3.0.0 3183 2019-11-15T21:44:46Z 2019-11-15T21:44:46Z Senate S S 2008-06-24 110 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Standing Referred to 2008-06-24T18:34:04Z 2008-06-24 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. IntroReferral 2008-06-24 Sponsor introductory remarks on measure. (CR S6021-6022) IntroReferral B00100 9 Library of Congress 2008-06-24 Introduced in Senate IntroReferral 10000 9 Library of Congress D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE N N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2008-06-24 True C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. 2008-06-24 True Finance and Financial Sector Administrative procedure Commerce Commodity Futures Trading Commission Commodity exchanges Energy Futures trading Government Operations and Politics Governmental investigations Independent regulatory commissions Information disclosure (Securities law) International Affairs International cooperation Law Margins (Security trading) Petroleum Finance and Financial Sector 00 2008-06-24 Introduced in Senate 2008-09-03T15:14:56Z End Oil Speculation Act of 2008 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC) to eliminate manipulation and excessive speculation on petroleum futures markets by investigation, regulation, and rulemaking, while distinguishing between: (1) transactions by commercial producers and purchasers (as well as counterparties) involving actual physical petroleum products for future delivery ("legitimate hedge trading"); and (2) all other trading.

Instructs the CFTC to review and: (1) revoke or modify prior action regarding certain transactions, participants, or petroleum futures market activity that is not a legitimate hedge trade; and (2) consider revoking results of prior actions that have the effect of limiting, reducing, or eliminating the full applicability of position limits on trading that is not legitimate hedge trading, or the filing of any report or data regarding a trade or trader.

Directs the CFTC to set margin requirements of at least 25% for any trading that is not legitimate hedge trading.

Directs the CFTC to subject to its regulation any person engaging in a petroleum futures market activity in any location unless and until the activity occurs in a market or exchange whose regulations are substantially identical to CFTC regulations and are fully enforced.

Requires the CFTC to ensure that petroleum futures market participant activities are fully and accurately disclosed.

Instructs the CFTC to convene a working group of international regulators to develop uniform international oversight to protect petroleum futures markets from excessive speculation and other specified practices that pose systemic risks.

]]> End Oil Speculation Act of 2008 Short Titles as Introduced End Oil Speculation Act of 2008 Display Title End Oil Speculation Act of 2008 Official Title as Introduced A bill to amend the Commodity Exchange Act to provide oil and gas price relief by requiring the Commodity Futures Trading Commission to take action to end excessive speculation, and for other purposes. Introduced in Senate 2008-06-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3183is/xml/BILLS-110s3183is.xml 2008-06-24 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. 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.