Stop Excessive Energy Speculation Act of 2008

A bill to amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities, and for other purposes.

7/15/2008--Introduced.
Stop Excessive Energy Speculation Act of 2008 - Amends the Commodity Exchange Act to extend its coverage to energy commodities such as petroleum products and natural gas.
Prohibits the Commodity Futures Trading Commission (CFTC) from permitting a foreign board of trade to provide its members or other participants subject to CFTC jurisdiction direct access to its electronic trading and order matching system unless it meets specified requirements.
Authorizes the CFTC to require recordkeeping by any person either located within the United States or entering trades directly into the trade matching system of a foreign board of trade from the United States.
Subjects such persons to liability for violation of CFTC rules and regulations.
Directs the CFTC to convene a working group of international regulators to develop uniform international reporting and regulatory standards to ensure protection of energy futures markets from nonlegitimate hedge trading, excessive speculation, manipulation, location shopping, and lowest common denominator regulation, each of which poses systemic risks to all energy futures markets, countries, and consumers.
Defines "legitimate hedge trading" as transactions by commercial producers and purchasers of actual physical petroleum and energy commodities for future delivery and the direct counterparties to such trades.
Directs the CFTC to review oversight actions regarding all energy futures market participants or market activity in order to ensure that:
(1) legitimate hedge trading is protected and promoted; and
(2) excessive speculation is eliminated.
Requires the CFTC to set maximum speculative position limits on nonlegitimate hedge trading.
Instructs the CFTC to convene an advisory group to recommend an appropriate level for position limits designed for traders or entities that are not legitimate hedge traders.
Authorizes the CFTC to exercise oversight over any disturbance in a commodity market that disrupts its liquidity and price discovery function from accurately reflecting a commodity's supply and demand ("major market disturbance").
Requires the CFTC to identify each large over-the-counter transaction or class of such transactions in order to detect and prevent potential price manipulation of, or excessive speculation in, any contract listed for trading on a registered entity.
Instructs the CFTC to:
(1) routinely require detailed reporting from index traders and swap dealers in markets under its jurisdiction; and
(2) review the trading practices for index traders in markets under its jurisdiction to ensure that index trading is not adversely impacting the price discovery process.
Requires the CFTC to disaggregate and make public monthly:
(1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and
(2) data on speculative positions relative to bona fide physical hedgers in energy markets.
Directs the CFTC to appoint additional CFTC employees for enforcement purposes.
Establishes a Working Group on Energy Markets to:
(1) identify the factors that affect the pricing of crude oil and refined petroleum products, including market speculation; and
(2) assess the roles, missions, and structures of relevant federal agencies, interagency coordination, and the gaps that need to be filled for federal oversight and regulation of markets critical to energy security.
Amends the Department of Energy Organization Act to require each federal agency head to provide information to the Administrator of the Energy Information Administration for identification of each energy-producing company.
Establishes within such Administration a Financial Market Analysis Office responsible for financial analysis of energy markets.
Directs the Federal Energy Regulatory Commission (FERC) to investigate and report to certain congressional committees on the role of financial institutions in natural gas markets.
Directs the Comptroller General of the United States to study and report to certain congressional committees on:
(1) the international regime for regulating the trading of energy commodity futures and derivatives; and
(2) the effects of noncommercial speculators upon energy futures markets and energy prices.


... morehide bill summary

Sponsor

• Sen. Harry Reid [D, NV]
• and 17 Co-Sponsors
  • Sen. Sherrod Brown [D, OH]
  • Sen. Benjamin Cardin [D, MD]
  • Sen. Thomas Carper [D, DE]
  • Sen. Robert Casey [D, PA]
  • Sen. Christopher Dodd [D, CT]
  • Sen. Byron Dorgan [D, ND]
  • Sen. Richard Durbin [D, IL]
  • Sen. Tim Johnson [D, SD]
  • Sen. Amy Klobuchar [D, MN]
  • Sen. Frank Lautenberg [D, NJ]
  • Sen. Patrick Leahy [D, VT]
  • Sen. Robert Menéndez [D, NJ]
  • Sen. Barbara Mikulski [D, MD]
  • Sen. Patty Murray [D, WA]
  • Sen. John Reed [D, RI]
  • Sen. Charles Schumer [D, NY]
  • Sen. Ron Wyden [D, OR]
  close

