S.1412 - Commodity Speculation Reform Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Collins, Susan M. [R-ME] (Introduced 07/08/2009)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||07/08/2009 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.1412 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (07/08/2009)
Commodity Speculation Reform Act of 2009 - 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 a CFTC-regulated exchange, 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 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.
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.