CFTC Reauthorization Act of 2005
Latest action · Jan 27, 2006 Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 358.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 8, 2005
- Passed HouseDec 14, 2005
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
CFTC Reauthorization Act of 2005 - Title I: General Provisions - (Sec. 101) Amends the Commodity Exchange Act (CEA) to revise Commodities Futures Trading Commission (CFTC) jurisdiction over an agreement, contract, or retail transaction in foreign currency.
Specifies that CFTC jurisdiction extends to any agreement, contract, or transaction in foreign currency that is a commodity contract of sale for future delivery or an option on such a contract, and is offered to, or entered into with a person that is not an eligible contract participant, unless the counterparty, or the person offering to be the counterparty, of the person is: (1) a financial institution; (2) a specified broker, dealer, or associated person registered under the Securities Exchange Act of 1934; (3) a specified futures commission merchant registered under CEA; (4) a specified insurance company or affiliate; (5) a financial holding company; or (6) an investment bank holding company. Extends registration requirements to particular persons participating in the solicitation or recommendation of any such agreement, contract, or transaction.
(Sec. 102) Authorizes CFTC to bring anti-fraud actions in off-exchange principal-to-principal futures transactions. Provides that a person shall not be obligated, in connection with a covered futures transaction with another person, to disclose to such other person nonpublic information that may be material to the market price, rate, or level of such commodity or transaction except as necessary to make any statement not materially misleading.
(Sec. 103) Directs the agencies represented on the President's Working Group on Financial Markets to work to ensure that the Securities and Exchange Commission (SEC) and the CFTC have taken action to permit: (1) risk-based portfolio margining for security options and security futures products by September 30, 2006; and (2) by June 30, 2006, the trading of futures on certain security indexes by resolving issues related to debt security indexes and foreign security indexes.
(Sec. 104) Authorizes appropriations through FY2010.
Title II: Natural Gas Price Transparency - (Sec. 201) Instructs CFTC to increase transparency of natural gas prices by conducting: (1) surveillance of trading in natural gas contracts; and (2) a review of the factors that caused significant and highly unusual change in the settlement price of any physically delivered natural gas futures contract traded on a contract market or derivatives transaction execution facility. Includes among review factors: (1) prices and price relationships in the futures and cash markets; (2) market information and cash market supply and demand factors; (3) large futures and options market positions and transactions on the contract market or derivatives transaction execution facility; and (4) related natural gas contracts, agreements, or transactions.
(Sec. 202) Directs CFTC to require any person holding, maintaining, or controlling any position in a contract of sale of natural gas for future delivery or option on such a contract, at or exceeding reportable limits, to maintain and provide on CFTC request records for five years regarding the position, including any related contract, agreement, or transaction in natural gas to which the person is a party.
(Sec. 203) Increases: (1) the civil penalty for specified commodity market manipulation-related offenses to $1 million, or triple the monetary gain for each such violation; and (2) the criminal penalty for specified commodity trading-related felonies from five to ten years imprisonment.
Cosponsors
Members who signed on, in the order they did.
Actions 11
Everything that happened, newest first.
- Jan 27, 2006Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 358.
- Dec 15, 2005Received in the Senate.
- Dec 14, 2005Considered under suspension of the rules. (consideration: CR H11553-11561)
- Dec 14, 2005DEBATE - The House proceeded with forty minutes of debate on H.R. 4473.
- Dec 14, 2005Motion to reconsider laid on the table Agreed to without objection.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1566 | Commodity Exchange Reauthorization Act of 2005 | Companion bill | Jul 29, 2005 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Agriculture and Food
- Authorization
- Business records
- Commerce
- Commodity exchanges
- Commodity Futures Trading Commission
- Contracts
- Crime and Law Enforcement
- Derivative securities
- Economics and Public Finance
- Energy
- Energy prices
- Finance and Financial Sector
- Fines (Penalties)
- Foreign exchange
- Foreign Trade and International Finance
- Fraud
- Futures trading
- Government Operations and Politics
- Government paperwork
- Independent regulatory commissions
- Information disclosure (Securities law)
- Jurisdiction
- Law
- Margins (Security trading)
- Market manipulation
- Natural gas
- Options (Contract)
- Securities and Exchange Commission
- Securities regulation
Text 1
Each version as it was printed, newest first.
- Dec 8, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.