Skip to main content
HR 2003 112th Congress House Taxation Budget deficits and national debt Commodities markets Commodity Futures Trading Commission Energy prices Executive agency funding and structure Financial services and investments Oil and gas Sales and excise taxes Securities

Taxing Speculators out of the Oil Market Act

Introduced: May 26, 2011 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 8, 2011
Referred to the Subcommittee on General Farm Commodities and Risk Management.
May 26, 2011
Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, 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.
May 26, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Taxing Speculators out of the Oil Market Act - Amends the Internal Revenue Code to: (1) impose an 0.01% excise tax on transactions in oil futures, options, and swaps, to be paid by the trading facility on which the transactions occur or by the buyer of the transaction; and (2) require withholding of such tax if the buyer is a foreign person. Exempts from such tax certain commercial oil traders and bona fide hedging transactions.

Amends the Commodity Exchange Act to credit tax revenues from this Act as offsetting collections to appropriations to the Commodity Futures Trading Commission (CFTC). Requires any unexpended amounts to be used to reduce the public debt.

Requires the CFTC to: (1) subject each bank holding company that engages in trading in oil futures, options, and swaps, and each hedge fund that buys or sells a contract of sale of oil for future delivery, to the rules applicable to noncommercial participants in the markets for the contracts; and (2) revoke immediately each staff no-action letter that covers a foreign board of trade that has established a trading terminal in the United States for selling contracts to or from U.S. investors and engages in trading in oil futures, options, and swaps.

What's happening now June 8, 2011

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

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1