1.Short title; table of
contents
(a)This Act may be cited as the Gas Price Reduction Act of
2008
.
(b)The table of contents of this Act is as follows:
Sec. 1. Short title; table of contents.
TITLE I—Deep sea exploration
Sec. 101. Publication of projected State lines on outer
Continental Shelf.
Sec. 102. Production of oil and natural gas in new producing
areas.
Sec. 103. Conforming amendments.
TITLE II—Western State oil shale exploration
Sec. 201. Removal of prohibition on final regulations for
commercial leasing program for oil shale resources on public land.
TITLE III—Plug-in electric cars and trucks
Sec. 301. Advanced batteries for electric drive
vehicles.
TITLE IV—Energy commodity markets
Sec. 401. Study of international regulation of energy commodity
markets.
Sec. 402. Foreign boards of trade.
Sec. 403. Index traders and swap dealers; disaggregation of
index funds.
Sec. 404. Improved oversight and enforcement.
<enum>I</enum><header>Deep
sea exploration</header>
<section id="ID79484307572A4730AE2DB07A3B01ED54"><enum>101.</enum><header>Publication of
projected State lines on outer Continental Shelf</header><text display-inline="no-display-inline">Section 4(a)(2)(A) of the Outer Continental
Shelf Lands Act (43 U.S.C. 1333(a)(2)(A)) is amended—</text>
<paragraph id="ID7117F4D8571F480AA5EBF378074F8C2A"><enum>(1)</enum><text>by designating
the first, second, and third sentences as clause (i), (iii), and (iv),
respectively;</text>
</paragraph><paragraph id="ID217D456FEAC447BC8CDADD51977C75DF"><enum>(2)</enum><text>in clause (i) (as
so designated), by inserting before the period at the end the following:
<quote>not later than 90 days after the date of enactment of the
<short-title>Gas Price Reduction Act of
2008</short-title></quote>; and</text>
</paragraph><paragraph id="ID9B52818154A540B5A240520C9B83FA49"><enum>(3)</enum><text>by inserting
after clause (i) (as so designated) the following:</text>
<quoted-block display-inline="no-display-inline" id="id72CAD9D9748746A083ECA7AEBCC000AF" style="OLC">
<clause id="ID6DDE58F095B7488781C736A4DB4CB915" indent="up3"><enum>(ii)</enum><subclause commented="no" display-inline="yes-display-inline" id="ID4E280BC708DD432C9239618434B62B40"><enum>(I)</enum><text>The projected lines
shall also be used for the purpose of preleasing and leasing activities
conducted in new producing areas under section 32.</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="IDEAE13E66494D4C4186FA2D131121F2DD" indent="up1"><enum>(II)</enum><text>This clause shall not affect any
property right or title to Federal submerged land on the outer Continental
Shelf.</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="idEF179F59179D42F7857652B71DFD8F0F" indent="up1"><enum>(III)</enum><text>In carrying out this clause, the
President shall consider the offshore administrative boundaries beyond State
submerged lands for planning, coordination, and administrative purposes of the
Department of the Interior, but may establish different
boundaries.</text>
</subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="ID2CE98CAC694A4B85AEBABD0BC3CD04C0"><enum>102.</enum><header>Production of
oil and natural gas in new producing areas</header><text display-inline="no-display-inline">The Outer Continental Shelf Lands Act (43
U.S.C. 1331 et seq.) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id8BEB20A950374D15ADBDE0B6EAC54B55" style="OLC">
<section id="IDE68D7EC09DA14C69B050EB7FADF47917"><enum>32.</enum><header>Production of
oil and natural gas in new producing areas</header>
<subsection id="ID02E7CBE27F3848F39FD1FBF5129984A7"><enum>(a)</enum><header>Definitions</header><text>In
this section:</text>
<paragraph id="IDF074F6D4DED1412DA0099DEB2F346A08"><enum>(1)</enum><header>Coastal
political subdivision</header><text>The term <term>coastal political
subdivision</term> means a political subdivision of a new producing State any
part of which political subdivision is—</text>
<subparagraph id="IDA86863A78125419F9BFFA2DF8F742C3D"><enum>(A)</enum><text>within the
coastal zone (as defined in section 304 of the <act-name parsable-cite="CAMA72">Coastal Zone Management Act of 1972</act-name> (16
U.S.C. 1453)) of the new producing State as of the date of enactment of this
section; and</text>
</subparagraph><subparagraph id="ID03B86967390D40248ED16C3E4F2221FD"><enum>(B)</enum><text>not more than 200
nautical miles from the geographic center of any leased tract.</text>
</subparagraph></paragraph><paragraph id="IDF1B0EC83E4E244BDAEC1D4C1426CCA28"><enum>(2)</enum><header>Moratorium
area</header>
