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S 1225 111th Congress Senate Finance and Financial Sector Banking and financial institutions regulation Commodities markets Commodity Futures Trading Commission Energy prices Oil and gas

Energy Market Manipulation Prevention Act

Introduced: June 10, 2009 Introduced by: Sanders, Bernard Independent · Vermont 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
Jun 10, 2009
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Jun 10, 2009
Sponsor introductory remarks on measure. (CR S6456-6457)
Jun 10, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

Energy Market Manipulation Prevention Act - Directs the Commodity Futures Trading Commission (CFTC) to eliminate excessive speculation in energy contract markets, unwarranted energy price fluctuations, or other unlawful activities that prevent energy prices from accurately reflecting supply and demand.

Requires the Commission to: (1) classify immediately each bank holding company engaged in energy futures trading as a noncommercial participant subject to strict position limits; (2) require immediately hedge funds engaged in energy futures trading to register as noncommercial participants subject to strict speculation limits; (3) eliminate conflicts of interest in which one entity has a hand in predicting oil prices, operating oil assets, and buying or selling oil derivatives; and (4) revoke immediately each staff no-action letter that covers a foreign board of trade that has established trading terminals in this country to trade U.S. commodities to U.S. investors.

What's happening now June 10, 2009

Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

 Committees of jurisdiction 1