Commodity Speculation Reform Act of 2008
Latest action · Jul 10, 2008 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S6568-6569)
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.
- IntroducedJul 10, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Commodity Speculation Reform Act of 2008 - 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 an exchange regulated by the CFTC, 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: (1) 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; and (2) appoint at least 100 additional full-time employees to assist in carrying out such requirements.
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.
Instructs the CFTC to study and report to certain congressional committees regarding: (1) trends in speculative activity relating to metals; and (2) possible extension of CFTC authority to cover trading of metals.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Jul 10, 2008 to Jul 17, 2008, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WA | Maria Cantwell | Original | Jul 10, 2008 |
| R-ME | Susan M. Collins | Original | Jul 10, 2008 |
| R-MO | Christopher S. Bond | Jul 17, 2008 |
Actions 3
Everything that happened, newest first.
- Jul 10, 2008Introduced in Senate
- Jul 10, 2008Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S6568-6569)
- Jul 10, 2008Sponsor introductory remarks on measure. (CR S6567-6568, S6569-6570)
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Commodity exchanges
- Commodity Futures Trading Commission
- Congress
- Congressional reporting requirements
- Derivative securities
- Federal employees
- Finance and Financial Sector
- Futures trading
- Government Operations and Politics
- Government paperwork
- Independent regulatory commissions
- Law
- Metals
- Public Lands and Natural Resources
Text 1
Each version as it was printed, newest first.
- Jul 10, 2008Introduced in Senate
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.