement.CommentsClose CommentsPermalink

TITLE I--DEEP SEA EXPLORATIONCommentsClose CommentsPermalink

SEC. 101. PUBLICATION OF PROJECTED STATE LINES ON OUTER CONTINENTAL SHELF.

Section 4(a)(2)(A) of the Outer Continental Shelf Lands Act (43 U.S.C. 1333(a)(2)(A)) is amended--CommentsClose CommentsPermalink





(1) by designating the first, second, and third sentences as clause (i), (iii), and (iv), respectively;CommentsClose CommentsPermalink





(2) in clause (i) (as so designated), by inserting before the period at the end the following: ‘not later than 90 days after the date of enactment of the Gas Price Reduction Act of 2008’; andCommentsClose CommentsPermalink





(3) by inserting after clause (i) (as so designated) the following:CommentsClose CommentsPermalink





‘(ii)(I) The projected lines shall also be used for the purpose of preleasing and leasing activities conducted in new producing areas under section 32.CommentsClose CommentsPermalink





‘(II) This clause shall not affect any property right or title to Federal submerged land on the outer Continental Shelf.CommentsClose CommentsPermalink





‘(III) In carrying out this clause, the President shall consider the offshore administrative boundaries beyond State submerged lands for planning, coordination, and administrative purposes of the Department of the Interior, but may establish different boundaries.’.CommentsClose CommentsPermalink

SEC. 102. PRODUCTION OF OIL AND NATURAL GAS IN NEW PRODUCING AREAS.

The Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.) is amended by adding at the end the following:CommentsClose CommentsPermalink

‘SEC. 32. PRODUCTION OF OIL AND NATURAL GAS IN NEW PRODUCING AREAS.

‘(a) Definitions- In this section:CommentsClose CommentsPermalink





‘(1) COASTAL POLITICAL SUBDIVISION- The term ‘coastal political subdivision’ means a political subdivision of a new producing State any part of which political subdivision is--CommentsClose CommentsPermalink





‘(A) within the coastal zone (as defined in section 304 of the Coastal Zone Management Act of 1972 (16 U.S.C. 1453)) of the new producing State as of the date of enactment of this section; andCommentsClose CommentsPermalink





‘(B) not more than 200 nautical miles from the geographic center of any leased tract.CommentsClose CommentsPermalink





‘(2) MORATORIUM AREA-CommentsClose CommentsPermalink





‘(A) IN GENERAL- The term ‘moratorium area’ means an area covered by sections 104 through 105 of the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2008 (Public Law 110-161; 121 Stat. 2118) (as in effect on the day before the date of enactment of this section).CommentsClose CommentsPermalink





‘(B) EXCLUSION- The term ‘moratorium area’ does not include an area located in the Gulf of Mexico.CommentsClose CommentsPermalink





‘(3) NEW PRODUCING AREA- The term ‘new producing area’ means any moratorium area within the offshore administrative boundaries beyond the submerged land of a State that is located greater than 50 miles from the coastline of the State.CommentsClose CommentsPermalink





‘(4) NEW PRODUCING STATE- The term ‘new producing State’ means a State that has, within the offshore administrative boundaries beyond the submerged land of the State, a new producing area available for oil and gas leasing under subsection (b).CommentsClose CommentsPermalink





‘(5) OFFSHORE ADMINISTRATIVE BOUNDARIES- The term ‘offshore administrative boundaries’ means the administrative boundaries established by the Secretary beyond State submerged land for planning, coordination, and administrative purposes of the Department of the Interior and published in the Federal Register on January 3, 2006 (71 Fed. Reg. 127).CommentsClose CommentsPermalink





‘(6) QUALIFIED OUTER CONTINENTAL SHELF REVENUES-CommentsClose CommentsPermalink





‘(A) IN GENERAL- The term ‘qualified outer Continental Shelf revenues’ means all rentals, royalties, bonus bids, and other sums due and payable to the United States from leases entered into on or after the date of enactment of this section for new producing areas.CommentsClose CommentsPermalink





