SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Increasing Transparency and 
Accountability in Oil Prices Act of 2008''.

SEC. 2. SENSE OF SENATE ON ADDITIONAL EMERGENCY FUNDING FOR COMMISSION.

    (a) Findings.--The House of Representatives finds that--
            (1) excessive speculation may be adding significantly to 
        the price of oil and other energy commodities;
            (2) the public and Congress are concerned that private, 
        unregulated transactions and overseas exchange transactions are 
        not being adequately reviewed by any regulatory body;
            (3) an important Federal overseer of commodity speculation, 
        the Commodity Futures Trading Commission, has staffing levels 
        that have dropped to the lowest levels in the 33-year history 
        of the Commission; and
            (4) the acting Chairman of the Commission has said publicly 
        that an additional 100 employees are needed in light of the 
        inflow of trading volume.
    (b) Sense of the House.--It is the sense of the House of 
Representatives that the President should immediately send to Congress 
a request for emergency appropriations for fiscal year 2008 for the 
Commodity Futures Trading Commission in an amount that is sufficient--
            (1) to help restore public confidence in energy commodities 
        markets and Federal oversight of those markets;
            (2) to potentially impose limits on excessive speculation 
        that is increasing the price of oil, gasoline, diesel, and 
        other energy commodities;
            (3) to significantly improve the information technology 
        capabilities of the Commission to help the Commission 
        effectively regulate the energy futures markets; and
            (4) to fund at least 100 new full-time positions at the 
        Commission to oversee energy commodity market speculation and 
        to enforce the Commodity Exchange Act (7 U.S.C. 1 et seq.).

SEC. 3. ADDITIONAL COMMISSION EMPLOYEES FOR IMPROVED ENFORCEMENT.

    Section 2(a)(7) of the Commodity Exchange Act (7 U.S.C. 2(a)(7)) is 
amended by adding at the end the following:
                    ``(D) Additional employees.--As soon as practicable 
                after the date of enactment of this subparagraph, the 
                Commission shall appoint at least 100 full-time 
                employees (in addition to the employees employed by the 
                Commission as of the date of enactment of this 
                subparagraph)--
                            ``(i) to increase the public transparency 
                        of operations in energy futures markets;
                            ``(ii) to improve the enforcement of this 
                        Act in those markets; and
                            ``(iii) to carry out such other duties as 
                        are prescribed by the Commission.''.

SEC. 4. INSPECTOR GENERAL.

    Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is 
amended by adding at the end the following:
            ``(13) Inspector general.--
                    ``(A) Office.--There shall be in the Commission, as 
                an independent office, an Office of the Inspector 
                General.
                    ``(B) Appointment.--The Office shall be headed by 
                an Inspector General, appointed in accordance with the 
                Inspector General Act of 1978 (5 U.S.C. App.).
                    ``(C) Compensation.--The Inspector General shall be 
                compensated at the rate provided for level IV of the 
                Executive Schedule under section 5315 of title 5, 
                United States Code.
                    ``(D) Administration.--The Inspector General shall 
                exert independent control of the budget allocations, 
                expenditures, and staffing levels, personnel decisions 
                and processes, procurement, and other administrative 
                and management functions of the Office.''.

SEC. 5. STUDY OF INTERNATIONAL REGULATION OF ENERGY COMMODITY MARKETS.

    (a) In General.--The Comptroller General of the United States shall 
conduct a study of the international regime for regulating the trading 
of energy commodity futures and derivatives.
    (b) Analysis.--The study shall include an analysis of, at a 
minimum--
            (1) key common features and differences among countries in 
        the regulation of energy commodity trading, including with 
        respect to market oversight and enforcement;
            (2) agreements and practices for sharing market and trading 
        data;
            (3) the use of position limits or thresholds to detect and 
        prevent price manipulation, excessive speculation, or other 
        unfair trading practices;
            (4) practices regarding the identification of commercial 
        and noncommercial trading and the extent of market speculation; 
        and
            (5) agreements and practices for facilitating international 
        cooperation on market oversight, compliance, and enforcement.
    (c) Report.--Not later than 120 days after the date of enactment of 
this Act, the Comptroller General shall submit to the appropriate 
committees of Congress a report that--
            (1) describes the results of the study; and
            (2) provides recommendations to improve openness, 
        transparency, and other necessary elements of a properly 
        functioning market in a manner that protects consumers in the 
        United States from the effects of excessive speculation and 
        energy price volatility.

