II 

Calendar No. 854 

110TH CONGRESS 

2D SESSION S. 3202 

To address record high gas prices at the pump, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JUNE 26, 2008 

Mr. MCCONNELL (for himself, Mr. ALEXANDER, Mr. ALLARD, Mr. BARRASSO, 

Mr. BENNETT, Mr. BOND, Mr. BROWNBACK, Mr. BUNNING, Mr. BURR, 

Mr. CHAMBLISS, Mr. COBURN, Mr. COCHRAN, Mr. COLEMAN, Mr. CORKER, Mr. CORNYN, Mr. CRAIG, Mr. CRAPO, Mr. DEMINT, Mrs. DOLE, Mr. 

DOMENICI, Mr. ENSIGN, Mr. ENZI, Mr. GRAHAM, Mr. GRASSLEY, Mr. 

GREGG, Mr. HATCH, Mrs. HUTCHISON, Mr. INHOFE, Mr. ISAKSON, Mr. 

KYL, Mr. LUGAR, Mr. MARTINEZ, Ms. MURKOWSKI, Mr. ROBERTS, Mr. 

SESSIONS, Mr. SHELBY, Mr. SPECTER, Mr. STEVENS, Mr. SUNUNU, Mr. 

THUNE, Mr. VITTER, Mr. VOINOVICH, Mr. WARNER, and Mr. WICKER) 

introduced the following bill; which was read the first time 

JUNE 27, 2008 

Read the second time and placed on the calendar 

A BILL 

To address record high gas prices at the pump, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

2 (a) SHORT TITLE.—This Act may be cited as the 

3 ‘‘Gas Price Reduction Act of 2008’’. 

4 (b) TABLE OF CONTENTS.—The table of contents of 

5 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—DEEP SEA EXPLORATION 

Sec. 101. Publication of projected State lines on outer Continental Shelf. 

Sec. 102. Production of oil and natural gas in new producing areas. 

Sec. 103. Conforming amendments. 

TITLE II—WESTERN STATE OIL SHALE EXPLORATION 

Sec. 201. Removal of prohibition on final regulations for commercial leasing 

program for oil shale resources on public land. 

TITLE III—PLUG-IN ELECTRIC CARS AND TRUCKS 

Sec. 301. Advanced batteries for electric drive vehicles. 

TITLE IV—ENERGY COMMODITY MARKETS 

Sec. 401. Study of international regulation of energy commodity markets. 

Sec. 402. Foreign boards of trade. 

Sec. 403. Index traders and swap dealers; disaggregation of index funds. 

Sec. 404. Improved oversight and enforcement. 

6 TITLE I—DEEP SEA 

7 EXPLORATION 

8 SEC. 101. PUBLICATION OF PROJECTED STATE LINES ON 

9 OUTER CONTINENTAL SHELF. 

10 Section 4(a)(2)(A) of the Outer Continental Shelf 

11 Lands Act (43 U.S.C. 1333(a)(2)(A)) is amended— 

12 (1) by designating the first, second, and third 

13 sentences as clause (i), (iii), and (iv), respectively; 

14 (2) in clause (i) (as so designated), by inserting 

15 before the period at the end the following: ‘‘not later 


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1 than 90 days after the date of enactment of the Gas 

2 Price Reduction Act of 2008’’; and 

3 (3) by inserting after clause (i) (as so des4 ignated) the following: 

5 ‘‘(ii)(I) The projected lines shall also be used for the 

6 purpose of preleasing and leasing activities conducted in 

7 new producing areas under section 32. 

8 ‘‘(II) This clause shall not affect any property right 

9 or title to Federal submerged land on the outer Conti10 nental Shelf. 

11 ‘‘(III) In carrying out this clause, the President shall 

12 consider the offshore administrative boundaries beyond 

13 State submerged lands for planning, coordination, and ad14 ministrative purposes of the Department of the Interior, 

15 but may establish different boundaries.’’. 

