S. 3255, The Over-the-Counter Speculation Act

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S. 3255 would amend the Commodity Exchange Act to provide for the oversight of large trades of over-the-counter energy and agricultural contracts to prevent price manipulation and excessive speculation.

Detailed Summary

Over-the-Counter Speculation Act - Authorizes the Commodity Exchange Commission, in the case of a major market disturbance, to require any trader required to report under this Act to take action to maintain or restore orderly trading in any contract listed for trading on a registered entity, including: (1) liquidation of any over-the-counter transaction; and (2) fixing of any limit that may apply to a market position involving any over-the-country transaction acquired in good faith before the date of the Commission's determination of a major market disturbance.

Defines "major market disturbance" and "over-the-counter transaction."

Sets forth reporting and recordkeeping requirements.

Status of the Legislation

Latest Major Action: 7/11/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Points in Favor

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Points Against

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