SEC. 6. SPECULATIVE LIMITS AND TRANSPARENCY FOR OFF-SHORE COMMODITY 
              TRADING.

    Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended by 
adding at the end the following:
    ``(e) Foreign Boards of Trade.--
            ``(1) In general.--In the case of any board of trade, 
        exchange, or market located outside of the United States, its 
        territories or possessions (i) for which the Commission has 
        granted or is considering granting an application for relief 
        from the requirement of subsection (a) to become a designated 
        contract market, derivatives transaction execution facility, or 
        other registered entity, and (ii) upon which there is traded 
        any contract, agreement, or transaction in an energy commodity 
        the settlement price of which is established with reference to 
        the price of a contract, agreement, or transaction in an energy 
        commodity traded on a designated contract market, derivatives 
        transaction execution facility or other registered entity for 
        which the primary physical delivery point is located within the 
        United States, prior to continuing to or initially granting the 
        relief, the Commission shall determine that the foreign board 
        of trade--
                    ``(A) applies comparable principles or requirements 
                regarding the daily publication of trading information 
                and position limits or accountability levels for 
                speculators as apply to a designated contract market, 
                derivatives transaction execution facility, or other 
                registered entity trading energy commodities physically 
                delivered in the United States; and
                    ``(B) provides such information to the Commission 
                regarding the extent of speculative and nonspeculative 
                trading in the energy commodity that is comparable to 
                the information the Commission determines necessary to 
                publish a Commitment of Traders report for a designated 
                contract market, derivatives transaction execution 
                facility, or other registered entity trading energy 
                commodities physically delivered in the United States.
            ``(2) Existing foreign boards of trade.--During the period 
        beginning 1 year after the date of enactment of this subsection 
        and ending 18 months after the date of enactment of this 
        subsection, the Commission shall determine whether to continue 
        to grant relief in accordance with paragraph (1) to any foreign 
        board of trade for which the Commission granted relief prior to 
        the date of enactment of this subsection.''.

SEC. 7. COMMISSION AUTHORITY OVER TRADERS.

    Section 4 of the Commodity Exchange Act (7 U.S.C. 6) (as amended by 
section 6) is amended by adding at the end the following:
    ``(f) Commission Authority Over Traders.--
            ``(1) In general.--Notwithstanding any other provision of 
        this section or any determination made by the Commission to 
        grant relief from the requirements of subsection (a) to become 
        a designated contract market, derivatives transaction execution 
        facility, or other registered entity, in the case of a person 
        located within the United States, or otherwise subject to the 
        jurisdiction of the Commission, trading on a foreign board of 
        trade, exchange, or market located outside the United States 
        (including the territories and or possessions of the United 
        States), the Commission shall have authority under this Act--
                    ``(A) to apply and enforce section 9, including 
                provisions relating to manipulation or attempted 
                manipulation, the making of false statements, and 
                willful violations of this Act;
                    ``(B) to require or direct the person to limit, 
                reduce, or liquidate any position to prevent or reduce 
                the threat of price manipulation, excessive 
                speculation, price distortion, or disruption of 
                delivery or the cash settlement process; and
                    ``(C) to apply such recordkeeping requirements as 
                the Commission determines are necessary.
            ``(2) Consultation.--Prior to the issuance of any order 
        under paragraph (1) to reduce a position on a foreign board of 
        trade, exchange, or market located outside the United States 
        (including the territories and possessions of the United 
        States), the Commission shall consult with the foreign board of 
        trade, exchange, or market and the appropriate regulatory 
        authority.
            ``(3) Administration.--Nothing in this subsection limits 
        any of the otherwise applicable authorities of the 
        Commission.''.

SEC. 8. INDEX TRADERS AND SWAP DEALERS.