16 SEC. 102. PRODUCTION OF OIL AND NATURAL GAS IN NEW 

17 PRODUCING AREAS. 

18 The Outer Continental Shelf Lands Act (43 U.S.C. 

19 1331 et seq.) is amended by adding at the end the fol20 lowing: 

21 ‘‘SEC. 32. PRODUCTION OF OIL AND NATURAL GAS IN NEW 

22 PRODUCING AREAS. 

23 ‘‘(a) DEFINITIONS.—In this section: 

24 ‘‘(1) COASTAL POLITICAL SUBDIVISION.—The 

25 term ‘coastal political subdivision’ means a political 


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1 subdivision of a new producing State any part of 

2 which political subdivision is— 

3 ‘‘(A) within the coastal zone (as defined in 

4 section 304 of the Coastal Zone Management 

5 Act of 1972 (16 U.S.C. 1453)) of the new pro6 ducing State as of the date of enactment of this 

7 section; and 

8 ‘‘(B) not more than 200 nautical miles 

9 from the geographic center of any leased tract. 

10 ‘‘(2) MORATORIUM AREA.— 

11 ‘‘(A) IN GENERAL.—The term ‘moratorium 

12 area’ means an area covered by sections 104 

13 through 105 of the Department of the Interior, 

14 Environment, and Related Agencies Appropria15 tions Act, 2008 (Public Law 110–161; 121 

16 Stat. 2118) (as in effect on the day before the 

17 date of enactment of this section). 

18 ‘‘(B) EXCLUSION.—The term ‘moratorium 

19 area’ does not include an area located in the 

20 Gulf of Mexico. 

21 ‘‘(3) NEW PRODUCING AREA.—The term ‘new 

22 producing area’ means any moratorium area within 

23 the offshore administrative boundaries beyond the 

24 submerged land of a State that is located greater 

25 than 50 miles from the coastline of the State. 


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1 ‘‘(4) NEW PRODUCING STATE.—The term ‘new 

2 producing State’ means a State that has, within the 

3 offshore administrative boundaries beyond the sub4 merged land of the State, a new producing area 

5 available for oil and gas leasing under subsection 

6 (b). 

7 ‘‘(5) OFFSHORE ADMINISTRATIVE BOUND8 ARIES.—The term ‘offshore administrative bound9 aries’ means the administrative boundaries estab10 lished by the Secretary beyond State submerged land 

11 for planning, coordination, and administrative pur12 poses of the Department of the Interior and pub13 lished in the Federal Register on January 3, 2006 

14 (71 Fed. Reg. 127). 

15 ‘‘(6) QUALIFIED OUTER CONTINENTAL SHELF

16 REVENUES.— 

17 ‘‘(A) IN GENERAL.—The term ‘qualified 

18 outer Continental Shelf revenues’ means all 

19 rentals, royalties, bonus bids, and other sums 

20 due and payable to the United States from 

21 leases entered into on or after the date of en22 actment of this section for new producing areas. 

23 ‘‘(B) EXCLUSIONS.—The term ‘qualified 

24 outer Continental Shelf revenues’ does not in25 clude— 


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1 ‘‘(i) revenues from a bond or other 

2 surety forfeited for obligations other than 

3 the collection of royalties; 

4 ‘‘(ii) revenues from civil penalties; 

5 ‘‘(iii) royalties taken by the Secretary 

6 in-kind and not sold; 

7 ‘‘(iv) revenues generated from leases 

8 subject to section 8(g); or 

9 ‘‘(v) any revenues considered qualified 

10 outer Continental Shelf revenues under 

11 section 102 of the Gulf of Mexico Energy 

12 Security Act of 2006 (43 U.S.C. 1331 

13 note; Public Law 109–432). 

14 ‘‘(b) PETITION FOR LEASING NEW PRODUCING

15 AREAS.— 

16 ‘‘(1) IN GENERAL.—Beginning on the date on 

17 which the President delineates projected State lines 

18 under section 4(a)(2)(A)(ii), the Governor of a 

19 State, with the concurrence of the legislature of the 

20 State, with a new producing area within the offshore 

21 administrative boundaries beyond the submerged 

22 land of the State may submit to the Secretary a pe23 tition requesting that the Secretary make the new 

24 producing area available for oil and gas leasing. 


