[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 577 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                 S. 577

  To amend the Commodity Exchange Act to add a provision relating to 
reporting and recordkeeping for positions involving energy commodities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 13, 2007

 Mrs. Feinstein (for herself, Ms. Snowe, Mr. Levin, Ms. Cantwell, Mrs. 
 Boxer, Mr. Feingold, Mr. Bingaman, Mr. Lieberman, Mr. Lautenberg, and 
 Ms. Mikulski) 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 add a provision relating to 
reporting and recordkeeping for positions involving energy commodities.

    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 and Gas Traders Oversight Act of 
2007''.

SEC. 2. REPORTING AND RECORDKEEPING FOR POSITIONS INVOLVING ENERGY 
              COMMODITIES.

    (a) In General.--Section 2(h) of the Commodity Exchange Act (7 
U.S.C. 2(h)) is amended by adding at the end the following:
            ``(7) Reporting and recordkeeping for positions involving 
        energy commodities.--
                    ``(A) Definitions.--In this paragraph:
                            ``(i) Domestic terminal.--The term 
                        `domestic terminal' means a technology, 
                        software, or other means of providing 
                        electronic access within the United States to a 
                        contract, agreement, or transaction traded on a 
                        foreign board of trade.
                            ``(ii) Energy commodity.--The term `energy 
                        commodity' means a commodity or the derivatives 
                        of a commodity that is used primarily as a 
                        source of energy, including--
                                    ``(I) coal;
                                    ``(II) crude oil;
                                    ``(III) gasoline;
                                    ``(IV) heating oil;
                                    ``(V) diesel fuel;
                                    ``(VI) electricity;
                                    ``(VII) propane; and
                                    ``(VIII) natural gas.
                            ``(iii) Reportable contract.--The term 
                        `reportable contract' means--
                                    ``(I) a contract, agreement, or 
                                transaction involving an energy 
                                commodity, executed on an electronic 
                                trading facility, or
                                    ``(II) a contract, agreement, or 
                                transaction for future delivery 
                                involving an energy commodity for which 
                                the underlying energy commodity has a 
                                physical delivery point within the 
                                United States and that is executed 
                                through a domestic terminal.
                    ``(B) Record keeping.--The Commission, by rule, 
                shall require any person holding, maintaining, or 
                controlling any position in any reportable contract 
                under this section--
                            ``(i) to maintain such records as directed 
                        by the Commission for a period of 5 years, or 
                        longer, if directed by the Commission; and
                            ``(ii) to provide such records upon request 
                        to the Commission or the Department of Justice.
                    ``(C) Reporting of positions involving energy 
                commodities.--The Commission shall prescribe rules 
                requiring such regular or continuous reporting of 
                positions in a reportable contract in accordance with 
                such requirements regarding size limits for reportable 
                positions and the form, timing, and manner of filing 
                such reports under this paragraph, as the Commission 
                shall determine.
                    ``(D) Other rules not affected.--
                            ``(i) In general.--Except as provided in 
                        clause (ii), this paragraph does not prohibit 
                        or impair the adoption by any board of trade 
                        licensed, designated, or registered by the 
                        Commission of any bylaw, rule, regulation, or 
                        resolution requiring reports of positions in 
                        any agreement, contract, or transaction made in 
                        connection with a contract of sale for future 
                        delivery of an energy commodity (including such 
                        a contract of sale), including any bylaw, rule, 
                        regulation, or resolution pertaining to filing 
                        or recordkeeping, which may be held by any 
                        person subject to the rules of the board of 
                        trade.
                            ``(ii) Exception.--Any bylaw, rule, 
                        regulation, or resolution established by a 
                        board of trade described in clause (i) shall 
                        not be inconsistent with any requirement 
                        prescribed by the Commission under this 
                        paragraph.
                    ``(E) Contract, agreement, or transaction for 
                future delivery.--Notwithstanding sections 4(b) and 4a, 
                the Commission shall subject a contract, agreement, or 
                transaction for future delivery in an energy commodity 
                to the requirements established by this paragraph.''.
    (b) Conforming Amendments.--Section 4a(e) of the Commodity Exchange 
Act (7 U.S.C. 6a(e)) is amended--
            (1) in the first sentence--
                    (A) by inserting ``or by an electronic trading 
                facility operating in reliance on section 2(h)(3)'' 
                after ``registered by the Commission''; and
                    (B) by inserting ``electronic trading facility,'' 
                before ``or such board of trade''; and
            (2) in the second sentence, by inserting ``or by an 
        electronic trading facility operating in reliance on section 
        2(h)(3)'' after ``registered by the Commission''.
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