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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3122 Introduced in Senate (IS)]

110th CONGRESS
  2d Session
                                S. 3122

 To amend the Commodity Exchange Act to provide for the regulation of 
            oil commodities markets, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             June 12, 2008

Ms. Cantwell (for herself and Ms. Snowe) introduced the following bill; 
  which was read twice and referred to the Committee on Agriculture, 
                        Nutrition, and Forestry

_______________________________________________________________________

                                 A BILL

 
 To amend the Commodity Exchange Act to provide for the regulation of 
            oil commodities markets, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Policing United States Oil 
Commodities Markets Act of 2008''.

SEC. 2. ENERGY COMMODITIES AND RELATED SWAPS TRADED ON FOREIGN BOARDS 
              OF TRADE.

    Section 5 of the Commodity Exchange Act (7 U.S.C. 7) is amended by 
adding at the end the following:
    ``(f) Designation of Certain Contract Markets and Electronic 
Trading Facilities.--
            ``(1) Definition of covered market or facility.--In this 
        subsection, the term `covered market or facility' means a 
        contract market or electronic trading facility--
                    ``(A) that operates 1 or more trading terminals 
                within the United States (including any territory or 
                possession of the United States);
                    ``(B) on which there is transacted or facilitated 
                any agreement, contract, or transaction that serves a 
                price discovery function for any energy commodity that 
                is delivered in the United States; and
                    ``(C) that is regulated by a foreign regulatory 
                agency.
            ``(2) Designation requirement.--
                    ``(A) In general.--Notwithstanding any other 
                provision of this Act, not later than 180 days after 
                the date of enactment of this subsection, a covered 
                market or facility shall--
                            ``(i) register with the Commission as a 
                        designated contract market under this section; 
                        and
                            ``(ii) be subject to each rule established 
                        and regulation promulgated by the Commission 
                        (including each disclosure requirement that 
                        applies to a designated contract market).
                    ``(B) Effect on exemptions.--Effective beginning on 
                the earlier of the date of registration of a covered 
                market or facility under subparagraph (A) or the date 
                that is 180 days after the date of enactment of this 
                subsection, the authority of each exemption provided to 
                a covered market or facility relating to the 
                registration of the covered market or facility as a 
                designated contract market (including any no action 
                letter issued by the Commission) shall terminate.''.
                                 <all>
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