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1 ‘‘(2) ACTION BY SECRETARY.—Notwithstanding 

2 section 18, as soon as practicable after receipt of a 

3 petition under paragraph (1), the Secretary shall ap4 prove the petition if the Secretary determines that 

5 leasing the new producing area would not create an 

6 unreasonable risk of harm to the marine, human, or 

7 coastal environment. 

8 ‘‘(c) DISPOSITION OF QUALIFIED OUTER CONTI9 NENTAL SHELF REVENUES FROM NEW PRODUCING

10 AREAS.— 

11 ‘‘(1) IN GENERAL.—Notwithstanding section 9 

12 and subject to the other provisions of this sub13 section, for each applicable fiscal year, the Secretary 

14 of the Treasury shall deposit— 

15 ‘‘(A) 50 percent of qualified outer Conti16 nental Shelf revenues in the general fund of the 

17 Treasury; and 

18 ‘‘(B) 50 percent of qualified outer Conti19 nental Shelf revenues in a special account in 

20 the Treasury from which the Secretary shall 

21 disburse— 

22 ‘‘(i) 75 percent to new producing 

23 States in accordance with paragraph (2); 

24 and 


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1 ‘‘(ii) 25 percent to provide financial 

2 assistance to States in accordance with 

3 section 6 of the Land and Water Conserva4 tion Fund Act of 1965 (16 U.S.C. 460l 

5 –8), which shall be considered income to 

6 the Land and Water Conservation Fund 

7 for purposes of section 2 of that Act (16 

8 U.S.C. 460l–5). 

9 ‘‘(2) ALLOCATION TO NEW PRODUCING STATES

10 AND COASTAL POLITICAL SUBDIVISIONS.— 

11 ‘‘(A) ALLOCATION TO NEW PRODUCING

12 STATES.—Effective for fiscal year 2008 and 

13 each fiscal year thereafter, the amount made 

14 available under paragraph (1)(B)(i) shall be al15 located to each new producing State in amounts 

16 (based on a formula established by the Sec17 retary by regulation) proportional to the 

18 amount of qualified outer Continental Shelf rev19 enues generated in the new producing area off20 shore each State. 

21 ‘‘(B) PAYMENTS TO COASTAL POLITICAL

22 SUBDIVISIONS.— 

23 ‘‘(i) IN GENERAL.—The Secretary 

24 shall pay 20 percent of the allocable share 

25 of each new producing State, as deterVerDate Aug 31 2005 00:20 Jun 28, 2008 Jkt 069200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\S3202.PCS S3202

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1 mined under subparagraph (A), to the 

2 coastal political subdivisions of the new 

3 producing State. 

4 ‘‘(ii) ALLOCATION.—The amount paid 

5 by the Secretary to coastal political sub6 divisions shall be allocated to each coastal 

7 political subdivision in accordance with the 

8 regulations promulgated under subpara9 graph (A). 

10 ‘‘(3) MINIMUM ALLOCATION.—The amount allo11 cated to a new producing State for each fiscal year 

12 under paragraph (2) shall be at least 5 percent of 

13 the amounts available for the fiscal year under para14 graph (1)(B)(i). 

15 ‘‘(4) TIMING.—The amounts required to be de16 posited under subparagraph (B) of paragraph (1) 

17 for the applicable fiscal year shall be made available 

18 in accordance with that subparagraph during the fis19 cal year immediately following the applicable fiscal 

20 year. 

21 ‘‘(5) AUTHORIZED USES.— 

22 ‘‘(A) IN GENERAL.—Subject to subpara23 graph (B), each new producing State and coast24 al political subdivision shall use all amounts re25 ceived under paragraph (2) in accordance with 


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1 all applicable Federal and State laws, only for 

2 1 or more of the following purposes: 

3 ‘‘(i) Projects and activities for the 

4 purposes of coastal protection, including 

5 conservation, coastal restoration, hurricane 

6 protection, and infrastructure directly af7 fected by coastal wetland losses. 