‘(B) EXCLUSIONS- The term ‘qualified outer Continental Shelf revenues’ does not include--CommentsClose CommentsPermalink





‘(i) revenues from a bond or other surety forfeited for obligations other than the collection of royalties;CommentsClose CommentsPermalink





‘(ii) revenues from civil penalties;CommentsClose CommentsPermalink





‘(iii) royalties taken by the Secretary in-kind and not sold;CommentsClose CommentsPermalink





‘(iv) revenues generated from leases subject to section 8(g); orCommentsClose CommentsPermalink





‘(v) any revenues considered qualified outer Continental Shelf revenues under section 102 of the Gulf of Mexico Energy Security Act of 2006 (43 U.S.C. 1331 note; Public Law 109-432).CommentsClose CommentsPermalink





‘(b) Petition for Leasing New Producing Areas-CommentsClose CommentsPermalink





‘(1) IN GENERAL- Beginning on the date on which the President delineates projected State lines under section 4(a)(2)(A)(ii), the Governor of a State, with the concurrence of the legislature of the State, with a new producing area within the offshore administrative boundaries beyond the submerged land of the State may submit to the Secretary a petition requesting that the Secretary make the new producing area available for oil and gas leasing.CommentsClose CommentsPermalink





‘(2) ACTION BY SECRETARY- Notwithstanding section 18, as soon as practicable after receipt of a petition under paragraph (1), the Secretary shall approve the petition if the Secretary determines that leasing the new producing area would not create an unreasonable risk of harm to the marine, human, or coastal environment.CommentsClose CommentsPermalink





‘(c) Disposition of Qualified Outer Continental Shelf Revenues From New Producing Areas-CommentsClose CommentsPermalink





‘(1) IN GENERAL- Notwithstanding section 9 and subject to the other provisions of this subsection, for each applicable fiscal year, the Secretary of the Treasury shall deposit--CommentsClose CommentsPermalink





‘(A) 50 percent of qualified outer Continental Shelf revenues in the general fund of the Treasury; andCommentsClose CommentsPermalink





‘(B) 50 percent of qualified outer Continental Shelf revenues in a special account in the Treasury from which the Secretary shall disburse--CommentsClose CommentsPermalink





‘(i) 75 percent to new producing States in accordance with paragraph (2); andCommentsClose CommentsPermalink





‘(ii) 25 percent to provide financial assistance to States in accordance with section 6 of the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 460l -8), which shall be considered income to the Land and Water Conservation Fund for purposes of section 2 of that Act (16 U.S.C. 460l-5).CommentsClose CommentsPermalink





‘(2) ALLOCATION TO NEW PRODUCING STATES AND COASTAL POLITICAL SUBDIVISIONS-CommentsClose CommentsPermalink





‘(A) ALLOCATION TO NEW PRODUCING STATES- Effective for fiscal year 2008 and each fiscal year thereafter, the amount made available under paragraph (1)(B)(i) shall be allocated to each new producing State in amounts (based on a formula established by the Secretary by regulation) proportional to the amount of qualified outer Continental Shelf revenues generated in the new producing area offshore each State.CommentsClose CommentsPermalink





‘(B) PAYMENTS TO COASTAL POLITICAL SUBDIVISIONS-CommentsClose CommentsPermalink





‘(i) IN GENERAL- The Secretary shall pay 20 percent of the allocable share of each new producing State, as determined under subparagraph (A), to the coastal political subdivisions of the new producing State.CommentsClose CommentsPermalink





‘(ii) ALLOCATION- The amount paid by the Secretary to coastal political subdivisions shall be allocated to each coastal political subdivision in accordance with the regulations promulgated under subparagraph (A).CommentsClose CommentsPermalink





‘(3) MINIMUM ALLOCATION- The amount allocated to a new producing State for each fiscal year under paragraph (2) shall be at least 5 percent of the amounts available for the fiscal year under paragraph (1)(B)(i).CommentsClose CommentsPermalink





