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Commodities Exchange Improvements Act of 2005

Introduced: April 14, 2005 Introduced by: Graves, Sam Republican · Missouri See on congress.gov
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 Everywhere this bill has been 7 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 19, 2005
Unfavorable Executive Comment Received from Commodity Futures Trading Com.
Jul 19, 2005
Executive Comment Requested from Commodity Futures Trading Com.
Jul 18, 2005
Unfavorable Executive Comment Received from USDA.
Apr 25, 2005
Executive Comment Requested from USDA.
Apr 25, 2005
Referred to the Subcommittee on Farm Commodities and Risk Management.
Apr 14, 2005
Referred to the House Committee on Agriculture.
Apr 14, 2005
Introduced in House
 Plain-English summary Congressional Research Service

Commodities Exchange Improvements Act of 2005 - Amends the Commodity Exchange Act to include natural gas as an agricultural commodity within the purview of the Act, including hybrid instruments based upon natural gas.

States that an agreement, contract, or transaction involving natural gas may not be exempted from the regulatory requirements of the Act.

Prohibits a board of trade that is a designated contract market from changing, without prior Commodity Futures Trading Commission (CFTC) approval, a rule, regulation, or contract specification that applies to any agreement, contract, or transactions involving natural gas.

Requires back-up reporting of large positions as prescribed by the CFTC in order to deter manipulation of the price of contracts of sale of natural gas for future delivery.

Directs the CFTC to prescribe rules requiring any board of trade to implement rules that provide for any contract of sale for future delivery of natural gas to be settled in cash in lieu of making delivery of the natural gas in circumstances in which the CFTC has determined that market conditions suggest possible manipulation.

Subjects commodity price manipulation to a civil penalty.

Prohibits, for one year, CFTC members from working for any organization subject to Commission regulation.

What's happening now July 19, 2005

Unfavorable Executive Comment Received from Commodity Futures Trading Com.

 Committees of jurisdiction 2