S. 3122 would amend the Commodity Exchange Act to provide for the regulation of oil commodities markets.

== Detailed Summary ==

<summary>
(Log inPolicing United States Oil Commodities Markets Act of 2008 - Amends the Commodity Exchange Act to editrequire a covered market or facility to register with the wikiCommodities Futures Trading Commission (CFTC) as a designated contract market and be the firstsubject to provideeach rule established and regulation promulgated by the CFTC.

Defines &quot;covered market or facility&quot; as a detailed summary ofcontract market or electronic trading facility: (1) that operates one or more trading terminals within the bill!)United States; (2) on which there is transacted or facilitated any agreement, contract, or transaction that serves as a price discovery function for any energy commodity delivered in the United States; and (3) that is regulated by a foreign regulatory agency.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 6/12/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
</status>

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== Points in Favor ==

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== Points Against ==

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