Text: S.221 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in Senate (01/13/2009)


111th CONGRESS
1st Session
S. 221


To amend the Commodity Exchange Act to require energy commodities to be traded only on regulated markets, and for other purposes.


IN THE SENATE OF THE UNITED STATES

January 13, 2009

Mr. Nelson of Florida introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry


A BILL

To amend the Commodity Exchange Act to require energy commodities to be traded only on regulated markets, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Regulation of energy commodities.

(a) Definitions.—Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) is amended—

(1) by redesignating paragraphs (13) through (34) as paragraphs (14) through (35), respectively;

(2) by inserting after paragraph (12) the following:

“(13) ENERGY COMMODITY.—The term ‘energy commodity’ includes—

“(A) crude oil;

“(B) natural gas;

“(C) heating oil;

“(D) gasoline;

“(E) metals;

“(F) construction materials;

“(G) propane; and

“(H) other fuel oils.”; and

(3) by striking paragraph (15) (as redesignated by paragraph (1)) and inserting the following:

“(15) EXEMPT COMMODITY.—The term ‘exempt commodity’ means a commodity that is not—

“(A) an agricultural commodity;

“(B) an energy commodity; or

“(C) an excluded commodity.”.

(b) Current Agricultural Commodities.—Section 5(e)(1) of the Commodity Exchange Act (7 U.S.C. 7(e)(1)) is amended by striking “agricultural commodity enumerated in section 1a(4)” and inserting “agricultural commodity or an energy commodity”.

(c) Conforming amendments.—

(1) Section 2(c)(2)(B)(i)(II)(cc) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)(B)(i)(II)(cc)) is amended—

(A) in subitem (AA), by striking “section 1a(20)” and inserting “section 1a(21)”; and

(B) in subitem (BB), by striking “section 1a(20)” and inserting “section 1a(21)”.

(2) Section 13106(b)(1) of the Food, Conservation, and Energy Act of 2008 is amended by striking “section 1a(32)” and inserting “section 1a”.

(3) Section 402 of the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27) is amended—

(A) in subsection (a)(7), by striking “section 1a(20)” and inserting “section 1a”; and

(B) in subsection (d)—

(i) in paragraph (1)(B), by striking “section 1a(33)” and inserting “section 1a”; and

(ii) in paragraph (2)(D), by striking “section 1a(13)” and inserting “section 1a”.