Close the Enron Loophole Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D WelchSponsor

15 cosponsors · 12 D, 3 R

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Close the Enron Loophole Act - Amends the Commodity Exchange Act to provide that it applies to an agreement, contract, or transaction in an exempt commodity that is executed or traded on an electronic trading facility that is an energy trading center.

What it does: CRS summary · Introduced in House · Nov 1, 2007

Prohibits any person from entering into an agreement, contract, or transaction for future delivery of an energy commodity that is not a spot sale of cash commodity or a sale of a cash commodity for deferred shipment or delivery on or through an energy trading facility that is not registered as such with the U.S. Commodity Futures Trading Commission (CFTC). Sets forth registration criteria.

Requires CFTC to ensure that the position limits and accountability levels applicable to contracts in an energy commodity listed for trading on a designated contract market and similar contracts in the same energy commodity listed for trading on an energy trading facility: (1) prevent price manipulation, excessive speculation, price distortion, and disruption of the delivery or cash-settlement process; and (2) are on a parity with each other and are applied in a functionally equivalent manner.

Requires CFTC to take necessary action to direct an energy trading facility or a designated contract market to require a person who has exceeded an applicable position limit or accountability level in an energy commodity to limit, reduce, or liquidate any position to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of the delivery or cash-settlement process.

Sets forth provisions concerning the provision of information and records about energy trading contracts to CFTC.

Revises provisions concerning the prohibition on energy contracts designed to defraud or mislead, including by prohibiting any person from cheating or defrauding another person in connection with any contract of sale of any commodity in interstate commerce or for future delivery that is made subject to the rules of a designated contract market for or on behalf of any such person (currently the provisions prohibit members of registered entities, correspondent agents, or employees of members from such actions.)

Requires CFTC to issue a rule regarding the requirements for an application for registration for an energy trading facility.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Close the Enron Loophole Act

Latest action (Nov 1, 2007): Referred to the House Committee on Agriculture.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Nov 1, 2007

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.