‘(4) TIMING- The amounts required to be deposited under subparagraph (B) of paragraph (1) for the applicable fiscal year shall be made available in accordance with that subparagraph during the fiscal year immediately following the applicable fiscal year.CommentsClose CommentsPermalink





‘(5) AUTHORIZED USES-CommentsClose CommentsPermalink





‘(A) IN GENERAL- Subject to subparagraph (B), each new producing State and coastal political subdivision shall use all amounts received under paragraph (2) in accordance with all applicable Federal and State laws, only for 1 or more of the following purposes:CommentsClose CommentsPermalink





‘(i) Projects and activities for the purposes of coastal protection, including conservation, coastal restoration, hurricane protection, and infrastructure directly affected by coastal wetland losses.CommentsClose CommentsPermalink





‘(ii) Mitigation of damage to fish, wildlife, or natural resources.CommentsClose CommentsPermalink





‘(iii) Implementation of a federally approved marine, coastal, or comprehensive conservation management plan.CommentsClose CommentsPermalink





‘(iv) Funding of onshore infrastructure projects.CommentsClose CommentsPermalink





‘(v) Planning assistance and the administrative costs of complying with this section.CommentsClose CommentsPermalink





‘(B) LIMITATION- Not more than 3 percent of amounts received by a new producing State or coastal political subdivision under paragraph (2) may be used for the purposes described in subparagraph (A)(v).CommentsClose CommentsPermalink





‘(6) ADMINISTRATION- Amounts made available under paragraph (1)(B) shall--CommentsClose CommentsPermalink





‘(A) be made available, without further appropriation, in accordance with this subsection;CommentsClose CommentsPermalink





‘(B) remain available until expended; andCommentsClose CommentsPermalink





‘(C) be in addition to any amounts appropriated under--CommentsClose CommentsPermalink





‘(i) other provisions of this Act;CommentsClose CommentsPermalink





‘(ii) the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 460l-4 et seq.); orCommentsClose CommentsPermalink





‘(iii) any other provision of law.CommentsClose CommentsPermalink





‘(d) Disposition of Qualified Outer Continental Shelf Revenues From Other Areas- Notwithstanding section 9, for each applicable fiscal year, the terms and conditions of subsection (c) shall apply to the disposition of qualified outer Continental Shelf revenues that--CommentsClose CommentsPermalink





‘(1) are derived from oil or gas leasing in an area that is not included in the current 5-year plan of the Secretary for oil or gas leasing; andCommentsClose CommentsPermalink





‘(2) are not assumed in the budget of the United States Government submitted by the President under section 1105 of title 31, United States Code.’.CommentsClose CommentsPermalink

SEC. 103. CONFORMING AMENDMENTS.

Sections 104 and 105 of the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2008 (Public Law 110-161; 121 Stat. 2118) are amended by striking ‘No funds’ each place it appears and inserting ‘Except as provided in section 32 of the Outer Continental Shelf Lands Act, no funds’.CommentsClose CommentsPermalink

TITLE II--WESTERN STATE OIL SHALE EXPLORATIONCommentsClose CommentsPermalink

SEC. 201. REMOVAL OF PROHIBITION ON FINAL REGULATIONS FOR COMMERCIAL LEASING PROGRAM FOR OIL SHALE RESOURCES ON PUBLIC LAND.

Section 433 of the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2008 (Public Law 110-161; 121 Stat. 2152) is repealed.CommentsClose CommentsPermalink

TITLE III--PLUG-IN ELECTRIC CARS AND TRUCKSCommentsClose CommentsPermalink

SEC. 301. ADVANCED BATTERIES FOR ELECTRIC DRIVE VEHICLES.

