S. 3122, The Policing United States Oil Commodities Markets Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

Version saved on July 23, 2008, 20:17:30, by webmaster:

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

Detailed Summary

Policing United States Oil Commodities Markets Act of 2008 - Amends the Commodity Exchange Act to require a covered market or facility to register with the Commodities Futures Trading Commission (CFTC) as a designated contract market and be subject to each rule established and regulation promulgated by the CFTC.

Defines "covered market or facility" as a contract market or electronic trading facility: (1) that operates one or more trading terminals within the 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.

Status of the Legislation

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

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

(Log in to edit the wiki and be the first to show why the bill should not pass!)

« Return to Revision History.