S.3183 - End Oil Speculation Act of 2008110th Congress (2007-2008)
|Sponsor:||Sen. Dorgan, Byron L. [D-ND] (Introduced 06/24/2008)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||Senate - 06/24/2008 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (All Actions)|
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Summary: S.3183 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (06/24/2008)
End Oil Speculation Act of 2008 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC) to eliminate manipulation and excessive speculation on petroleum futures markets by investigation, regulation, and rulemaking, while distinguishing between: (1) transactions by commercial producers and purchasers (as well as counterparties) involving actual physical petroleum products for future delivery ("legitimate hedge trading"); and (2) all other trading.
Instructs the CFTC to review and: (1) revoke or modify prior action regarding certain transactions, participants, or petroleum futures market activity that is not a legitimate hedge trade; and (2) consider revoking results of prior actions that have the effect of limiting, reducing, or eliminating the full applicability of position limits on trading that is not legitimate hedge trading, or the filing of any report or data regarding a trade or trader.
Directs the CFTC to set margin requirements of at least 25% for any trading that is not legitimate hedge trading.
Directs the CFTC to subject to its regulation any person engaging in a petroleum futures market activity in any location unless and until the activity occurs in a market or exchange whose regulations are substantially identical to CFTC regulations and are fully enforced.
Requires the CFTC to ensure that petroleum futures market participant activities are fully and accurately disclosed.
Instructs the CFTC to convene a working group of international regulators to develop uniform international oversight to protect petroleum futures markets from excessive speculation and other specified practices that pose systemic risks.