<subparagraph id="id764B011E375F4A72BA80DB99EDEA27CC"><enum>(A)</enum><header>In
general</header><text>The term <term>moratorium area</term> means an area
covered by sections 104 through 105 of the Department of the Interior,
Environment, and Related Agencies Appropriations Act, 2008 (Public Law 110–161;
121 Stat. 2118) (as in effect on the day before the date of enactment of this
section).</text>
</subparagraph><subparagraph id="id1D9262D7C014400DAE4D286290B957EF"><enum>(B)</enum><header>Exclusion</header><text>The
term <term>moratorium area</term> does not include an area located in the Gulf
of Mexico.</text>
</subparagraph></paragraph><paragraph id="ID69154E892D54464A908C3AE9876B9958"><enum>(3)</enum><header>New producing
area</header><text>The term <term>new producing area</term> means any
moratorium area within the offshore administrative boundaries beyond the
submerged land of a State that is located greater than 50 miles from the
coastline of the State.</text>
</paragraph><paragraph id="id687873029E1D4FDF9A11D701E8E71CD8"><enum>(4)</enum><header>New producing
State</header><text>The term <term>new producing State</term> means a State
that has, within the offshore administrative boundaries beyond the submerged
land of the State, a new producing area available for oil and gas leasing under
subsection (b).</text>
</paragraph><paragraph id="IDe8a1329f561c4ae0aee318905013aa49"><enum>(5)</enum><header>Offshore
administrative boundaries</header><text>The term <term>offshore administrative
boundaries</term> means the administrative boundaries established by the
Secretary beyond State submerged land for planning, coordination, and
administrative purposes of the Department of the Interior and published in the
Federal Register on January 3, 2006 (71 Fed. Reg. 127).</text>
</paragraph><paragraph id="IDA5D92BED407148618F60C025481A9038"><enum>(6)</enum><header>Qualified outer
Continental Shelf revenues</header>
<subparagraph id="IDD3CF9E2A4454488F928EB41272BF6461"><enum>(A)</enum><header>In
general</header><text>The term <term>qualified outer Continental Shelf
revenues</term> means all rentals, royalties, bonus bids, and other sums due
and payable to the United States from leases entered into on or after the date
of enactment of this section for new producing areas.</text>
</subparagraph><subparagraph id="IDB31D081EDCE148EF93244B87726F8093"><enum>(B)</enum><header>Exclusions</header><text>The
term <term>qualified outer Continental Shelf revenues</term> does not
include—</text>
<clause id="ID3e87a6d75e0f419d85c156d1d1cc6360"><enum>(i)</enum><text>revenues from a
bond or other surety forfeited for obligations other than the collection of
royalties;</text>
</clause><clause id="ID3524a1b032634a67b6eccb148b5f30d0"><enum>(ii)</enum><text>revenues from
civil penalties;</text>
</clause><clause id="IDdb37b393ef2b49dda6868dcbad104e51"><enum>(iii)</enum><text>royalties taken
by the Secretary in-kind and not sold;</text>
</clause><clause id="ID66957ceae08547a79c102542370ecd5c"><enum>(iv)</enum><text>revenues
generated from leases subject to section 8(g); or</text>
</clause><clause id="ID3d3a733ff1f04f2d96c2c798d4f3c586"><enum>(v)</enum><text>any revenues
considered qualified outer Continental Shelf revenues under section 102 of the
Gulf of Mexico Energy Security Act of 2006 (43 U.S.C. 1331 note; Public Law
109–432).</text>
</clause></subparagraph></paragraph></subsection><subsection id="ID464EE0E3AA6A454687F8E2A65F995CE3"><enum>(b)</enum><header>Petition for
Leasing New Producing Areas</header>
<paragraph id="IDE864894638864F80B34407910793064E"><enum>(1)</enum><header>In
general</header><text>Beginning on the date on which the President delineates
projected State lines under section 4(a)(2)(A)(ii), the Governor of a State,
with the concurrence of the legislature of the State, with a new producing area
within the offshore administrative boundaries beyond the submerged land of the
State may submit to the Secretary a petition requesting that the Secretary make
the new producing area available for oil and gas leasing.</text>
</paragraph><paragraph id="IDDE263D4AAFC44500A71EC488CFA77D78"><enum>(2)</enum><header>Action by
Secretary</header><text>Notwithstanding section 18, as soon as practicable
after receipt of a petition under paragraph (1), the Secretary shall approve
the petition if the Secretary determines that leasing the new producing area
would not create an unreasonable risk of harm to the marine, human, or coastal
environment.</text>
</paragraph></subsection><subsection id="idC5666DC283E54DFDA83BDD09854D04A3"><enum>(c)</enum><header>Disposition of
