3.0.0 1598 2023-01-11T13:22:16Z 2023-01-11T13:22:16Z Senate S S 2011-09-21 112 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Standing Referred to 2011-09-21T23:15:32Z Anti-Excessive Speculation Act of 2011 112 3006 HR 2011-10-04 Referred to the Subcommittee on General Farm Commodities and Risk Management. Identical bill CRS 2011-09-21 ssaf00 Agriculture, Nutrition, and Forestry Committee Senate Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. IntroReferral 2011-09-21 Introduced in Senate IntroReferral 10000 9 Library of Congress N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM N S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2011-09-21 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2011-09-21 True R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV 2011-09-21 True M001183 Sen. Manchin, Joe, III [D-WV] Joseph Manchin D WV 2012-03-07 False Finance and Financial Sector Administrative law and regulatory procedures Commodities markets Commodity Futures Trading Commission Energy prices Oil and gas Finance and Financial Sector 00 2011-09-21 Introduced in Senate 2012-01-04T22:30:38Z Anti-Excessive Speculation Act of 2011 - Amends the Commodity Exchange Act to revise the registration requirements for foreign boards of trade. Directs the Commodity Futures Trading Commission (CFTC) to consider whether foreign boards are subject to rules and restrictions prohibiting excessive speculation by governmental authorities that are comparable to the law, regulations, and orders applicable to boards of trade in the United States.

Sets forth a presumption of excessive speculation if the CFTC, using specified criteria, determines that speculative traders in a commodity market have a substantial impact on price discovery.

Establishes individual position limits on energy contracts (referencing the price of crude oil, gasoline, diesel fuel, jet fuel, heating oil, or natural gas) that are applicable to long or short positions. Defines an "excessive speculative position" as a position that affects more than 5% of: (1) the estimated deliverable supply of the same commodity in the spot month, and (2) the open interest in a contract in a single month or all months combined.

Prohibits any person from holding or controlling an excessive speculative position, long or short, in an energy contract in any single market and aggregated across all markets in the spot month, a single month, or all-months combined.

Directs the CFTC to establish aggregate speculative position limits for long energy contracts held by speculators as a class of traders in any single market and in all markets. Requires that such positions be capped at the average annual percentage of long open interest held by speculators in any single energy contract market and in all such markets during the preceding 25-year period (or the period during which the contract has been traded if held for less than the 25-year period).

Excludes bona fide energy hedging from the computation of positions held or controlled by a person. Defines "bona fide energy hedging" as a transaction or position that is proportionate and economically appropriate for the reduction of risks in the conduct and management of a trade or business that produces, processes, merchandises, manufactures, or consumes an energy commodity. Declares that the management of financial risk associated with swaps or other similar contracts, by itself, shall not constitute bona fide hedging.

]]> Anti-Excessive Speculation Act of 2011 Display Title Anti-Excessive Speculation Act of 2011 Official Title as Introduced A bill to amend the Commodity Exchange Act to prevent excessive speculation in commodity markets and excessive speculative position limits on energy contracts, and for other purposes. Introduced in Senate IS Short Titles as Introduced Anti-Excessive Speculation Act of 2011 Introduced in Senate 2011-09-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1598is/xml/BILLS-112s1598is.xml 2011-09-21 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.