Amendments

This bill has 164 amendments. See All AmendmentsHide All Amendments

Amendments to S.3268

Number	Status	Purpose
S.Amdt.5089	Offered	Amendment information not available.
S.Amdt.5090	Offered	Amendment information not available.
S.Amdt.5091	Offered	Amendment information not available.
S.Amdt.5092	Offered	Amendment information not available.
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S.Amdt.5096	Offered	Amendment information not available.
S.Amdt.5097	Offered	Amendment information not available.
S.Amdt.5098	Offered	To establish the enactment date.
S.Amdt.5099	Offered	To change the enactment date.
S.Amdt.5100	Offered	To establish the effective date.
S.Amdt.5101	Offered	To change the enactment date.
S.Amdt.5102	Offered	To change the enactment date.
S.Amdt.5105	Offered	Amendment information not available.
S.Amdt.5106	Offered	Amendment information not available.
S.Amdt.5107	Offered	Amendment information not available.
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S.Amdt.5215	Offered	Amendment information not available.
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S.Amdt.5219	Offered	Amendment information not available.
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S.Amdt.5221	Offered	Amendment information not available.
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S.Amdt.5224	Offered	Amendment information not available.
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S.Amdt.5226	Offered	Amendment information not available.
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S.Amdt.5230	Offered	Amendment information not available.
S.Amdt.5231	Offered	Amendment information not available.
S.Amdt.5232	Offered	Amendment information not available.
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S.Amdt.5258	Offered	Amendment information not available.
S.Amdt.5643	Offered	Amendment information not available.

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
July 15, 2008

Latest Vote

July 25, 2008Roll call number 184 in the Senate
Question: On the Cloture Motion (Motion to Invoke Cloture on S. 3268 )
Required percentage of 'Aye' votes: 3/5 (60%)	Percentage of 'aye' votes: 50%	Result: Cloture Motion Rejected

Democrats Voting 'Aye'

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Sen. Daniel Akaka [D, HI]
Sen. Max Baucus [D, MT]
Sen. Evan Bayh [D, IN]
Sen. Joseph Biden [D, DE]
Sen. Jeff Bingaman [D, NM]
Sen. Barbara Boxer [D, CA]
Sen. Sherrod Brown [D, OH]
Sen. Robert Byrd [D, WV]
Sen. Maria Cantwell [D, WA]
Sen. Benjamin Cardin [D, MD]
Sen. Thomas Carper [D, DE]
Sen. Robert Casey [D, PA]
Sen. Hillary Clinton [D, NY]
Sen. Kent Conrad [D, ND]
Sen. Christopher Dodd [D, CT]
Sen. Byron Dorgan [D, ND]
Sen. Richard Durbin [D, IL]
Sen. Russell Feingold [D, WI]
Sen. Dianne Feinstein [D, CA]
Sen. Thomas Harkin [D, IA]
Sen. Daniel Inouye [D, HI]
Sen. Tim Johnson [D, SD]
Sen. John Kerry [D, MA]
Sen. Amy Klobuchar [D, MN]
Sen. Herbert Kohl [D, WI]
Sen. Mary Landrieu [D, LA]
Sen. Frank Lautenberg [D, NJ]
Sen. Patrick Leahy [D, VT]
Sen. Carl Levin [D, MI]
Sen. Blanche Lincoln [D, AR]
Sen. Claire McCaskill [D, MO]
Sen. Robert Menéndez [D, NJ]
Sen. Barbara Mikulski [D, MD]
Sen. Patty Murray [D, WA]
Sen. Ben Nelson [D, NE]
Sen. Bill Nelson [D, FL]
Sen. Mark Pryor [D, AR]
Sen. John Reed [D, RI]
Sen. John Rockefeller [D, WV]
Sen. Ken Salazar [D, CO]
Sen. Charles Schumer [D, NY]
Sen. Debbie Ann Stabenow [D, MI]
Sen. Jon Tester [D, MT]
Sen. Jim Webb [D, VA]
Sen. Sheldon Whitehouse [D, RI]
Sen. Ron Wyden [D, OR]

