3.0.0 2328 2022-02-03T05:56:26Z 2022-05-20T16:27:20Z House H HR 2011-06-23 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HINCHEY:H.R. 2328.Congress has the power to enact this legislation pursuantto the following:Section 8 : Powers of CongressTo regulate Commerce with foreign Nations, and among theseveral States, and with the Indian Tribes;[Page H4528]]]> hsag00 Agriculture Committee House Standing hsag16 General Farm Commodities, Risk Management, and Credit Subcommittee Referred to 2011-07-13T16:43:27Z Referred to 2011-06-23T14:04:35Z End Excessive Oil Speculation Now Act of 2011 112 1200 S 2011-06-15 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. Identical bill CRS 2011-07-13 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 2011-06-23 Referred to the House Committee on Agriculture. IntroReferral H11100 2 House floor actions hsag00 Agriculture Committee 2011-06-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-06-23 Introduced in House IntroReferral 1000 9 Library of Congress H000627 Rep. Hinchey, Maurice D. [D-NY-22] MAURICE HINCHEY D NY D. 22 N W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2011-06-23 True D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 2011-06-23 True G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2011-06-23 True O000085 Rep. Olver, John W. [D-MA-1] JOHN OLVER D MA W. 1 2011-06-23 True S000810 Rep. Stark, Fortney Pete [D-CA-13] PETE STARK D CA 13 2011-06-23 True L000551 Rep. Lee, Barbara [D-CA-9] BARBARA LEE D CA 9 2011-06-24 False S000480 Rep. Slaughter, Louise McIntosh [D-NY-28] LOUISE SLAUGHTER D NY M. 28 2011-06-24 False K000336 Rep. Kucinich, Dennis J. [D-OH-10] DENNIS KUCINICH D OH J. 10 2011-09-08 False S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2011-09-08 False L000397 Rep. Lofgren, Zoe [D-CA-16] ZOE LOFGREN D CA 16 2011-09-08 False L000559 Rep. Langevin, James R. [D-RI-2] JAMES LANGEVIN D RI R. 2 2012-02-27 False F000116 Rep. Filner, Bob [D-CA-51] BOB FILNER D CA 51 2012-03-08 False C001084 Rep. Cicilline, David N. [D-RI-1] David Cicilline D RI N. 1 2012-07-10 False Finance and Financial Sector Administrative law and regulatory procedures Commodities markets Commodity Futures Trading Commission Energy prices Lighting, heating, cooling Motor fuels Oil and gas Finance and Financial Sector 00 2011-06-23 Introduced in House 2011-09-08T15:22:38Z End Excessive Oil Speculation Now Act of 2011 - Directs the Chairman of the Commodity Futures Trading Commission (CFTC) to establish speculative position limits: (1) in any registered trading entity on or through which crude oil, gasoline, diesel fuel, jet fuel, or heating oil futures or swaps are traded that are equal to the position accountability levels or position limits established by the New York Mercantile Exchange (Exchange); and (2) that are equal to the position accountability levels or position limits established by such Exchange upon the aggregate number or amount of positions in contracts based upon the same underlying commodity that may be held by any person (including any group or class of traders) for each month across specified contracts, transactions, and swap contracts.

Directs the Chairman to: (1) establish margin requirements of 12% for speculative swaps and futures trading in crude oil, gasoline, diesel fuel, jet fuel, and heating oil; (2) require each bank holding company, investment bank, hedge fund, or swaps dealer trading energy futures or swaps for its own benefit, or on behalf of, or as counterparty to, an index fund, exchange traded fund, or other noncommercial participant, to register with the CFTC as a noncommercial participant and be subject to position limits and margin requirements under this Act.

Exempts bona-fide hedge trading from such position limits and margin requirements.

Expresses the sense of Congress that, if finalized, the proposed position limits for derivatives that the CFTC included in a specified notice of proposed rulemaking do not fulfill the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act to diminish, eliminate, or prevent excessive speculation.

]]> End Excessive Oil Speculation Now Act of 2011 Short Titles as Introduced End Excessive Oil Speculation Now Act of 2011 Display Title End Excessive Oil Speculation Now Act of 2011 Official Title as Introduced To require the Chairman of the Commodity Futures Trading Commission to impose unilaterally position limits and margin requirements to eliminate excessive oil speculation, and to take other actions to ensure that the price of crude oil, gasoline, diesel fuel, jet fuel, and heating oil accurately reflects the fundamentals of supply and demand, to remain in effect until the date on which the Commission establishes position limits to diminish, eliminate, or prevent excessive speculation as required by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and for other purposes. Introduced in House 2011-06-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2328ih/xml/BILLS-112hr2328ih.xml 2011-07-13 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.