qualified outer Continental Shelf revenues from new producing areas</header>
<paragraph id="IDAB4B17C4149941259ADBEAE926CC11A2"><enum>(1)</enum><header>In
general</header><text>Notwithstanding section 9 and subject to the other
provisions of this subsection, for each applicable fiscal year, the Secretary
of the Treasury shall deposit—</text>
<subparagraph id="ID8715D478A49A48FC9CE46C9AB4D8350A"><enum>(A)</enum><text>50 percent of
qualified outer Continental Shelf revenues in the general fund of the Treasury;
and</text>
</subparagraph><subparagraph id="IDE6EC01AB2ADE41E8B22C6D2AD3BDA695"><enum>(B)</enum><text>50 percent of
qualified outer Continental Shelf revenues in a special account in the Treasury
from which the Secretary shall disburse—</text>
<clause id="IDB6163135FC2748FDAF0048DD709236EC"><enum>(i)</enum><text>75 percent to new
producing States in accordance with paragraph (2); and</text>
</clause><clause id="IDA7E4C6A3E6894E2E909195205BBADFA0"><enum>(ii)</enum><text>25 percent to
provide financial assistance to States in accordance with section 6 of the
<act-name parsable-cite="LWCFA">Land and Water Conservation Fund Act of
1965</act-name> (16 U.S.C. 460<added-phrase reported-display-style="italic">l</added-phrase>–8), which shall be considered
income to the Land and Water Conservation Fund for purposes of section 2 of
that Act (16 U.S.C. 460<added-phrase reported-display-style="italic">l</added-phrase>–5).</text>
</clause></subparagraph></paragraph><paragraph id="ID19D89662DBD845E992BDBB4B347D6D15"><enum>(2)</enum><header>Allocation to
new producing States and coastal political subdivisions</header>
<subparagraph id="ID5983E9684A9842D29C307D6CF34A1696"><enum>(A)</enum><header>Allocation to
new producing States</header><text>Effective for fiscal year 2008 and each
fiscal year thereafter, the amount made available under paragraph (1)(B)(i)
shall be allocated to each new producing State in amounts (based on a formula
established by the Secretary by regulation) proportional to the amount of
qualified outer Continental Shelf revenues generated in the new producing area
offshore each State.</text>
</subparagraph><subparagraph id="ID790DC22E508043E5B03E30E952DD3414"><enum>(B)</enum><header>Payments to
coastal political subdivisions</header>
<clause id="ID856313ADD8A3498F8754933519CD0804"><enum>(i)</enum><header>In
general</header><text>The Secretary shall pay 20 percent of the allocable share
of each new producing State, as determined under subparagraph (A), to the
coastal political subdivisions of the new producing State.</text>
</clause><clause id="ID45D6BD88FF1B48A9875E453DDDE4CE88"><enum>(ii)</enum><header>Allocation</header><text>The
amount paid by the Secretary to coastal political subdivisions shall be
allocated to each coastal political subdivision in accordance with the
regulations promulgated under subparagraph (A).</text>
</clause></subparagraph></paragraph><paragraph id="ID998ee0f3863044baa72a224ddd3a5685"><enum>(3)</enum><header>Minimum
allocation</header><text>The amount allocated to a new producing State for each
fiscal year under paragraph (2) shall be at least 5 percent of the amounts
available for the fiscal year under paragraph (1)(B)(i).</text>
</paragraph><paragraph id="ID3A89736CFDBA467FA1898DEE26BD424A"><enum>(4)</enum><header>Timing</header><text>The
amounts required to be deposited under subparagraph (B) of paragraph (1) for
the applicable fiscal year shall be made available in accordance with that
subparagraph during the fiscal year immediately following the applicable fiscal
year.</text>
</paragraph><paragraph id="ID8A991050008D4AC88931400AE1D08F96"><enum>(5)</enum><header>Authorized
uses</header>
<subparagraph id="IDA794812614AE4EB39542B1AA550F0074"><enum>(A)</enum><header>In
general</header><text>Subject to subparagraph (B), each new producing State and
coastal political subdivision shall use all amounts received under paragraph
(2) in accordance with all applicable Federal and State laws, only for 1 or
more of the following purposes:</text>
<clause id="IDCFA9335CF95A472DA2B9FF55D4397834"><enum>(i)</enum><text>Projects and
activities for the purposes of coastal protection, including conservation,
coastal restoration, hurricane protection, and infrastructure directly affected
by coastal wetland losses.</text>
</clause><clause id="IDA98C61A93CED43ABBEF5FAB869427826"><enum>(ii)</enum><text>Mitigation of
damage to fish, wildlife, or natural resources.</text>
</clause><clause id="IDE40EDA6DE1084AC9A1CFA85C41F4C6AB"><enum>(iii)</enum><text>Implementation