8 ‘‘(ii) Mitigation of damage to fish, 

9 wildlife, or natural resources. 

10 ‘‘(iii) Implementation of a federally 

11 approved marine, coastal, or comprehensive 

12 conservation management plan. 

13 ‘‘(iv) Funding of onshore infrastruc14 ture projects. 

15 ‘‘(v) Planning assistance and the ad16 ministrative costs of complying with this 

17 section. 

18 ‘‘(B) LIMITATION.—Not more than 3 per19 cent of amounts received by a new producing 

20 State or coastal political subdivision under 

21 paragraph (2) may be used for the purposes de22 scribed in subparagraph (A)(v). 

23 ‘‘(6) ADMINISTRATION.—Amounts made avail24 able under paragraph (1)(B) shall— 


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1 ‘‘(A) be made available, without further 

2 appropriation, in accordance with this sub3 section; 

4 ‘‘(B) remain available until expended; and 

5 ‘‘(C) be in addition to any amounts appro6 priated under— 

7 ‘‘(i) other provisions of this Act; 

8 ‘‘(ii) the Land and Water Conserva9 tion Fund Act of 1965 (16 U.S.C. 460l– 

10 4 et seq.); or 

11 ‘‘(iii) any other provision of law. 

12 ‘‘(d) DISPOSITION OF QUALIFIED OUTER CONTI13 NENTAL SHELF REVENUES FROM OTHER AREAS.—Not14 withstanding section 9, for each applicable fiscal year, the 

15 terms and conditions of subsection (c) shall apply to the 

16 disposition of qualified outer Continental Shelf revenues 

17 that— 

18 ‘‘(1) are derived from oil or gas leasing in an 

19 area that is not included in the current 5-year plan 

20 of the Secretary for oil or gas leasing; and 

21 ‘‘(2) are not assumed in the budget of the 

22 United States Government submitted by the Presi23 dent under section 1105 of title 31, United States 

24 Code.’’. 


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1 SEC. 103. CONFORMING AMENDMENTS. 

2 Sections 104 and 105 of the Department of the Inte3 rior, Environment, and Related Agencies Appropriations 

4 Act, 2008 (Public Law 110–161; 121 Stat. 2118) are 

5 amended by striking ‘‘No funds’’ each place it appears and 

6 inserting ‘‘Except as provided in section 32 of the Outer 

7 Continental Shelf Lands Act, no funds’’. 

8 TITLE II—WESTERN STATE OIL 

9 SHALE EXPLORATION 

10 SEC. 201. REMOVAL OF PROHIBITION ON FINAL REGULA11 TIONS FOR COMMERCIAL LEASING PROGRAM 

12 FOR OIL SHALE RESOURCES ON PUBLIC 

13 LAND. 

14 Section 433 of the Department of the Interior, Envi15 ronment, and Related Agencies Appropriations Act, 2008 

16 (Public Law 110–161; 121 Stat. 2152) is repealed. 

17 TITLE III—PLUG-IN ELECTRIC 

18 CARS AND TRUCKS 

19 SEC. 301. ADVANCED BATTERIES FOR ELECTRIC DRIVE VE20 HICLES. 

21 (a) DEFINITIONS.—In this section: 

22 (1) ADVANCED BATTERY.—The term ‘‘advanced 

23 battery’’ means an electrical storage device that is 

24 suitable for a vehicle application. 


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1 (2) ENGINEERING INTEGRATION COSTS.—The 

2 term ‘‘engineering integration costs’’ includes the 

3 cost of engineering tasks relating to— 

4 (A) the incorporation of qualifying compo5 nents into the design of an advanced battery; 

6 and 

7 (B) the design of tooling and equipment 

8 and the development of manufacturing proc9 esses and material for suppliers of production 

10 facilities that produce qualifying components or 

11 advanced batteries. 

