S. 3671 · 110th Congress
Over-the-Counter Swaps Speculation Limit Act
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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
FeinsteinSponsorNo cosponsors.
Over-the-Counter Swaps Speculation Limit Act - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC) to impose aggregate position limits on positions held on registered entities, foreign boards of trade, and each large over-the-counter transaction or class of large over-the-counter transactions that it determines to be…
What it does: CRS summary · Introduced in Senate · Oct 1, 2008
Over-the-Counter Swaps Speculation Limit Act - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC) to impose aggregate position limits on positions held on registered entities, foreign boards of trade, and each large over-the-counter transaction or class of large over-the-counter transactions that it determines to be appropriate in protecting the price discovery function of contracts under its jurisdiction.
Sets forth requirements for development and imposition of aggregate position limits.
Authorizes the CFTC to exempt a large over-the-counter transaction or class of large over-the-counter transactions from any aggregate position limit it has developed and imposed if it determines that the transaction is a bona fide hedging transaction.
Declares such aggregate position limits applicable to the net sum of the like positions held by a person on or in: (1) registered entities; (2) foreign boards of trade; and (3) over-the-counter commodity derivatives.
Authorizes the CFTC to impose a civil penalty for violations of requirements of this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Over-the-Counter Swaps Speculation Limit Act
Latest action (Oct 1, 2008): Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S10336-10337)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Oct 1, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.