[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6279 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6279

  To reduce speculation in crude oil markets, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 17, 2008

  Mr. Chabot introduced the following bill; which was referred to the 
                        Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
  To reduce speculation in crude oil markets, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Oil Speculation Reduction Act of 
2008''.

SEC. 2. SPECULATIVE LIMITS AND TRANSPARENCY FOR OFF-SHORE OIL TRADING.

    Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended by 
adding at the end the following:
    ``(e)(1) The Commission shall not exempt a board of trade, 
exchange, or market located outside the United States from the 
requirement of subsection (a) to become a designated contract market, 
derivatives transaction execution facility, or other registered entity, 
with respect to agreements, contracts, and transactions in crude oil to 
be physically delivered in the United States, unless the Commission 
determines that the board of trade, exchange, or market--
            ``(A) applies principles or requirements regarding the 
        daily publication of trading information and position limits or 
        accountability levels for speculators in the agreements, 
        contracts, or transactions that are comparable to those applied 
        by a designated contract market, derivatives transaction 
        execution facility, or other registered entity;
            ``(B) provides information to the Commission, regarding the 
        extent of speculative and nonspeculative trading in agreements, 
        contracts, and transactions in crude oil that is comparable to 
        the information the Commission determines necessary to publish 
        a Commitment of Traders report for a designated contract 
        market, derivatives transaction execution facility, or other 
        registered entity with respect to the trading; and
            ``(C) imposes margin requirements that are--
                    ``(i) comparable to those imposed by a designated 
                contract market, derivatives transaction execution 
                facility, or other registered entity for other 
                commodities; and
                    ``(ii) sufficient to reduce excessive speculation 
                and protect consumers.
    ``(2) During the 6-month period that begins 1 year after the date 
of the enactment of this subsection, the Commission shall determine 
whether to continue to grant any exemption described in paragraph (1) 
that was granted before such date of enactment to any board of trade, 
exchange, or market located outside the United States.''.

SEC. 3. REPORT TO THE CONGRESS.

    Not later than 1 year after the date of the enactment of this Act, 
the Commodity Futures Trading Commission shall submit to the Committee 
on Agriculture of the House of Representatives and the Committee on 
Agriculture, Nutrition, and Forestry of the Senate a report describing 
the effects of the amendment made by section 2 on the trading 
facilities, agreements, contracts, and transactions subject to the 
jurisdiction of the Commission.
                                 <all>