12 (3) SECRETARY.—The term ‘‘Secretary’’ means 

13 the Secretary of Energy. 

14 (b) ADVANCED BATTERY RESEARCH AND DEVELOP15 MENT.— 

16 (1) IN GENERAL.—The Secretary shall— 

17 (A) expand and accelerate research and de18 velopment efforts for advanced batteries; and 

19 (B) emphasize lower cost means of pro20 ducing abuse-tolerant advanced batteries with 

21 the appropriate balance of power and energy ca22 pacity to meet market requirements. 

23 (2) AUTHORIZATION OF APPROPRIATIONS.— 

24 There is authorized to be appropriated to carry out 


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1 this subsection $100,000,000 for each of fiscal years 

2 2010 through 2014. 

3 (c) DIRECT LOAN PROGRAM.— 

4 (1) IN GENERAL.—Subject to the availability of 

5 appropriated funds, not later than 1 year after the 

6 date of enactment of this Act, the Secretary shall 

7 carry out a program to provide a total of not more 

8 than $250,000,000 in loans to eligible individuals 

9 and entities for not more than 30 percent of the 

10 costs of 1 or more of— 

11 (A) reequipping a manufacturing facility in 

12 the United States to produce advanced bat13 teries; 

14 (B) expanding a manufacturing facility in 

15 the United States to produce advanced bat16 teries; or 

17 (C) establishing a manufacturing facility in 

18 the United States to produce advanced bat19 teries. 

20 (2) ELIGIBILITY.— 

21 (A) IN GENERAL.—To be eligible to obtain 

22 a loan under this subsection, an individual or 

23 entity shall— 

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1 ated with a proposed project under this 

2 subsection; 

3 (ii) provide sufficient information to 

4 the Secretary for the Secretary to ensure 

5 that the qualified investment is expended 

6 efficiently and effectively; and 

7 (iii) meet such other criteria as may 

8 be established and published by the Sec9 retary. 

10 (B) CONSIDERATION.—In selecting eligible 

11 individuals or entities for loans under this sub12 section, the Secretary may consider whether the 

13 proposed project of an eligible individual or en14 tity under this subsection would— 

15 (i) reduce manufacturing time; 

16 (ii) reduce manufacturing energy in17 tensity; 

18 (iii) reduce negative environmental 

19 impacts or byproducts; or 

20 (iv) increase spent battery or compo21 nent recycling 

22 (3) RATES, TERMS, AND REPAYMENT OF

23 LOANS.—A loan provided under this subsection— 

24 (A) shall have an interest rate that, as of 

25 the date on which the loan is made, is equal to 


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1 the cost of funds to the Department of the 

2 Treasury for obligations of comparable matu3 rity; 

4 (B) shall have a term that is equal to the 

5 lesser of— 

6 (i) the projected life, in years, of the 

7 eligible project to be carried out using 

8 funds from the loan, as determined by the 

9 Secretary; or 

10 (ii) 25 years; and 

11 (C) may be subject to a deferral in repay12 ment for not more than 5 years after the date 

13 on which the eligible project carried out using 

14 funds from the loan first begins operations, as 

15 determined by the Secretary. 

16 (4) PERIOD OF AVAILABILITY.—A loan under 

17 this subsection shall be available for— 

18 (A) facilities and equipment placed in serv19 ice before December 30, 2020; and 

20 (B) engineering integration costs incurred 

21 during the period beginning on the date of en22 actment of this Act and ending on December 

23 30, 2020. 


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1 (5) FEES.—The cost of administering a loan 

2 made under this subsection shall not exceed 

3 $100,000. 

4 (6) AUTHORIZATION OF APPROPRIATIONS.— 

5 There are authorized to be appropriated such sums 

6 as are necessary to carry out this subsection for 

7 each of fiscal years 2009 through 2013. 

