II 

110TH CONGRESS 

1ST SESSION S. 577 

To amend the Commodity Exchange Act to add a provision relating to 

reporting and recordkeeping for positions involving energy commodities. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 13, 2007 

Mrs. FEINSTEIN (for herself, Ms. SNOWE, Mr. LEVIN, Ms. CANTWELL, Mrs. 

BOXER, Mr. FEINGOLD, Mr. BINGAMAN, Mr. LIEBERMAN, Mr. LAUTENBERG, and Ms. MIKULSKI) 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 add a provision 

relating to reporting and recordkeeping for positions involving energy commodities. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Oil and Gas Traders 

5 Oversight Act of 2007’’. 

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1 SEC. 2. REPORTING AND RECORDKEEPING FOR POSITIONS 

2 INVOLVING ENERGY COMMODITIES. 

3 (a) IN GENERAL.—Section 2(h) of the Commodity 

4 Exchange Act (7 U.S.C. 2(h)) is amended by adding at 

5 the end the following: 

6 ‘‘(7) REPORTING AND RECORDKEEPING FOR

7 POSITIONS INVOLVING ENERGY COMMODITIES.— 

8 ‘‘(A) DEFINITIONS.—In this paragraph: 

9 ‘‘(i) DOMESTIC TERMINAL.—The term 

10 ‘domestic terminal’ means a technology, 

11 software, or other means of providing elec12 tronic access within the United States to a 

13 contract, agreement, or transaction traded 

14 on a foreign board of trade. 

15 ‘‘(ii) ENERGY COMMODITY.—The term 

16 ‘energy commodity’ means a commodity or 

17 the derivatives of a commodity that is used 

18 primarily as a source of energy, includ19 ing— 

20 ‘‘(I) coal; 

21 ‘‘(II) crude oil; 

22 ‘‘(III) gasoline; 

23 ‘‘(IV) heating oil; 

24 ‘‘(V) diesel fuel; 

25 ‘‘(VI) electricity; 

26 ‘‘(VII) propane; and 

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1 ‘‘(VIII) natural gas. 

2 ‘‘(iii) REPORTABLE CONTRACT.—The 

3 term ‘reportable contract’ means— 

4 ‘‘(I) a contract, agreement, or 

5 transaction involving an energy com6 modity, executed on an electronic 

7 trading facility, or 

8 ‘‘(II) a contract, agreement, or 

9 transaction for future delivery involv10 ing an energy commodity for which 

11 the underlying energy commodity has 

12 a physical delivery point within the 

13 United States and that is executed 

14 through a domestic terminal. 

15 ‘‘(B) RECORD KEEPING.—The Commis16 sion, by rule, shall require any person holding, 

17 maintaining, or controlling any position in any 

18 reportable contract under this section— 

19 ‘‘(i) to maintain such records as di20 rected by the Commission for a period of 

21 5 years, or longer, if directed by the Com22 mission; and 

23 ‘‘(ii) to provide such records upon re24 quest to the Commission or the Depart25 ment of Justice. 

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1 ‘‘(C) REPORTING OF POSITIONS INVOLVING

2 ENERGY COMMODITIES.—The Commission shall 

3 prescribe rules requiring such regular or contin4 uous reporting of positions in a reportable con5 tract in accordance with such requirements re6 garding size limits for reportable positions and 

7 the form, timing, and manner of filing such re8 ports under this paragraph, as the Commission 

9 shall determine. 

10 ‘‘(D) OTHER RULES NOT AFFECTED.— 

11 ‘‘(i) IN GENERAL.—Except as pro12 vided in clause (ii), this paragraph does 

13 not prohibit or impair the adoption by any 

14 board of trade licensed, designated, or reg15 istered by the Commission of any bylaw, 

16 rule, regulation, or resolution requiring re17 ports of positions in any agreement, con18 tract, or transaction made in connection 

19 with a contract of sale for future delivery 

20 of an energy commodity (including such a 

21 contract of sale), including any bylaw, rule, 

22 regulation, or resolution pertaining to fil23 ing or recordkeeping, which may be held by 

24 any person subject to the rules of the 

25 board of trade. 

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1 ‘‘(ii) EXCEPTION.—Any bylaw, rule, 

2 regulation, or resolution established by a 

3 board of trade described in clause (i) shall 

4 not be inconsistent with any requirement 

5 prescribed by the Commission under this 

6 paragraph. 

7 ‘‘(E) CONTRACT, AGREEMENT, OR TRANS8 ACTION FOR FUTURE DELIVERY.—Notwith9 standing sections 4(b) and 4a, the Commission 

10 shall subject a contract, agreement, or trans11 action for future delivery in an energy com12 modity to the requirements established by this 

13 paragraph.’’. 

14 (b) CONFORMING AMENDMENTS.—Section 4a(e) of 

15 the Commodity Exchange Act (7 U.S.C. 6a(e)) is amend16 ed— 

17 (1) in the first sentence— 

18 (A) by inserting ‘‘or by an electronic trad19 ing facility operating in reliance on section 

20 2(h)(3)’’ after ‘‘registered by the Commission’’; 

21 and 

22 (B) by inserting ‘‘electronic trading facil23 ity,’’ before ‘‘or such board of trade’’; and 

24 (2) in the second sentence, by inserting ‘‘or by 

25 an electronic trading facility operating in reliance on 

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1 section 2(h)(3)’’ after ‘‘registered by the Commis2 sion’’. 

Æ 

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