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HR 6921 110th Congress House Finance and Financial Sector Administrative law and regulatory procedures Appropriations Banking and financial institutions regulation Business records Civil actions and liability Commodities markets Commodity Futures Trading Commission Computers and information technology Congressional oversight Energy prices Executive agency funding and structure Financial services and investments Fraud offenses and financial crimes Government employee pay, benefits, personnel management Government information and archives Oil and gas Securities U.S. and foreign investments

Commodity Prices Oversight and Transparency Act of 2008

Introduced: September 17, 2008 Introduced by: Moran, Jerry Republican · Kansas See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 19, 2008
Referred to the Subcommittee on General Farm Commodities and Risk Management.
Sep 17, 2008
Referred to the House Committee on Agriculture.
Sep 17, 2008
Introduced in House
 Plain-English summary Congressional Research Service

Commodity Prices Oversight and Transparency Act of 2008 - Expresses the sense of the House of Representatives that the President should immediately send to Congress a request for additional appropriations for FY2008 for the Commodity Futures Trading Commission (CFTC) to: (1) help restore public confidence in commodity futures markets and federal oversight of those markets; (2) allow the CFTC to reduce the potential threat of market manipulation or congestion by potential imposition of position limitations for speculators should the CFTC determine the absence of position limitations for speculators is causing an increase in the price of oil, gasoline, diesel, and other energy commodities; (3) improve its information technology capabilities significantly; and (4) fund at least 100 new full-time positions to regulate such markets.

Amends the Commodity Exchange Act (Act) to direct the CFTC to appoint additional full-time employees.

Directs the CFTC to take specified steps to enforce and promote accountability and transparency for contracts trading on foreign boards of trade.

Shields from liability certain persons trading on a legally organized foreign board of trade.

States that no contract of sale of a commodity for future delivery transacted through the facilities of a board of trade, exchange, or market located outside the United States shall be void, voidable, or unenforceable, and no party to such contract shall be entitled to rescind or recover any payments made with respect to such contract based upon the noncompliance of the foreign board of trade with such Act.

Requires the CFTC to: (1) issue a proposed rule governing reporting requirements for index traders and swap dealers in futures markets for exempt and agricultural commodities; (2) disaggregate and make public monthly information on the positions and value of index funds and other passive positions material to a commodity futures or options markets; and (3) report to certain congressional committees on the scope of commodity index trading in the futures market, including whether such trading adversely affects price discovery in the futures markets.

What's happening now November 19, 2008

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

 Committees of jurisdiction 2