[Page S3667]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 964. Mr. SANDERS submitted an amendment intended to be proposed by 
him to the bill S. 954, to reauthorize agricultural programs through 
2018; which was ordered to lie on the table; as follows:

       On page 1150, after line 15, add the following:

     SEC. 122___. COMMODITY FUTURES TRADING COMMISSION REGULATION 
                   OF ENERGY MARKETS.

       (a) Findings.--Congress finds that--
       (1) in 1974, the Commodity Futures Trading Commission was 
     established as an independent agency with a mandate--
       (A) to enforce and administer the Commodity Exchange Act (7 
     U.S.C. 1 et seq.);
       (B) to ensure market integrity;
       (C) to protect market users from fraud and abusive trading 
     practices; and
       (D) to prevent and prosecute manipulation of the price of 
     any commodity in interstate commerce;
       (2) Congress declared in section 4a of the Commodity 
     Exchange Act (7 U.S.C. 6a) that excessive speculation imposes 
     an undue and unnecessary burden on interstate commerce;
       (3) title VII of the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act (15 U.S.C. 8301 et seq.) required the 
     Commission to establish position limits ``to diminish, 
     eliminate, or prevent excessive speculation'' for trading in 
     crude oil, gasoline, heating oil, diesel fuel, jet fuel, and 
     other physical commodity derivatives by January 17, 2011;
       (4) according to an article published in Forbes on February 
     27, 2012, excessive oil speculation ``translates out into a 
     premium for gasoline at the pump of $.56 a gallon'' based on 
     a 2012 report from Goldman Sachs;
       (5) on May 10, 2013--
       (A) the supply of finished motor gasoline in the United 
     States was higher than the supply was on May 15, 2009, when 
     the national average price for a gallon of regular unleaded 
     gasoline was less than $2.30; and
       (B) demand for finished motor gasoline in the United States 
     was lower than demand was on May 15, 2009;
       (6) on May 17, 2013, the national average price of regular 
     unleaded gasoline was $3.62 a gallon, an increase of more 
     $1.30 per gallon as compared to 2009, when finished motor 
     gasoline supplies were lower and demand was higher;
       (7) the International Energy Agency forecast on May 14, 
     2013, that the global supply of oil will surge by 8,400,000 
     barrels per day over the subsequent 5-year period, a pace 
     that is significantly faster than demand, with nearly \2/3\ 
     of that increase occurring in North America;
       (8) on November 3, 2011, Gary Gensler, the Chairman of the 
     Commodity Futures Trading Commission testified before the 
     Senate Permanent Subcommittee on Investigations that ``80 to 
     87 percent of the [oil futures] market'' is dominated by 
     ``financial participants, swap dealers, hedge funds, and 
     other financials,'' a figure that has more than doubled over 
     the prior decade;
       (9) excessive oil and gasoline speculation is creating 
     major market disturbances that prevent the market from 
     accurately reflecting the forces of supply and demand; and
       (10) the Commodity Futures Trading Commission has a 
     responsibility--
       (A) to ensure that the price discovery for oil and gasoline 
     accurately reflects the fundamentals of supply and demand; 
     and
       (B) to take immediate action to implement strong and 
     meaningful position limits to regulated exchange markets to 
     eliminate excessive oil speculation.
       (b) Actions.--Notwithstanding any other provision of law, 
     not later than 30 days after the date of enactment of this 
     Act, the Commodity Futures Trading Commission shall use the 
     authority of the Commission (including emergency powers, if 
     necessary)--
       (1) to implement position limits that diminish, eliminate, 
     or prevent excessive speculation in the trading of crude oil, 
     gasoline, heating oil, diesel fuel, jet fuel, and other 
     physical commodity derivatives, as required under title VII 
     of the Dodd-Frank Wall Street Reform and Consumer Protection 
     Act (15 U.S.C. 8301 et seq.); and
       (2) to curb immediately the role of excessive speculation 
     in any contract market within the jurisdiction and control of 
     the Commission, on or through which energy futures or swaps 
     are traded.
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