3.0.0 3131 2019-11-15T21:44:46Z 2019-11-15T21:44:46Z Senate S S 2008-06-12 110 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Standing Referred to 2008-06-12T22:28:27Z 2008-06-12 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S5630-5631) IntroReferral 2008-06-12 Sponsor introductory remarks on measure. (CR S5629-5630) IntroReferral B00100 9 Library of Congress 2008-06-12 Introduced in Senate IntroReferral 10000 9 Library of Congress F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA N S000888 Sen. Stevens, Ted [R-AK] THEODORE STEVENS R AK F. 2008-06-12 True W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2008-06-24 False Finance and Financial Sector Administrative procedure Commerce Commodity Futures Trading Commission Commodity exchanges Energy Executive reorganization Foundations Futures trading Government Operations and Politics Government paperwork Independent regulatory commissions Inspectors general Investments Investors Labor and Employment Law Pension funds Petroleum Prices Restrictive trade practices Social Welfare Swaps (Finance) Finance and Financial Sector 00 2008-06-12 Introduced in Senate 2008-07-24T20:55:43Z 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.

]]> Oil Speculation Control Act of 2008 Short Titles as Introduced Oil Speculation Control Act of 2008 Display Title Oil Speculation Control Act of 2008 Official Title as Introduced A bill to amend the Commodity Exchange Act to ensure the application of speculation limits to speculators in energy markets, and for other purposes. Introduced in Senate 2008-06-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3131is/xml/BILLS-110s3131is.xml 2008-06-12 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S5630-5631) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.