[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2995 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2995

      To amend the Commodity Exchange Act to enhance oil trading 
                             transparency.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 8, 2008

  Mr. Levin (for himself and Mrs. Feinstein) introduced the following 
      bill; which was read twice and referred to the Committee on 
                  Agriculture, Nutrition, and Forestry

_______________________________________________________________________

                                 A BILL


 
      To amend the Commodity Exchange Act to enhance oil trading 
                             transparency.

    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 Trading Transparency Act''.

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) Foreign Boards of Trade.--
            ``(1) In general.--In the case of any foreign board of 
        trade for which the Commission has granted or is considering an 
        application to grant a board of trade located outside of the 
        United States relief from the requirement of subsection (a) to 
        become a designated contract market, derivatives transaction 
        execution facility, or other registered entity, with respect to 
        an energy commodity that is physically delivered in the United 
        States, prior to continuing to or initially granting the 
        relief, the Commission shall determine that the foreign board 
        of trade--
                    ``(A) applies comparable principles or requirements 
                regarding the daily publication of trading information 
                and position limits or accountability levels for 
                speculators as apply to a designated contract market, 
                derivatives transaction execution facility, or other 
                registered entity trading energy commodities physically 
                delivered in the United States; and
                    ``(B) provides such information to the Commission 
                regarding the extent of speculative and nonspeculative 
                trading in the energy commodity 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 trading energy 
                commodities physically delivered in the United States.
            ``(2) Existing foreign boards of trade.--During the period 
        beginning 1 year after the date of enactment of this subsection 
        and ending 18 months after the date of enactment of this 
        subsection, the Commission shall determine whether to continue 
        to grant relief in accordance with paragraph (1) to any foreign 
        board of trade for which the Commission granted relief prior to 
        the date of enactment of this subsection.''.
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