Close

Republicans Voting 'Aye'

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Sen. Susan Collins [R, ME]
Sen. Olympia Snowe [R, ME]

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Others Voting 'Aye'

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Sen. Joseph Lieberman [I, CT]
Sen. Bernard Sanders [I, VT]

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Democrats Voting 'Nay'

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Sen. Harry Reid [D, NV]
Sen. Arlen Specter [D, PA]

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Republicans Voting 'Nay'

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Sen. Lamar Alexander [R, TN]
Sen. John Barrasso [R, WY]
Sen. Robert Bennett [R, UT]
Sen. Christopher Bond [R, MO]
Sen. Samuel Brownback [R, KS]
Sen. Jim Bunning [R, KY]
Sen. Richard Burr [R, NC]
Sen. Saxby Chambliss [R, GA]
Sen. Thad Cochran [R, MS]
Norm Coleman
Sen. Bob Corker [R, TN]
Sen. John Cornyn [R, TX]
Larry Craig
Sen. Michael Crapo [R, ID]
Sen. Jim DeMint [R, SC]
Elizabeth Dole
Pete Domenici
Sen. John Ensign [R, NV]
Sen. Michael Enzi [R, WY]
Sen. Charles Grassley [R, IA]
Sen. Judd Gregg [R, NH]
Charles Hagel
Sen. Orrin Hatch [R, UT]
Sen. Kay Hutchison [R, TX]
Sen. James Inhofe [R, OK]
Sen. John Isakson [R, GA]
Sen. Jon Kyl [R, AZ]
Sen. Richard Lugar [R, IN]
Sen. Mel Martinez [R, FL]
Sen. Mitch McConnell [R, KY]
Sen. Lisa Murkowski [R, AK]
Sen. Pat Roberts [R, KS]
Sen. Jefferson Sessions [R, AL]
Sen. Richard Shelby [R, AL]
Gordon Smith
John Sununu
Sen. John Thune [R, SD]
Sen. David Vitter [R, LA]
Sen. George Voinovich [R, OH]
John Warner
Sen. Roger Wicker [R, MS]

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Others Voting 'Nay'

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Democrats Voting 'Abstain'

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Sen. Edward Kennedy [D, MA]
Barack Obama

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Republicans Voting 'Abstain'

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Wayne Allard
Sen. Thomas Coburn [R, OK]
Sen. Lindsey Graham [R, SC]
Sen. John McCain [R, AZ]
Ted Stevens

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Others Voting 'Abstain'

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Close

---

See Full Voting History (2 votes)Hide Voting History     Show All Actions (19 actions)Hide Actions

Voting History

Date	Chamber	Question	Aye	Nay	Result
July 25, 2008	Senate	S.3268 Stop Excessive Energy Speculation Act of 2008 On the Cloture Motion (Motion to Invoke Cloture on S. 3268 )	50	43	Cloture Motion Rejected	See Vote
July 22, 2008	Senate	S.3268 Stop Excessive Energy Speculation Act of 2008 On Cloture on the Motion to Proceed (Motion to Invoke Cloture on the Motion to Proceed to S. 3268 )	94	0	Cloture on the Motion to Proceed Agreed to	See Vote

