3.0.0 2003 2019-11-15T20:52:12Z 2022-05-20T16:27:20Z House H HR 2011-05-26 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DeFAZIO:H.R. 2003.Congress has the power to enact this legislation pursuantto the following:Article I, section 8, clause 1.[Page H3756]]]> hsag00 Agriculture Committee House Standing hsag16 General Farm Commodities, Risk Management, and Credit Subcommittee Referred to 2011-06-08T16:16:28Z Referred to 2011-05-26T14:03:40Z hswm00 Ways and Means Committee House Standing Referred to 2011-05-26T14:03:35Z 2011-06-08 hsag16 General Farm Commodities, Risk Management, and Credit Subcommittee 1 House committee actions Referred to the Subcommittee on General Farm Commodities and Risk Management. Committee 2011-05-26 Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsag00 Agriculture Committee 2011-05-26 Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-05-26 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-05-26 Introduced in House IntroReferral 1000 9 Library of Congress D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 N B001259 Rep. Braley, Bruce L. [D-IA-1] Bruce Braley D IA L. 1 2011-05-26 True H001032 Rep. Holt, Rush [D-NJ-12] RUSH HOLT D NJ D. 12 2011-05-26 True E000290 Rep. Edwards, Donna F. [D-MD-4] Donna Edwards D MD F. 4 2011-06-02 False T000266 Rep. Tierney, John F. [D-MA-6] JOHN TIERNEY D MA F. 6 2011-06-03 False C001084 Rep. Cicilline, David N. [D-RI-1] David Cicilline D RI N. 1 2012-03-01 False F000116 Rep. Filner, Bob [D-CA-51] BOB FILNER D CA 51 2012-03-06 False B001278 Rep. Bonamici, Suzanne [D-OR-1] Suzanne Bonamici D OR 1 2012-03-20 False S000480 Rep. Slaughter, Louise McIntosh [D-NY-28] LOUISE SLAUGHTER D NY M. 28 2012-04-16 False B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2012-04-16 False Taxation Budget deficits and national debt Commodities markets Commodity Futures Trading Commission Energy prices Executive agency funding and structure Financial services and investments Oil and gas Sales and excise taxes Securities Taxation 00 2011-05-26 Introduced in House 2011-06-29T19:36:04Z Taxing Speculators out of the Oil Market Act - Amends the Internal Revenue Code to: (1) impose an 0.01% excise tax on transactions in oil futures, options, and swaps, to be paid by the trading facility on which the transactions occur or by the buyer of the transaction; and (2) require withholding of such tax if the buyer is a foreign person. Exempts from such tax certain commercial oil traders and bona fide hedging transactions.

Amends the Commodity Exchange Act to credit tax revenues from this Act as offsetting collections to appropriations to the Commodity Futures Trading Commission (CFTC). Requires any unexpended amounts to be used to reduce the public debt.

Requires the CFTC to: (1) subject each bank holding company that engages in trading in oil futures, options, and swaps, and each hedge fund that buys or sells a contract of sale of oil for future delivery, to the rules applicable to noncommercial participants in the markets for the contracts; and (2) revoke immediately each staff no-action letter that covers a foreign board of trade that has established a trading terminal in the United States for selling contracts to or from U.S. investors and engages in trading in oil futures, options, and swaps.

]]> Taxing Speculators out of the Oil Market Act Short Titles as Introduced Taxing Speculators out of the Oil Market Act Display Title Taxing Speculators out of the Oil Market Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to impose a tax on transactions in oil futures, options, and swaps, and for other purposes. Introduced in House 2011-05-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2003ih/xml/BILLS-112hr2003ih.xml 2011-06-08 Referred to the Subcommittee on General Farm Commodities and Risk Management. 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.