of a federally approved marine, coastal, or comprehensive conservation
management plan.</text>
</clause><clause id="IDD31ECBD28B78409AAB10A7EA46476FE1"><enum>(iv)</enum><text>Funding of
onshore infrastructure projects.</text>
</clause><clause id="IDC6D3947F8CC94F5C9AA5328CEEB6D022"><enum>(v)</enum><text>Planning
assistance and the administrative costs of complying with this section.</text>
</clause></subparagraph><subparagraph id="ID7A6B90A3855143CBA51222E48A4EC35A"><enum>(B)</enum><header>Limitation</header><text>Not
more than 3 percent of amounts received by a new producing State or coastal
political subdivision under paragraph (2) may be used for the purposes
described in subparagraph (A)(v).</text>
</subparagraph></paragraph><paragraph id="IDFDD6716F0C4F4787BF6A94AA5B72D4FA"><enum>(6)</enum><header>Administration</header><text>Amounts
made available under paragraph (1)(B) shall—</text>
<subparagraph id="ID8B83E217372E4E73A5387711FFEBE84A"><enum>(A)</enum><text>be made
available, without further appropriation, in accordance with this
subsection;</text>
</subparagraph><subparagraph id="ID57729C5704ED4995815633718ED40B0D"><enum>(B)</enum><text>remain available
until expended; and</text>
</subparagraph><subparagraph id="ID5339F774F350488F9D05EC7D720D11DC"><enum>(C)</enum><text>be in addition to
any amounts appropriated under—</text>
<clause id="ID1AE58C11528C4EE1A033FDB22AF3EA4E"><enum>(i)</enum><text>other provisions
of this Act;</text>
</clause><clause id="ID221FC0BC52CA433DB510DF7782770A95"><enum>(ii)</enum><text>the
<act-name parsable-cite="LWCFA">Land and Water Conservation Fund Act of
1965</act-name> (16 U.S.C. 460<added-phrase reported-display-style="italic">l</added-phrase>–4 et seq.); or</text>
</clause><clause id="IDD6EFBDA236354B40AE62E07BBEB8E825"><enum>(iii)</enum><text>any other
provision of law.</text>
</clause></subparagraph></paragraph></subsection><subsection id="idC57FD348934544F7B15433223F4A2962"><enum>(d)</enum><header>Disposition of
qualified outer Continental Shelf revenues from other
areas</header><text>Notwithstanding section 9, for each applicable fiscal year,
the terms and conditions of subsection (c) shall apply to the disposition of
qualified outer Continental Shelf revenues that—</text>
<paragraph id="idF1D75E50326C46D4B6B3274710408E87"><enum>(1)</enum><text>are derived from
oil or gas leasing in an area that is not included in the current 5-year plan
of the Secretary for oil or gas leasing; and</text>
</paragraph><paragraph id="id6FFE35F608E84DE296C21B76B6DF8147"><enum>(2)</enum><text>are not assumed
in the budget of the United States Government submitted by the President under
section 1105 of title 31, United States
Code.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section commented="no" display-inline="no-display-inline" id="idCB8BDE5A185045B19F220169AE149F16" section-type="subsequent-section"><enum>103.</enum><header>Conforming
amendments</header><text display-inline="no-display-inline">Sections 104 and
105 of the Department of the Interior, Environment, and Related Agencies
Appropriations Act, 2008 (Public Law 110–161; 121 Stat. 2118) are amended by
striking <quote>No funds</quote> each place it appears and inserting
<quote>Except as provided in section 32 of the Outer Continental Shelf Lands
Act, no funds</quote>.</text>
</section><enum>II</enum><header>Western State
oil shale exploration</header>
<section commented="no" display-inline="no-display-inline" id="id54B44368B7E849C580BFA37490EDDD30" section-type="subsequent-section"><enum>201.</enum><header> Removal of
prohibition on final regulations for commercial leasing program for oil shale
resources on public land</header><text display-inline="no-display-inline">Section 433 of the Department of the
Interior, Environment, and Related Agencies Appropriations Act, 2008 (Public
Law 110–161; 121 Stat. 2152) is repealed.</text>
</section><enum>III</enum><header>Plug-in
electric cars and trucks</header>
<section id="id8273D9FDB7CA499E811DC3FF78E363E7" section-type="subsequent-section"><enum>301.</enum><header>Advanced batteries
for electric drive vehicles</header>
<subsection id="ID1118cce6e3de4e698e2f1b0067dc568b"><enum>(a)</enum><header>Definitions</header><text>In
this section:</text>
<paragraph id="ID799f4b131f0a4ad096d3cad9c14f5063"><enum>(1)</enum><header>Advanced
battery</header><text>The term <term>advanced battery</term> means an
electrical storage device that is suitable for a vehicle application.</text>
</paragraph><paragraph id="IDe23a43ad7e214004916c161c71d34ef4"><enum>(2)</enum><header>Engineering