All Bill Actions

• Jul 25, 2008: Motion by Senator Reid to recon
• Jul 25, 2008: Considered by Senate.
• Jul 25, 2008: Motion by Senator Reid to reconsider the vote by which cloture on the measure was not invoked (Record Vote Number 184) entered in Senate.
• Jul 25, 2008: <a href="/cgi-bin/b
• Jul 25, 2008: Cloture on the measure not invoked in Senate by Yea-Nay Vote. 50 - 43. Record Vote Number: 184.
• Jul 23, 2008: Motion to proceed to consideration of measure agreed to in Senate by Voice Vote.
• Jul 23, 2008: Cloture motion on the measure presented in Senate.
• Jul 23, 2008: Motion by Senator Reid to commit to Senate Committee on Agriculture, Nutrition, and Forestry with instructions to report back forthwith, wtih the following amendment [SA 5100] made in Senate.
• Jul 23, 2008: Measure laid before Senate by motion.
• Jul 23, 2008: Motion to proceed to measure considered in Senate.
• Jul 22, 2008: Cloture invoked in Senate by Yea-Nay Vote. 94 - 0. Record Vote Number: 183.
• Jul 22, 2008: Star Print ordered on the measure as reported.
• Jul 22, 2008: Motion to proceed to measure considered in Senate.
• Jul 21, 2008: Motion to proceed to measure considered in Senate.
• Jul 17, 2008: Motion to proceed to consideration of measure made in Senate.
• Jul 17, 2008: Cloture motion on the motion to proceed to the measure presented in Senate.
• Added to calendar on Jul 16, 2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 882..
• Introduced on Jul 15, 2008.
• Jul 15, 2008: Introduced in the Senate. Ordered read the first time Placed on Senate Legislative Calendar under Read the First Time.

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Related Issue Areas:

• Finance
• Administrative procedure
• Banks and banking
• Business
• 26 more
• Business records
• Commodity Futures Trading Commission
• Commodity exchanges
• Congress
• Congressional investigations
• Congressional reporting requirements
• Department of Energy
• Energy
• Energy industries
• Energy prices
• Executive departments
• Executive reorganization
• Federal employees
• Futures trading
• Government employees
• Government information
• Government paperwork
• Government publicity
• Governmental investigations
• Independent regulatory commissions
• Law
• Natural gas
• Natural gas prices
• Petroleum
• Swaps (Finance)
• Trade

Data from the Congressional Research Service

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In the News

July 31, 2008 Senators who Voted AGAINST the Stop Excessive Energy Speculation Act

Under the previous order, the Senate will resume consideration of S. 3268, which the clerk will report. A bill (S. 3268) to amend the Commodity Exchange Act ...

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Source: Gather.com, MA

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July 30, 2008 Oil Companies Escape Billions in Royalty Payments to Americans ...

The US Senate is currently considering amendments to the Stop Excessive Energy Speculation Act of 2008 (S. 3268) that would repeal the congressional ban on ...

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Source: Common Dreams (press release), ME

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July 30, 2008 TAX UPDATE: Doubtful the Senate Will Take Up Extension of Tax Breaks

... (D-Nevada) to move to other legislation until he gives them a chance to offer amendments of their choosing to a pending energy speculation bill (S. 3268).

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Source: Helicopter Association International, VA

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Blog Coverage

January 04, 2009 The Realist: How To Be A Part Time Political Activist

Iminent Danger: S. 3268 · The Role of Media in Politics pt 3 · The Role of Media in Politics pt 2 · The Role of Media in Politics pt 1 · Obama Shuns Wounded American Soldiers · Regulating the Speculators · Change Y

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Source: The Realist

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January 03, 2009 Hedge_fund images,Hedge_fund photos,Hedge_fund videos,Hedge_fund news

S. 3268, a bill to amend the Commodity Exchange Act to prevent excessive price speculation with respect to energy commodities. The bill would give the federal regulator of futures markets the resources to detect, prevent, ...

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Source: blog.mediafetcher.com whats new

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December 27, 2008 The Realist: Happy New Year

Iminent Danger: S. 3268 · The Role of Media in Politics pt 3 · The Role of Media in Politics pt 2 · The Role of Media in Politics pt 1 · Obama Shuns Wounded American Soldiers · Regulating the Speculators · Change Y

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