(a) Definitions- In this section:CommentsClose CommentsPermalink





(1) ADVANCED BATTERY- The term ‘advanced battery’ means an electrical storage device that is suitable for a vehicle application.CommentsClose CommentsPermalink





(2) ENGINEERING INTEGRATION COSTS- The term ‘engineering integration costs’ includes the cost of engineering tasks relating to--CommentsClose CommentsPermalink





(A) the incorporation of qualifying components into the design of an advanced battery; andCommentsClose CommentsPermalink





(B) the design of tooling and equipment and the development of manufacturing processes and material for suppliers of production facilities that produce qualifying components or advanced batteries.CommentsClose CommentsPermalink





(3) SECRETARY- The term ‘Secretary’ means the Secretary of Energy.CommentsClose CommentsPermalink





(b) Advanced Battery Research and Development-CommentsClose CommentsPermalink





(1) IN GENERAL- The Secretary shall--CommentsClose CommentsPermalink





(A) expand and accelerate research and development efforts for advanced batteries; andCommentsClose CommentsPermalink





(B) emphasize lower cost means of producing abuse-tolerant advanced batteries with the appropriate balance of power and energy capacity to meet market requirements.CommentsClose CommentsPermalink





(2) AUTHORIZATION OF APPROPRIATIONS- There is authorized to be appropriated to carry out this subsection $100,000,000 for each of fiscal years 2010 through 2014.CommentsClose CommentsPermalink





(c) Direct Loan Program-CommentsClose CommentsPermalink





(1) IN GENERAL- Subject to the availability of appropriated funds, not later than 1 year after the date of enactment of this Act, the Secretary shall carry out a program to provide a total of not more than $250,000,000 in loans to eligible individuals and entities for not more than 30 percent of the costs of 1 or more of--CommentsClose CommentsPermalink





(A) reequipping a manufacturing facility in the United States to produce advanced batteries;CommentsClose CommentsPermalink





(B) expanding a manufacturing facility in the United States to produce advanced batteries; orCommentsClose CommentsPermalink





(C) establishing a manufacturing facility in the United States to produce advanced batteries.CommentsClose CommentsPermalink





(2) ELIGIBILITY-CommentsClose CommentsPermalink





(A) IN GENERAL- To be eligible to obtain a loan under this subsection, an individual or entity shall--CommentsClose CommentsPermalink





(i) be financially viable without the receipt of additional Federal funding associated with a proposed project under this subsection;CommentsClose CommentsPermalink





(ii) provide sufficient information to the Secretary for the Secretary to ensure that the qualified investment is expended efficiently and effectively; andCommentsClose CommentsPermalink





(iii) meet such other criteria as may be established and published by the Secretary.CommentsClose CommentsPermalink





(B) CONSIDERATION- In selecting eligible individuals or entities for loans under this subsection, the Secretary may consider whether the proposed project of an eligible individual or entity under this subsection would--CommentsClose CommentsPermalink





(i) reduce manufacturing time;CommentsClose CommentsPermalink





(ii) reduce manufacturing energy intensity;CommentsClose CommentsPermalink





(iii) reduce negative environmental impacts or byproducts; orCommentsClose CommentsPermalink





(iv) increase spent battery or component recyclingCommentsClose CommentsPermalink





(3) RATES, TERMS, AND REPAYMENT OF LOANS- A loan provided under this subsection--CommentsClose CommentsPermalink





(A) shall have an interest rate that, as of the date on which the loan is made, is equal to the cost of funds to the Department of the Treasury for obligations of comparable maturity;CommentsClose CommentsPermalink





(B) shall have a term that is equal to the lesser of--CommentsClose CommentsPermalink





(i) the projected life, in years, of the eligible project to be carried out using funds from the loan, as determined by the Secretary; orCommentsClose CommentsPermalink





(ii) 25 years; andCommentsClose CommentsPermalink





(C) may be subject to a deferral in repayment for not more than 5 years after the date on which the eligible project carried out using funds from the loan first begins operations, as determined by the Secretary.CommentsClose CommentsPermalink





(4) PERIOD OF AVAILABILITY- A loan under this subsection shall be available for--CommentsClose CommentsPermalink





