3.0.0 3248 2019-11-15T21:44:47Z 2019-11-15T21:44:47Z Senate S S 2008-07-10 110 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Standing Referred to 2008-07-10T21:08:15Z 2008-07-10 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 S6568-6569) IntroReferral 2008-07-10 Sponsor introductory remarks on measure. (CR S6567-6568, S6569-6570) IntroReferral B00100 9 Library of Congress 2008-07-10 Introduced in Senate IntroReferral 10000 9 Library of Congress L000304 Sen. Lieberman, Joseph I. [ID-CT] JOSEPH LIEBERMAN ID CT I. N C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2008-07-10 True C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2008-07-10 True B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2008-07-17 False Finance and Financial Sector Administrative procedure Commodity Futures Trading Commission Commodity exchanges Congress Congressional reporting requirements Derivative securities Federal employees Futures trading Government Operations and Politics Government paperwork Independent regulatory commissions Law Metals Public Lands and Natural Resources Finance and Financial Sector 00 2008-07-10 Introduced in Senate 2008-10-08T15:28:13Z Commodity Speculation Reform Act of 2008 - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC) from issuing a no action letter to any foreign board of trade that lists a contract whose price settles on the price of a contract traded on an exchange regulated by the CFTC, unless the foreign board provides the CFTC with information and data accessibility comparable to those provided the CFTC by entities under its jurisdiction.

Directs the CFTC to: (1) promulgate regulations to establish and enforce speculative position limits for qualifying commodities, a methodology for aggregating specified positions, and information reporting rules to facilitate monitoring and enforcement of speculative position limits and over-the-counter commodity derivatives; and (2) appoint at least 100 additional full-time employees to assist in carrying out such requirements.

Prohibits a person from holding or controlling a position, separately or in combination, net long or net short, for the purchase or sale of a commodity for future delivery or, on a futures-equivalent basis, any option, or an over-the-counter commodity derivative that exceeds CFTC speculative position limits.

Instructs the CFTC to study and report to certain congressional committees regarding: (1) trends in speculative activity relating to metals; and (2) possible extension of CFTC authority to cover trading of metals.

]]> Commodity Speculation Reform Act of 2008 Short Titles as Introduced Commodity Speculation Reform Act of 2008 Display Title Commodity Speculation Reform Act of 2008 Official Title as Introduced A bill to amend the Commodity Exchange Act to clarify the treatment of purchases of certain commodity futures contracts and financial instruments with respect to limits established by the Commodity Futures Trading Commission relating to excessive speculation, and for other purposes. Introduced in Senate 2008-07-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3248is/xml/BILLS-110s3248is.xml 2008-07-10 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S6568-6569) 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.