integration costs</header><text>The term <term>engineering integration
costs</term> includes the cost of engineering tasks relating to—</text>
<subparagraph id="ID22fedde7bf334cc8981a2afebbd5e9f5"><enum>(A)</enum><text>the incorporation
of qualifying components into the design of an advanced battery; and</text>
</subparagraph><subparagraph id="IDa954a9659a5e4c6ab70368db337b9be9"><enum>(B)</enum><text>the design of
tooling and equipment and the development of manufacturing processes and
material for suppliers of production facilities that produce qualifying
components or advanced batteries.</text>
</subparagraph></paragraph><paragraph id="id654F8C890E5241A58DBD9077F40D39D9"><enum>(3)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of Energy.</text>
</paragraph></subsection><subsection id="ID676820b870a1430d8903bc54acedc7af"><enum>(b)</enum><header>Advanced
battery research and development</header>
<paragraph id="ID970825a1f168481692416a862d25c52b"><enum>(1)</enum><header>In
general</header><text>The Secretary shall—</text>
<subparagraph id="ID33fea8010464423f9184c0835b920e64"><enum>(A)</enum><text>expand and
accelerate research and development efforts for advanced batteries; and</text>
</subparagraph><subparagraph id="ID1d6983ca2d9b4789a06ba7e8acdd4885"><enum>(B)</enum><text>emphasize lower
cost means of producing abuse-tolerant advanced batteries with the appropriate
balance of power and energy capacity to meet market requirements.</text>
</subparagraph></paragraph><paragraph id="ID4c912bcc47424545995d55cacd62d2fc"><enum>(2)</enum><header>Authorization
of appropriations</header><text>There is authorized to be appropriated to carry
out this subsection $100,000,000 for each of fiscal years 2010 through
2014.</text>
</paragraph></subsection><subsection id="ID2fc7b7c92a72421bb0e02b2ab8f220e8"><enum>(c)</enum><header>Direct loan
program</header>
<paragraph id="ID14f5ef79591542138c48ed211145359f"><enum>(1)</enum><header>In
general</header><text>Subject to the availability of appropriated funds, not
later than 1 year after the date of enactment of this Act, the Secretary shall
carry out a program to provide a total of not more than $250,000,000 in loans
to eligible individuals and entities for not more than 30 percent of the costs
of 1 or more of—</text>
<subparagraph id="IDe033e5ef5065413192ee36f4f02cca8b"><enum>(A)</enum><text>reequipping a
manufacturing facility in the United States to produce advanced
batteries;</text>
</subparagraph><subparagraph id="ID77b5895696004e2299adcefe125fca70"><enum>(B)</enum><text>expanding a
manufacturing facility in the United States to produce advanced batteries;
or</text>
</subparagraph><subparagraph id="IDb18bb2428812479aa426abb15e5fb499"><enum>(C)</enum><text>establishing a
manufacturing facility in the United States to produce advanced
batteries.</text>
</subparagraph></paragraph><paragraph id="IDee9e0520c9a54495bcbc60de5e3f11fc"><enum>(2)</enum><header>Eligibility</header>
<subparagraph id="id0FE5415B00104C26BAD397A062981692"><enum>(A)</enum><header>In
general</header><text>To be eligible to obtain a loan under this subsection, an
individual or entity shall—</text>
<clause id="ID99b223970653472b88d43941a634b047"><enum>(i)</enum><text>be
financially viable without the receipt of additional Federal funding associated
with a proposed project under this subsection;</text>
</clause><clause id="IDebcdb65503db4cad92af5380ae2c996b"><enum>(ii)</enum><text>provide
sufficient information to the Secretary for the Secretary to ensure that the
qualified investment is expended efficiently and effectively; and</text>
</clause><clause id="ID2af2754d8bd64732b39711b0fdec4b1a"><enum>(iii)</enum><text>meet such other
criteria as may be established and published by the Secretary.</text>
</clause></subparagraph><subparagraph id="ID9201839342114a1eab415a266c8d8d73"><enum>(B)</enum><header>Consideration</header><text>In
selecting eligible individuals or entities for loans under this subsection, the
Secretary may consider whether the proposed project of an eligible individual
or entity under this subsection would—</text>
<clause id="ID02c53da1f8a54d6a91e6fb7fd22f4c15"><enum>(i)</enum><text>reduce
manufacturing time;</text>
</clause><clause id="IDe2cddbe3999e4e47bdb7be471b1cb86b"><enum>(ii)</enum><text>reduce
manufacturing energy intensity;</text>
</clause><clause id="IDe2a34ff8b57a4f079d546758d3179118"><enum>(iii)</enum><text>reduce negative
environmental impacts or byproducts; or</text>
</clause><clause id="IDd11056d6abd748c78b90e6afd5fc3cc8"><enum>(iv)</enum><text>increase spent
