http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_SN_2058.html?rev=20596 <p>S. 2058 would amend the Commodity Exchange Act to close the Enron loophole and to prevent price manipulation and excessive speculation in the trading of energy commodities.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Close the Enron Loophole Act - Amends the Commodity Exchange Act to provide that it applies to an agreement, contract, or transaction in an exempt commodity that is executed or traded on an electronic trading facility that is an energy trading center.</p> <p>Prohibits any person from entering into an agreement, contract, or transaction for future delivery of an energy commodity that is not a spot sale of cash commodity or a sale of a cash commodity for deferred shipment or delivery on or through an energy trading facility that is not registered as such with the U.S. Commodity Futures Trading Commission (CFTC). Sets forth registration criteria.</p> <p>Requires CFTC to ensure that the position limits and accountability levels applicable to contracts in an energy commodity listed for trading on a designated contract market and similar contracts in the same energy commodity listed for trading on an energy trading facility: (1) prevent price manipulation, excessive speculation, price distortion, and disruption of the delivery or cash-settlement process; and (2) are on a parity with each other and are applied in a functionally equivalent manner.</p> <p>Requires CFTC to take necessary action to direct an energy trading facility or a designated contract market to require a person who has exceeded an applicable position limit or accountability level in an energy commodity to limit, reduce, or liquidate any position to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of the delivery or cash-settlement process.</p> <p>Sets forth provisions concerning the provision of information and records about energy trading contracts to CFTC.</p> <p>Revises provisions concerning the prohibition on energy contracts designed to defraud or mislead, including by prohibiting any person from cheating or defrauding another person in connection with any contract of sale of any commodity in interstate commerce or for future delivery that is made subject to the rules of a designated contract market for or on behalf of any such person (currently the provisions prohibit members of registered entities, correspondent agents, or employees of members from such actions.)</p> <p>Requires CFTC to issue a rule regarding the requirements for an application for registration for an energy trading facility.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 9/17/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 20596@http://www.washingtonwatch.com Fri, 14 Mar 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_2058.html?rev=11887 <p>S. 2058 would amend the Commodity Exchange Act to close the Enron loophole and to prevent price manipulation and excessive speculation in the trading of energy commodities.</p> <h2 id="toc4"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 11887@http://www.washingtonwatch.com Mon, 22 Oct 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_2058.html?rev=11888 <p>S. 2058 would amend the Commodity Exchange Act to close the Enron loophole and to prevent price manipulation and excessive speculation in the trading of energy commodities.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 9/17/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 11888@http://www.washingtonwatch.com Mon, 22 Oct 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_2058.html 9/17/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. 26661@http://www.washingtonwatch.com Mon, 17 Sep 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_2058.html 9/17/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. 29892@http://www.washingtonwatch.com Mon, 17 Sep 2007 00:00:00 EDT