8 (d) SENSE OF THE SENATE ON PURCHASE OF PLUG9 IN ELECTRIC DRIVE VEHICLES.—It is the sense of the 

10 Senate that, to the maximum extent practicable, the Fed11 eral Government should implement policies to increase the 

12 purchase of plug-in electric drive vehicles by the Federal 

13 Government. 

14 TITLE IV—ENERGY COMMODITY 

15 MARKETS 

16 SEC. 401. STUDY OF INTERNATIONAL REGULATION OF EN17 ERGY COMMODITY MARKETS. 

18 (a) IN GENERAL.—The Secretary of the Treasury, 

19 the Chairman of the Board of Governors of the Federal 

20 Reserve System, the Chairman of the Securities and Ex21 change Commission, and the Chairman of the Commodity 

22 Futures Trading Commission shall jointly conduct a study 

23 of the international regime for regulating the trading of 

24 energy commodity futures and derivatives. 


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1 (b) ANALYSIS.—The study shall include an analysis 

2 of, at a minimum— 

3 (1) key common features and differences among 

4 countries in the regulation of energy commodity 

5 trading, including with respect to market oversight 

6 and enforcement; 

7 (2) agreements and practices for sharing mar8 ket and trading data; 

9 (3) the use of position limits or thresholds to 

10 detect and prevent price manipulation, excessive 

11 speculation as described in section 4a(a) of the Com12 modity Exchange Act (7 U.S.C. 6a(a)) or other un13 fair trading practices; 

14 (4) practices regarding the identification of 

15 commercial and noncommercial trading and the ex16 tent of market speculation; and 

17 (5) agreements and practices for facilitating 

18 international cooperation on market oversight, com19 pliance, and enforcement. 

20 (c) REPORT.—Not later than 120 days after the date 

21 of enactment of this Act, the heads of the Federal agencies 

22 described in subsection (a) shall jointly submit to the ap23 propriate committees of Congress a report that— 

24 (1) describes the results of the study; and 


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1 (2) provides recommendations to improve open2 ness, transparency, and other necessary elements of 

3 a properly functioning market. 

4 SEC. 402. FOREIGN BOARDS OF TRADE. 

5 Section 4 of the Commodity Exchange Act (7 U.S.C. 

6 6) is amended by adding at the end the following: 

7 ‘‘(e) FOREIGN BOARDS OF TRADE.— 

8 ‘‘(1) IN GENERAL.—The Commission shall not 

9 permit a foreign board of trade’s members or other 

10 participants located in the United States to enter 

11 trades directly into the foreign board of trade’s 

12 trade matching system with respect to an agree13 ment, contract, or transaction in an energy com14 modity (as defined by the Commission) that settles 

15 against any price, including the daily or final settle16 ment price, of a contract or contracts listed for trad17 ing on a registered entity, unless— 

18 ‘‘(A) the foreign board of trade makes pub19 lic daily information on settlement prices, vol20 ume, open interest, and opening and closing 

21 ranges for the agreement, contract, or trans22 action that is comparable to the daily trade in23 formation published by the registered entity for 

24 the contract or contracts against which it set25 tles; 


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1 ‘‘(B) the foreign board of trade or a for2 eign futures authority adopts position limita3 tions (including related hedge exemption provi4 sions) or position accountability for speculators 

5 for the agreement, contract, or transaction that 

6 are comparable to the position limitations (in7 cluding related hedge exemption provisions) or 

8 position accountability adopted by the reg9 istered entity for the contract or contracts 

10 against which it settles; and 

11 ‘‘(C) the foreign board of trade or a for12 eign futures authority provides such informa13 tion to the Commission regarding the extent of 

14 speculative and non-speculative trading in the 

15 agreement, contract, or transaction that is com16 parable to the information the Commission de17 termines is necessary to publish its weekly re18 port of traders (commonly known as the Com19 mitments of Traders report) for the contract or 

20 contracts against which it settles. 

21 ‘‘(2) EXISTING FOREIGN BOARDS OF TRADE.— 

22 Paragraph (1) shall become effective 1 year after the 

23 date of enactment of this subsection with respect to 

24 any agreement, contract, or transaction in an energy 

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1 ducted on a foreign board of trade for which the 

2 Commission’s staff had granted relief from the re3 quirements of this Act prior to the date of enact4 ment of this subsection.’’. 

