S.2995 - Oil Trading Transparency Act110th Congress (2007-2008)
|Sponsor:||Sen. Levin, Carl [D-MI] (Introduced 05/08/2008)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||Senate - 05/08/2008 Referred to the Committee on Agriculture, Nutrition, and Forestry. (All Actions)|
This bill has the status Introduced
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Summary: S.2995 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (05/08/2008)
Oil Trading Transparency Act - Amends the Commodity Exchange Act to address the kind of case in which the Commodity Futures Trading Commission (CFTC) grants or considers granting relief to a foreign board of trade from the requirement that it become a designated contract market, derivatives transaction execution facility, or other registered entity with respect to an energy commodity physically delivered in the United States.
Requires the CFTC, before granting or considering such relief, to determine that the foreign board of trade: (1) applies comparable principles or requirements regarding daily publication of trading information and position limits or accountability levels for speculators as apply to a designated contract market, derivatives transaction execution facility, or other registered entity trading energy commodities physically delivered in the United States; and (2) provides information to the CFTC regarding the extent of speculative and nonspeculative trading in the energy commodity that is comparable to the information the CFTC determines necessary to publish a Commitment of Traders report for such a designated contract market, derivatives transaction execution facility, or other registered entity.