battery or component recycling</text>
</clause></subparagraph></paragraph><paragraph id="ID00db0d7f572a49fa8ddf1263e1ede142"><enum>(3)</enum><header>Rates, terms,
and repayment of loans</header><text>A loan provided under this
subsection—</text>
<subparagraph id="ID82eff77fa9184006bd9b5ec9cfa0d3a4"><enum>(A)</enum><text>shall have an
interest rate that, as of the date on which the loan is made, is equal to the
cost of funds to the Department of the Treasury for obligations of comparable
maturity;</text>
</subparagraph><subparagraph id="ID0012a9c2335941999478def71d55b1f6"><enum>(B)</enum><text>shall have a term
that is equal to the lesser of—</text>
<clause id="ID0c2ae570848c4f75afe62309c50b2a77"><enum>(i)</enum><text>the
projected life, in years, of the eligible project to be carried out using funds
from the loan, as determined by the Secretary; or</text>
</clause><clause id="IDad78fa8a570b40d8a7e379b702c926ed"><enum>(ii)</enum><text>25
years; and</text>
</clause></subparagraph><subparagraph id="ID7db3e2e1c23a4641a1bac1ab060e21a1"><enum>(C)</enum><text>may be subject to
a deferral in repayment for not more than 5 years after the date on which the
eligible project carried out using funds from the loan first begins operations,
as determined by the Secretary.</text>
</subparagraph></paragraph><paragraph id="IDa90f6415b7f74f6292ef1660a20bbcfa"><enum>(4)</enum><header>Period of
availability</header><text>A loan under this subsection shall be available
for—</text>
<subparagraph id="IDe7a4dfae5d3545ed8d0ec9f67a08655d"><enum>(A)</enum><text>facilities and
equipment placed in service before December 30, 2020; and</text>
</subparagraph><subparagraph id="ID3e4e6d7d97f341b3bcc7020c27781327"><enum>(B)</enum><text>engineering
integration costs incurred during the period beginning on the date of enactment
of this Act and ending on December 30, 2020.</text>
</subparagraph></paragraph><paragraph id="ID3d9a1be140214e99b754fa16c2af7753"><enum>(5)</enum><header>Fees</header><text>The
cost of administering a loan made under this subsection shall not exceed
$100,000.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID34312e43a5e948f3a335565f81e90d13"><enum>(6)</enum><header>Authorization
of appropriations</header><text>There are authorized to be appropriated such
sums as are necessary to carry out this subsection for each of fiscal years
2009 through 2013.</text>
</paragraph></subsection><subsection id="ID97d199e3e1b74767a3f690549d246cdf"><enum>(d)</enum><header>Sense of the
Senate on purchase of plug-in electric drive vehicles</header><text>It is the
sense of the Senate that, to the maximum extent practicable, the Federal
Government should implement policies to increase the purchase of plug-in
electric drive vehicles by the Federal Government.</text>
</subsection></section><enum>IV</enum><header>Energy commodity
markets</header>
<section id="ID82de98cd4b3f49f0ab371dd7a8fc4732"><enum>401.</enum><header>Study of
international regulation of energy commodity markets</header>
<subsection id="id6DC46B4D016A4FF9A5A8C4C3CB9675BF"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">The Secretary of the
Treasury, the Chairman of the Board of Governors of the Federal Reserve System,
the Chairman of the Securities and Exchange Commission, and the Chairman of the
Commodity Futures Trading Commission shall jointly conduct a study of the
international regime for regulating the trading of energy commodity futures and
derivatives.</text>
</subsection><subsection id="IDd1742fe915aa4742981b8628bc3201c5"><enum>(b)</enum><header>Analysis</header><text>The
study shall include an analysis of, at a minimum—</text>
<paragraph id="idF1C88193DCD44599B34BF21538F18541"><enum>(1)</enum><text>key common
features and differences among countries in the regulation of energy commodity
trading, including with respect to market oversight and enforcement;</text>
</paragraph><paragraph id="idEBE0F054A02C49ADB9D00B957D1853B7"><enum>(2)</enum><text>agreements and
practices for sharing market and trading data;</text>
</paragraph><paragraph id="id37FEF2BB257047BB907EE1F4BDCE4903"><enum>(3)</enum><text>the use of
position limits or thresholds to detect and prevent price manipulation,
excessive speculation as described in section 4a(a) of the Commodity Exchange
Act (7 U.S.C. 6a(a)) or other unfair trading practices;</text>
</paragraph><paragraph id="ID49fbe8051b0d41108e9115578050a916"><enum>(4)</enum><text>practices
regarding the identification of commercial and noncommercial trading and the
extent of market speculation; and</text>