    Section 4 of the Commodity Exchange Act (7 U.S.C. 6) (as amended by 
section 7) is amended by adding at the end the following:
    ``(g) Index Traders and Swap Dealers.--Not later than 60 days after 
the date of enactment of this subsection, the Commission shall--
            ``(1) routinely require detailed reporting from index 
        traders and swap dealers in markets under the jurisdiction of 
        the Commission;
            ``(2) reclassify the types of traders for regulatory and 
        reporting purposes to distinguish between index traders and 
        swaps dealers; and
            ``(3) review the trading practices for index traders in 
        markets under the jurisdiction of the Commission--
                    ``(A) to ensure that index trading is not adversely 
                impacting the price discovery process; and
                    ``(B) to determine whether different practices or 
                regulations should be implemented.''.

SEC. 9. DISAGGREGATION OF INDEX FUNDS AND OTHER DATA IN ENERGY MARKETS.

    Section 4 of the Commodity Exchange Act (7 U.S.C. 6) (as amended by 
section 8) is amended by adding at the end the following:
    ``(h) Disaggregation of Index Funds and Data in Energy Markets.--
The Commission shall disaggregate and make public monthly--
            ``(1) the number of positions and total value of index 
        funds and other passive, long-only positions in energy markets; 
        and
            ``(2) data on speculative positions relative to bona fide 
        physical hedgers in those markets.''.
Increasing Transparency and Accountability in Oil Prices Act of 2008 - Expresses the sense of the House of Representatives that the President should immediately send to Congress a request for emergency appropriations for FY2008 for the Commodity Futures Trading Commission (CFTC) in an amount sufficient to: (1) help restore public confidence in energy commodities markets and federal oversight of those markets; (2) potentially impose limits on excessive speculation that is increasing the price of oil, gasoline, diesel, and other energy commodities; (3) significantly improve the information technology capabilities of the CFTC to help it effectively regulate the energy futures markets; and (4) fund at least 100 new full-time positions at the CFTC to oversee energy commodity market speculation and to enforce the Commodity Exchange Act.

Amends the Commodity Exchange Act to: (1) provide for additional employees for improved enforcement; and (2) establish an independent Office of the Inspector General in the CFTC.

Direct the Comptroller General of the United States to study and report to Congress on the international regime for regulating the trading of energy commodity futures and derivatives.

Amends the Commodity Exchange Act to address the kind of case in which the CFTC grants or considers granting relief to a foreign board of trade from the requirement that it become a designated contract market, derivatives transaction execution facility, or other registered entity with respect to an energy commodity for which the primary physical delivery point is located within the United States. Requires the CFTC, before granting or considering such relief, to determine that the foreign board of trade: (1) applies comparable principles or requirements regarding the daily publication of trading information and position limits or accountability levels for speculators as apply to a designated contract market, derivatives transaction execution facility, or other registered entity trading energy commodities physically delivered in the United States; and (2) provides such information to the Commission regarding the extent of speculative and nonspeculative trading in the energy commodity that is comparable to the information the Commission determines necessary to publish a Commitment of Traders report for such a designated contract market, derivatives transaction execution facility, or other registered entity.

Authorizes the CFTC, in the case of a registered entity located within the United States, subject to CFTC jurisdiction, which trades on a foreign board of trade, exchange, or market located outside the United States, to: (1) apply and enforce provisions concerned with violations, including provisions related to manipulation or attempted manipulation, the making of false statements, and willful violations of this Act; (2) require or direct the person to limit, reduce, or liquidate any position to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of delivery or the cash settlement process; and (3) apply necessary recordkeeping requirements.

Directs the CFTC to: (1) routinely require detailed reporting from index traders and swap dealers in markets under CFTC jurisdiction; (2) reclassify the types of traders for regulatory and reporting purposes to distinguish between index traders and swaps dealers; and (3) review the trading practices for index traders in markets under CFTC jurisdiction to ensure that index trading is not adversely impacting the price discovery process, and to determine whether different practices or regulations should be implemented.

Requires the CFTC to disaggregate and make public monthly: (1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and (2) data on speculative positions relative to bona fide physical hedgers in those markets.
To provide energy price relief by authorizing greater resources and authority for the Commodity Futures Trading Commission, and for other purposes.