HR 6330 110th Congress House Finance and Financial Sector Administrative procedure Aviation fuels Coal Commodity Futures Trading Commission Commodity exchanges Congress Congressional oversight Congressional reporting requirements Department of Energy Derivative securities Diesel motor Electric power Energy Energy prices Federal Energy Regulatory Commission Futures trading Government Operations and Politics Government publicity Heating

Prevent Unfair Manipulation of Prices Act of 2008

Introduced: June 20, 2008 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Oct 3, 2008

Referred to the Subcommittee on General Farm Commodities and Risk Management.

Jun 20, 2008

Referred to the Committee on Agriculture, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Jun 20, 2008

Referred to the Subcommittee on Energy and Air Quality.

Jun 20, 2008

Introduced in House

Plain-English summary Congressional Research Service

Prevent Unfair Manipulation of Prices Act of 2008 - Amends the Commodity Exchange Act (CEA) to extend the regulatory authority of the Commodity Futures Trading Commission (CFTC) to certain transactions in derivatives involving specified energy commodities ("included energy transactions"), including those on foreign boards of trade.

Defines "included energy transaction" as a contract, agreement, or transaction in an energy commodity for future delivery that: (1) provides for a delivery point in the United States; or (2) is transacted on a computer terminal located in the United States.

Prohibits the CFTC from exempting from regulation any "included energy transaction" unless certain notice to Congress and public comment requirements are met. Declares null and void any CFTC "no-action letter" exemptions from CEA requirements for "included energy transactions."

Requires the CFTC to establish uniform limits on the aggregate number of positions with respect to "included energy transactions" which may be held by any person for the prompt month, for each month, and for all months in all markets subject to CFTC jurisdiction.

Excludes swaps involving "included energy transactions" from any CEA exemption for bona fide hedging transactions.

Defines "bilateral included energy transaction" as an included energy transaction executed or traded other than on or through a trading facility. Exempts such transactions from the requirement that transactions be made on or through a designated contract market. Applies to "bilateral included energy transactions" certain reporting and recordkeeping requirements.

Instructs the CFTC to publish monthly on its website: (1) the aggregate number and value of long and short positions held by a person in any portfolio constructed to match or track the components of an index of all commodities; and (2) the portion of the positions that are net long positions in "included energy transactions."

Amends the Natural Gas Act and the Federal Power Act to set forth enforcement powers of the Federal Energy Regulatory Commission (FERC), including cease-and-desist proceedings, temporary orders, and general implementation authority.

What's happening now October 3, 2008

Referred to the Subcommittee on General Farm Commodities and Risk Management.

Committees of jurisdiction 4