</paragraph><paragraph id="id3C30D822EF964A4E8A2BF3FC4C8728C3"><enum>(5)</enum><text>agreements and
practices for facilitating international cooperation on market oversight,
compliance, and enforcement.</text>
</paragraph></subsection><subsection id="ID2b651046433947b384519fc714354027"><enum>(c)</enum><header>Report</header><text>Not
later than 120 days after the date of enactment of this Act, the heads of the
Federal agencies described in subsection (a) shall jointly submit to the
appropriate committees of Congress a report that—</text>
<paragraph id="ID07b1a78d31294bf49b79345b629645e1"><enum>(1)</enum><text>describes the
results of the study; and</text>
</paragraph><paragraph id="IDb673c295335442b3b0f34d00cc1038e4"><enum>(2)</enum><text>provides
recommendations to improve openness, transparency, and other necessary elements
of a properly functioning market.</text>
</paragraph></subsection></section><section id="ID506ab77df2e545e5a4330a69aa2c396b"><enum>402.</enum><header>Foreign boards
of trade</header><text display-inline="no-display-inline">Section 4 of the
Commodity Exchange Act (7 U.S.C. 6) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="idB8B04ACC1A0C43209E5CE29449CEA7D4" style="OLC">
<subsection id="IDc19f79c2428a45d6bd8a5995134c6127"><enum>(e)</enum><header>Foreign boards
of trade</header>
<paragraph id="ID2580d4f8cb5a4343bf78671285c4b426"><enum>(1)</enum><header>In
general</header><text>The Commission shall not permit a foreign board of
trade’s members or other participants located in the United States to enter
trades directly into the foreign board of trade’s trade matching system with
respect to an agreement, contract, or transaction in an energy commodity (as
defined by the Commission) that settles against any price, including the daily
or final settlement price, of a contract or contracts listed for trading on a
registered entity, unless—</text>
<subparagraph id="ID7e931111c42248858f1dda2b3ef4db0d"><enum>(A)</enum><text>the foreign board
of trade makes public daily information on settlement prices, volume, open
interest, and opening and closing ranges for the agreement, contract, or
transaction that is comparable to the daily trade information published by the
registered entity for the contract or contracts against which it
settles;</text>
</subparagraph><subparagraph id="IDa3552e63a467484d8150eb473bb8d7f2"><enum>(B)</enum><text>the foreign board
of trade or a foreign futures authority adopts position limitations (including
related hedge exemption provisions) or position accountability for speculators
for the agreement, contract, or transaction that are comparable to the position
limitations (including related hedge exemption provisions) or position
accountability adopted by the registered entity for the contract or contracts
against which it settles; and</text>
</subparagraph><subparagraph id="ID125eb9cbd5ac4930ba9c07205f419029"><enum>(C)</enum><text>the foreign board
of trade or a foreign futures authority provides such information to the
Commission regarding the extent of speculative and non-speculative trading in
the agreement, contract, or transaction that is comparable to the information
the Commission determines is necessary to publish its weekly report of traders
(commonly known as the Commitments of Traders report) for the contract or
contracts against which it settles.</text>
</subparagraph></paragraph><paragraph id="ID69c4ed651e3a4e62bfade37c6882d165"><enum>(2)</enum><header>Existing
foreign boards of trade</header><text>Paragraph (1) shall become effective 1
year after the date of enactment of this subsection with respect to any
agreement, contract, or transaction in an energy commodity (as defined by the
Commission) conducted on a foreign board of trade for which the Commission’s
staff had granted relief from the requirements of this Act prior to the date of
enactment of this
subsection.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="ID54bbd6224d6144839fcf526bea590642"><enum>403.</enum><header>Index traders
and swap dealers; disaggregation of index funds</header><text display-inline="no-display-inline">Section 4 of the Commodity Exchange Act (7
U.S.C. 6) (as amended by section 3) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="idDD09AFE4B1FE4930BE279DDC8FC4E6B8" style="OLC">
<subsection id="ID0019d1b7e87c44d8af0864ede9ad71f6"><enum>(f)</enum><header>Index traders
and swap dealers</header>
<paragraph id="IDa4811ba897094d4fa32b24c74bce02e5"><enum>(1)</enum><header>Reporting</header><text>The
Commission shall—</text>
<subparagraph id="ID851d5279348f4bda9a2717a4adf5e787"><enum>(A)</enum><text>issue a proposed