(A) facilities and equipment placed in service before December 30, 2020; andCommentsClose CommentsPermalink





(B) engineering integration costs incurred during the period beginning on the date of enactment of this Act and ending on December 30, 2020.CommentsClose CommentsPermalink





(5) FEES- The cost of administering a loan made under this subsection shall not exceed $100,000.CommentsClose CommentsPermalink





(6) AUTHORIZATION OF APPROPRIATIONS- There are authorized to be appropriated such sums as are necessary to carry out this subsection for each of fiscal years 2009 through 2013.CommentsClose CommentsPermalink





(d) Sense of the Senate on Purchase of Plug-in Electric Drive Vehicles- It is the sense of the Senate that, to the maximum extent practicable, the Federal Government should implement policies to increase the purchase of plug-in electric drive vehicles by the Federal Government.CommentsClose CommentsPermalink

TITLE IV--ENERGY COMMODITY MARKETSCommentsClose CommentsPermalink

SEC. 401. STUDY OF INTERNATIONAL REGULATION OF ENERGY COMMODITY MARKETS.

(a) In General- The Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission, and the Chairman of the Commodity Futures Trading Commission shall jointly conduct a study of the international regime for regulating the trading of energy commodity futures and derivatives.CommentsClose CommentsPermalink





(b) Analysis- The study shall include an analysis of, at a minimum--CommentsClose CommentsPermalink





(1) key common features and differences among countries in the regulation of energy commodity trading, including with respect to market oversight and enforcement;CommentsClose CommentsPermalink





(2) agreements and practices for sharing market and trading data;CommentsClose CommentsPermalink





(3) the use of position limits or thresholds to detect and prevent price manipulation, excessive speculation as described in section 4a(a) of the Commodity Exchange Act (7 U.S.C. 6a(a)) or other unfair trading practices;CommentsClose CommentsPermalink





(4) practices regarding the identification of commercial and noncommercial trading and the extent of market speculation; andCommentsClose CommentsPermalink





(5) agreements and practices for facilitating international cooperation on market oversight, compliance, and enforcement.CommentsClose CommentsPermalink





(c) Report- Not later than 120 days after the date of enactment of this Act, the heads of the Federal agencies described in subsection (a) shall jointly submit to the appropriate committees of Congress a report that--CommentsClose CommentsPermalink





(1) describes the results of the study; andCommentsClose CommentsPermalink





(2) provides recommendations to improve openness, transparency, and other necessary elements of a properly functioning market.CommentsClose CommentsPermalink

SEC. 402. FOREIGN BOARDS OF TRADE.

Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(e) Foreign Boards of Trade-CommentsClose CommentsPermalink





‘(1) IN GENERAL- The Commission shall not permit a foreign board of trade’s members or other participants located in the United States to enter trades directly into the foreign board of trade’s trade matching system with respect to an agreement, contract, or transaction in an energy commodity (as defined by the Commission) that settles against any price, including the daily or final settlement price, of a contract or contracts listed for trading on a registered entity, unless--CommentsClose CommentsPermalink





‘(A) the foreign board of trade makes public daily information on settlement prices, volume, open interest, and opening and closing ranges for the agreement, contract, or transaction that is comparable to the daily trade information published by the registered entity for the contract or contracts against which it settles;CommentsClose CommentsPermalink





‘(B) the foreign board of trade or a foreign futures authority adopts position limitations (including related hedge exemption provisions) or position accountability for speculators for the agreement, contract, or transaction that are comparable to the position limitations (including related hedge exemption provisions) or position accountability adopted by the registered entity for the contract or contracts against which it settles; andCommentsClose CommentsPermalink





‘(C) the foreign board of trade or a foreign futures authority provides such information to the Commission regarding the extent of speculative and non-speculative trading in the agreement, contract, or transaction that is comparable to the information the Commission determines is necessary to publish its weekly report of traders (commonly known as the Commitments of Traders report) for the contract or contracts against which it settles.CommentsClose CommentsPermalink





‘(2) EXISTING FOREIGN BOARDS OF TRADE- Paragraph (1) shall become effective 1 year after the date of enactment of this subsection with respect to any agreement, contract, or transaction in an energy commodity (as defined by the Commission) conducted on a foreign board of trade for which the Commission’s staff had granted relief from the requirements of this Act prior to the date of enactment of this subsection.’.CommentsClose CommentsPermalink

SEC. 403. INDEX TRADERS AND SWAP DEALERS; DISAGGREGATION OF INDEX FUNDS.

