[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6130 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6130

  To provide for a study of the effects of speculation in the futures 
  markets for natural gas, crude oil, and gasoline on cash market and 
 retail prices for the commodities and on the choice of trading venue, 
  and to require the Commodity Futures Trading Commission to issue a 
   notice of proposed rulemaking regarding comparability of foreign 
             regulation of futures and derivatives trading.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 2008

 Mr. Barton of Texas (for himself, Mr. Upton, Mr. Deal of Georgia, Mr. 
Whitfield of Kentucky, Mr. Shadegg, Mr. Pickering, Mr. Radanovich, Mrs. 
Bono Mack, Mr. Terry, Mr. Rogers of Michigan, Mrs. Myrick, Mr. Burgess, 
Mr. McCaul of Texas, Mr. Brady of Texas, Mr. Sam Johnson of Texas, Mr. 
Gallegly, Mr. Pearce, Mr. McCrery, Mr. Kuhl of New York, and Mr. Issa) 
 introduced the following bill; which was referred to the Committee on 
 Agriculture, and in addition to the Committee on Energy and Commerce, 
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

_______________________________________________________________________

                                 A BILL


 
  To provide for a study of the effects of speculation in the futures 
  markets for natural gas, crude oil, and gasoline on cash market and 
 retail prices for the commodities and on the choice of trading venue, 
  and to require the Commodity Futures Trading Commission to issue a 
   notice of proposed rulemaking regarding comparability of foreign 
             regulation of futures and derivatives trading.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. STUDY OF EFFECTS OF SPECULATION IN THE FUTURES MARKETS FOR 
              NATURAL GAS, CRUDE OIL, AND GASOLINE ON CASH MARKET AND 
              RETAIL PRICES, AND CHOICE OF TRADING VENUE.

    (a) Study.--The Federal Trade Commission, the Board of Governors of 
the Federal Reserve System, and the Energy Information Agency, in 
consultation with the Commodity Futures Trading Commission, other 
Federal agencies, and other entities involved in gathering and 
reviewing such information, shall jointly conduct a study of the 
effects of speculation in the futures markets (including foreign 
futures markets) for natural gas, crude oil, and gasoline on cash 
market and retail prices for the commodities. The study shall focus on 
the effects of margin requirements, position limits, and other 
regulatory requirements that apply with respect to trading in the 
commodities on the choice of trading venue.
    (b) Report to the Congress.--Within 180 days after the date of the 
enactment of this Act, the Federal Trade Commission shall submit to the 
Committee on Energy and Commerce of the House of Representatives and 
the Committee on Commerce of the Senate a report on the results of the 
study required by subsection (a).

SEC. 2. REQUIREMENT THAT THE COMMODITY FUTURES TRADING COMMISSION ISSUE 
              A NOTICE OF PROPOSED RULEMAKING REGARDING COMPARABILITY 
              OF FOREIGN REGULATION OF FUTURES AND DERIVATIVES TRADING.

    Within 6 months after the date of the enactment of this Act, the 
Commodity Futures Trading Commission shall--
            (1) issue a notice of proposed rulemaking regarding how the 
        Commission determines whether regulation of futures contracts 
        and derivatives (including any related position limits, margin 
        requirements, and reporting requirements) by a foreign country 
        is comparable to regulation of such under the Commodity 
        Exchange Act, which includes a request for comments from the 
        public regarding the factors which the Commission should 
        consider in making such a determination;
            (2) evaluate any such comments submitted to the Commission; 
        and
            (3) determine whether the Commission should issue a 
        proposed rule regarding the matter.
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