rule regarding routine reporting requirements for index traders and swap
dealers (as those terms are defined by the Commission) in energy and
agricultural transactions (as those terms are defined by the Commission) within
the jurisdiction of the Commission not later than 180 days after the date of
enactment of this subsection, and issue a final rule regarding such reporting
requirements not later than 270 days after the date of enactment of this
subsection; and</text>
</subparagraph><subparagraph id="ID8256d801f0564dc09da6d9bf570bf0bd"><enum>(B)</enum><text>subject to the
provisions of section 8, disaggregate and make public monthly information on
the positions and value of index funds and other passive, long-only positions
in the energy and agricultural futures markets.</text>
</subparagraph></paragraph><paragraph id="ID73da2611c3744234bed830a893501d6d"><enum>(2)</enum><header>Report</header><text>Not
later than 90 days after the date of enactment of this subsection, the
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 regarding—</text>
<subparagraph id="ID70b2da2ec1d94f5b80e7bdfc4af02be0"><enum>(A)</enum><text>the scope of
commodity index trading in the futures markets;</text>
</subparagraph><subparagraph id="IDa8262843d2c14095900e48c5e1480fed"><enum>(B)</enum><text>whether
classification of index traders and swap dealers in the futures markets can be
improved for regulatory and reporting purposes; and</text>
</subparagraph><subparagraph id="IDe81ad5aadc99444e96de25f32ae37994"><enum>(C)</enum><text>whether, based on
a review of the trading practices for index traders in the futures
markets—</text>
<clause id="ID694ab44e580b4a788850d07607b01cb0"><enum>(i)</enum><text>index trading
activity is adversely impacting the price discovery process in the futures
markets; and</text>
</clause><clause id="ID52c819b024844c73930c387f48956930"><enum>(ii)</enum><text>different
practices and controls should be
required.</text>
</clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="ID22d0a1b0b24e4ef39407ade698345ee1"><enum>404.</enum><header>Improved
oversight and enforcement</header>
<subsection id="ID8b48f9e38b424909ae938c7d39b77605"><enum>(a)</enum><header>Findings</header><text display-inline="yes-display-inline">The Senate finds that—</text>
<paragraph id="IDffb21fec1e4c4efca93df53d759cfa6e"><enum>(1)</enum><text>crude oil prices
are at record levels and consumers in the United States are paying record
prices for gasoline;</text>
</paragraph><paragraph id="ID499d049a77aa42a7b1d6c6b0e0d1ef89"><enum>(2)</enum><text>funding for the
Commodity Futures Trading Commission has been insufficient to cover the
significant growth of the futures markets;</text>
</paragraph><paragraph id="IDc4bed9ce1e8f459682a22aad1244cac3"><enum>(3)</enum><text>since the
establishment of the Commodity Futures Trading Commission, the volume of
trading on futures exchanges has grown 8,000 percent while staffing numbers
have decreased 12 percent; and</text>
</paragraph><paragraph id="IDa693a248c25a4e13a5330cac892e5104"><enum>(4)</enum><text>in today’s
dynamic market environment, it is essential that the Commodity Futures Trading
Commission receive the funding necessary to enforce existing authority to
ensure that all commodity markets, including energy markets, are properly
monitored for market manipulation.</text>
</paragraph></subsection><subsection id="ID135f144f6ade4075835ed2221c49d12a"><enum>(b)</enum><header>Additional
employees</header><text>As soon as practicable after the date of enactment of
this Act, the Commodity Futures Trading Commission shall hire at least 100
additional full-time employees—</text>
<paragraph id="IDb8595ecf43de4a73a99d195c484a0fad"><enum>(1)</enum><text>to increase the
public transparency of operations in energy futures markets;</text>
</paragraph><paragraph id="ID29a00aa6fea04fc2af00b4d66a687bf0"><enum>(2)</enum><text>to improve the
enforcement in those markets; and</text>
</paragraph><paragraph id="ID496eb503f2934a7b84fbd6893f395944"><enum>(3)</enum><text>to carry out such
other duties as are prescribed by the Commission.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="ID0f99bd91d5dc4e5eb51070011c671244"><enum>(c)</enum><header>Authorization
of appropriations</header><text>In addition to any other funds made available
to carry out the Commodity Exchange Act (7 U.S.C. 1 et seq.), there are
authorized to be appropriated such sums as are necessary to carry out this
section for fiscal year 2009.</text>
</subsection></section>
June 27, 2008
Read the second time and placed on the
calendar