5 SEC. 403. INDEX TRADERS AND SWAP DEALERS; 

6 DISAGGREGATION OF INDEX FUNDS. 

7 Section 4 of the Commodity Exchange Act (7 U.S.C. 

8 6) (as amended by section 3) is amended by adding at 

9 the end the following: 

10 ‘‘(f) INDEX TRADERS AND SWAP DEALERS.— 

11 ‘‘(1) REPORTING.—The Commission shall— 

12 ‘‘(A) issue a proposed rule regarding rou13 tine reporting requirements for index traders 

14 and swap dealers (as those terms are defined by 

15 the Commission) in energy and agricultural 

16 transactions (as those terms are defined by the 

17 Commission) within the jurisdiction of the Com18 mission not later than 180 days after the date 

19 of enactment of this subsection, and issue a 

20 final rule regarding such reporting require21 ments not later than 270 days after the date of 

22 enactment of this subsection; and 

23 ‘‘(B) subject to the provisions of section 8, 

24 disaggregate and make public monthly informa25 tion on the positions and value of index funds 


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1 and other passive, long-only positions in the en2 ergy and agricultural futures markets. 

3 ‘‘(2) REPORT.—Not later than 90 days after 

4 the date of enactment of this subsection, the Com5 mission shall submit to the Committee on Agri6 culture of the House of Representatives and the 

7 Committee on Agriculture, Nutrition, and Forestry 

8 of the Senate a report regarding— 

9 ‘‘(A) the scope of commodity index trading 

10 in the futures markets; 

11 ‘‘(B) whether classification of index traders 

12 and swap dealers in the futures markets can be 

13 improved for regulatory and reporting purposes; 

14 and 

15 ‘‘(C) whether, based on a review of the 

16 trading practices for index traders in the fu17 tures markets— 

18 ‘‘(i) index trading activity is adversely 

19 impacting the price discovery process in 

20 the futures markets; and 

21 ‘‘(ii) different practices and controls 

22 should be required.’’. 

23 SEC. 404. IMPROVED OVERSIGHT AND ENFORCEMENT. 

24 (a) FINDINGS.—The Senate finds that— 


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1 (1) crude oil prices are at record levels and con2 sumers in the United States are paying record prices 

3 for gasoline; 

4 (2) funding for the Commodity Futures Trad5 ing Commission has been insufficient to cover the 

6 significant growth of the futures markets; 

7 (3) since the establishment of the Commodity 

8 Futures Trading Commission, the volume of trading 

9 on futures exchanges has grown 8,000 percent while 

10 staffing numbers have decreased 12 percent; and 

11 (4) in today’s dynamic market environment, it 

12 is essential that the Commodity Futures Trading 

13 Commission receive the funding necessary to enforce 

14 existing authority to ensure that all commodity mar15 kets, including energy markets, are properly mon16 itored for market manipulation. 

17 (b) ADDITIONAL EMPLOYEES.—As soon as prac18 ticable after the date of enactment of this Act, the Com19 modity Futures Trading Commission shall hire at least 

20 100 additional full-time employees— 

21 (1) to increase the public transparency of oper22 ations in energy futures markets; 

23 (2) to improve the enforcement in those mar24 kets; and 


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1 (3) to carry out such other duties as are pre2 scribed by the Commission. 

3 (c) AUTHORIZATION OF APPROPRIATIONS.—In addi4 tion to any other funds made available to carry out the 

5 Commodity Exchange Act (7 U.S.C. 1 et seq.), there are 

6 authorized to be appropriated such sums as are necessary 

7 to carry out this section for fiscal year 2009. 


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Calendar No. 854 

110TH CONGRESS 

2D SESSION S. 3202 

A BILL 

To address record high gas prices at the pump, and 

for other purposes. 

JUNE 27, 2008 

Read the second time and placed on the calendar 


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