Section 4 of the Commodity Exchange Act (7 U.S.C. 6) (as amended by section 3) is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(f) Index Traders and Swap Dealers-CommentsClose CommentsPermalink





‘(1) REPORTING- The Commission shall--CommentsClose CommentsPermalink





‘(A) issue a proposed rule regarding routine reporting requirements for index traders and swap dealers (as those terms are defined by the Commission) in energy and agricultural transactions (as those terms are defined by the Commission) within the jurisdiction of the Commission not later than 180 days after the date of enactment of this subsection, and issue a final rule regarding such reporting requirements not later than 270 days after the date of enactment of this subsection; andCommentsClose CommentsPermalink





‘(B) subject to the provisions of section 8, disaggregate and make public monthly information on the positions and value of index funds and other passive, long-only positions in the energy and agricultural futures markets.CommentsClose CommentsPermalink





‘(2) REPORT- Not later than 90 days after the date of enactment of this subsection, the Commission shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report regarding--CommentsClose CommentsPermalink





‘(A) the scope of commodity index trading in the futures markets;CommentsClose CommentsPermalink





‘(B) whether classification of index traders and swap dealers in the futures markets can be improved for regulatory and reporting purposes; andCommentsClose CommentsPermalink





‘(C) whether, based on a review of the trading practices for index traders in the futures markets--CommentsClose CommentsPermalink





‘(i) index trading activity is adversely impacting the price discovery process in the futures markets; andCommentsClose CommentsPermalink





‘(ii) different practices and controls should be required.’.CommentsClose CommentsPermalink

SEC. 404. IMPROVED OVERSIGHT AND ENFORCEMENT.

(a) Findings- The Senate finds that--CommentsClose CommentsPermalink





(1) crude oil prices are at record levels and consumers in the United States are paying record prices for gasoline;CommentsClose CommentsPermalink





(2) funding for the Commodity Futures Trading Commission has been insufficient to cover the significant growth of the futures markets;CommentsClose CommentsPermalink





(3) since the establishment of the Commodity Futures Trading Commission, the volume of trading on futures exchanges has grown 8,000 percent while staffing numbers have decreased 12 percent; andCommentsClose CommentsPermalink





(4) in today’s dynamic market environment, it is essential that the Commodity Futures Trading Commission receive the funding necessary to enforce existing authority to ensure that all commodity markets, including energy markets, are properly monitored for market manipulation.CommentsClose CommentsPermalink





(b) Additional Employees- As soon as practicable after the date of enactment of this Act, the Commodity Futures Trading Commission shall hire at least 100 additional full-time employees--CommentsClose CommentsPermalink





(1) to increase the public transparency of operations in energy futures markets;CommentsClose CommentsPermalink





(2) to improve the enforcement in those markets; andCommentsClose CommentsPermalink





(3) to carry out such other duties as are prescribed by the Commission.CommentsClose CommentsPermalink





(c) Authorization of Appropriations- In addition to any other funds made available to carry out the Commodity Exchange Act (7 U.S.C. 1 et seq.), there are authorized to be appropriated such sums as are necessary to carry out this section for fiscal year 2009.CommentsClose CommentsPermalink

Calendar No. 854CommentsClose CommentsPermalink

To address record high gas prices at the pump, and for other purposes.CommentsClose CommentsPermalink

June 27, 2008CommentsClose CommentsPermalink