S. 3248 · 110th Congress
Commodity Speculation Reform Act of 2008
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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.
I
LiebermanSponsor3 cosponsors · 1 D, 2 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Commodity Speculation Reform Act of 2008 - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC) from issuing a no action letter to any foreign board of trade that lists a contract whose price settles on the price of a contract traded on an exchange regulated by the CFTC, unless the foreign board provides the CFTC…
What it does: CRS summary · Introduced in Senate · Jul 10, 2008
Commodity Speculation Reform Act of 2008 - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC) from issuing a no action letter to any foreign board of trade that lists a contract whose price settles on the price of a contract traded on an exchange regulated by the CFTC, unless the foreign board provides the CFTC with information and data accessibility comparable to those provided the CFTC by entities under its jurisdiction.
Directs the CFTC to: (1) promulgate regulations to establish and enforce speculative position limits for qualifying commodities, a methodology for aggregating specified positions, and information reporting rules to facilitate monitoring and enforcement of speculative position limits and over-the-counter commodity derivatives; and (2) appoint at least 100 additional full-time employees to assist in carrying out such requirements.
Prohibits a person from holding or controlling a position, separately or in combination, net long or net short, for the purchase or sale of a commodity for future delivery or, on a futures-equivalent basis, any option, or an over-the-counter commodity derivative that exceeds CFTC speculative position limits.
Instructs the CFTC to study and report to certain congressional committees regarding: (1) trends in speculative activity relating to metals; and (2) possible extension of CFTC authority to cover trading of metals.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Commodity Speculation Reform Act of 2008
Latest action (Jul 10, 2008): Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S6568-6569)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 10, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.