S. 3185 · 110th Congress
Prevent Unfair Manipulation of Prices Act of 2008
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
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
CantwellSponsor10 cosponsors · 9 D, 1 I
D
Kerry
BN
D
Nelson
BS
I
Sanders
RW
D
Wyden
SW
D
Whitehouse
HC
D
Clinton
BM
D
Mikulski
BC
D
Cardin
AK
D
Klobuchar
JW
D
Webb5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Prevent Unfair Manipulation of Prices Act of 2008 - Amends the Commodity Exchange Act (CEA) to extend the regulatory authority of the Commodity Futures Trading Commission (CFTC) to certain transactions in derivatives involving specified energy commodities ("included energy transactions"), including those on foreign boards of trade.
What it does: CRS summary · Introduced in Senate · Jun 24, 2008
Prevent Unfair Manipulation of Prices Act of 2008 - Amends the Commodity Exchange Act (CEA) to extend the regulatory authority of the Commodity Futures Trading Commission (CFTC) to certain transactions in derivatives involving specified energy commodities ("included energy transactions"), including those on foreign boards of trade.
Defines "included energy transaction" as a contract, agreement, or transaction in an energy commodity for future delivery that: (1) provides for a delivery point in the United States; or (2) is transacted on a computer terminal located in the United States.
Prohibits the CFTC from exempting from regulation any "included energy transaction" unless certain notice to Congress and public comment requirements are met. Declares null and void any CFTC "no-action letter" exemptions from CEA requirements for "included energy transactions."
Requires the CFTC to establish uniform limits on the aggregate number of positions with respect to "included energy transactions" which may be held by any person for the prompt month, for each month, and for all months in all markets subject to CFTC jurisdiction.
Excludes swaps involving "included energy transactions" from any CEA exemption for bona fide hedging transactions.
Defines "bilateral included energy transaction" as an included energy transaction executed or traded other than on or through a trading facility. Exempts such transactions from the requirement that transactions be made on or through a designated contract market. Applies to "bilateral included energy transactions" certain reporting and recordkeeping requirements.
Instructs the CFTC to publish monthly on its website: (1) the aggregate number and value of long and short positions held by a person in any portfolio constructed to match or track the components of an index of all commodities; and (2) the portion of the positions that are net long positions in "included energy transactions."
Amends the Natural Gas Act and the Federal Power Act to set forth enforcement powers of the Federal Energy Regulatory Commission (FERC), including cease-and-desist proceedings, temporary orders, and general implementation authority.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Prevent Unfair Manipulation of Prices Act of 2008
Latest action (Jun 24, 2008): Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 24, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.