110 HR 6130 IH: To provide for a study of the effects of speculation in U.S. House of Representatives 2008-05-22 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.

I 110th CONGRESS 2d Session H. R. 6130 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.

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).

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.