Sec. 551. Renewable energy credit. 
Sec. 552. Production credit for electricity produced from marine renewables. 
Sec. 553. Energy credit. 
Sec. 554. Credit for residential energy efficient property. 
Sec. 555. Special rule to implement FERC and State electric restructuring pol-
icy. 
Sec. 556. New clean renewable energy bonds. 
SUBPART B—CARBON MITIGATION PROVISIONS 
Sec. 561. Expansion and modification of advanced coal project investment cred-
it. 
Sec. 562. Expansion and modification of coal gasification investment credit. 
Sec. 563. Temporary increase in coal excise tax. 
Sec. 564. Special rules for refund of the coal excise tax to certain coal pro-
ducers and exporters. 
Sec. 565. Carbon audit of the tax code. 
SUBPART C—ENERGY CONSERVATION AND EFFICIENCY 
Sec. 571. Qualified energy conservation bonds. 
Sec. 572. Credit for nonbusiness energy property. 
Sec. 573. Energy efficient commercial buildings deduction. 
Sec. 574. Modifications of energy efficient appliance credit for appliances pro-
duced after 2007. 
Sec. 575. Accelerated recovery period for depreciation of smart meters and 
smart grid systems. 
Sec. 576. Qualified green building and sustainable design projects. 
SUBPART D—GEOTHERMAL INCENTIVES 
Sec. 581. Energy credit for geothermal heat pump systems. 
Sec. 582. 3-year accelerated depreciation period for geothermal heat pump sys-
tems. 
TITLE VI—INCREASED DOMESTIC PRODUCTION 
Subtitle A—Outer Continental Shelf 
Sec. 601. Prohibition on leasing. 
Sec. 602. Opening of certain areas to oil and gas leasing. 
Sec. 603. Coastal State roles and responsibilities. 
Sec. 604. Protection of the environment and conservation of the natural re-
sources of the Outer Continental Shelf. 
Sec. 605. Limitations. 
Sec. 606. Prohibition on leasing in certain Federal protected areas. 
Sec. 607. No effect on applicable law. 
Sec. 608. Buy American requirements. 
Sec. 609. Small, woman-owned, and minority-owned businesses. 
Sec. 610. OCS joint permitting offices. 
Sec. 611. Definitions. 
Subtitle B—Drill Responsibly in Leased Lands 
Sec. 621. Issuance of new leases. 
Sec. 622. Fair return on production of Federal oil and gas resources. 
Subtitle C—Coal Innovation Direct Loan Program 
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Sec. 631. Coal innovation direct loan program. 
Subtitle D—Nuclear Power 
Sec. 641. Nuclear Regulatory Commission. 
Sec. 642. Nuclear energy workforce. 
Sec. 643. Interagency working group to promote domestic manufacturing base 
for nuclear components and equipment. 
Subtitle E—Carbon Sequestrations 
Sec. 651. Tax credit for carbon dioxide sequestration. 
TITLE VII—OFFSETS 
Sec. 700. Reference. 
Subtitle A—Ending Unneeded Tax Breaks 
Sec. 701. Limitation of deduction for income attributable to domestic produc-
tion of oil, gas, or primary products thereof. 
Sec. 702. 7-year amortization of geological and geophysical expenditures for 
certain major integrated oil companies. 
Sec. 703. Clarification of determination of foreign oil and gas extraction in-
come. 
Sec. 704. Clarification of eligibility for renewable diesel credit. 
Sec. 705. Clarification that credits for fuel are designed to provide an incentive 
for United States production. 
Subtitle B—Additional Revenue Provisions 
Sec. 711. Nonqualified deferred compensation from certain tax indifferent par-
ties. 
Sec. 712. Delay in application of worldwide allocation of interest. 
Sec. 713. Time for payment of corporate estimated taxes. 
TITLE I—SHORT-TERM RELIEF 
FOR AMERICAN ENERGY CON-
SUMERS 
Subtitle A—Consumer Energy 
Supply 
SEC. 101. DEFINITIONS. 
In this subtitle— 
(1) the term ‘‘light grade petroleum’’ means 
crude oil with an API gravity of 30 degrees or high-
er; 
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(2) the term ‘‘heavy grade petroleum’’ means 
crude oil with an API gravity of 26 degrees or lower; 
and 
(3) the term ‘‘Secretary’’ means the Secretary 
of Energy. 
SEC. 102. SALE AND REPLACEMENT OF OIL FROM THE 
STRATEGIC PETROLEUM RESERVE. 
(a) INITIAL
PETROLEUM
SALE
AND
REPLACE-
MENT.—Notwithstanding section 161 of the Energy Policy 
and Conservation Act (42 U.S.C. 6241), the Secretary 
shall publish a plan not later than 15 days after the date 
of enactment of this Act to— 
(1) sell, in the amounts and on the schedule de-
scribed in subsection (b), light grade petroleum from 
the Strategic Petroleum Reserve and acquire an 
equivalent volume of heavy grade petroleum; 
(2) deposit the cash proceeds from sales under 
paragraph (1) into the SPR Petroleum Account es-
tablished under section 167 of the Energy Policy 
and Conservation Act (42 U.S.C. 6247); and 
(3) from the cash proceeds deposited pursuant 
to paragraph (2), withdraw the amount necessary to 
pay for the direct administrative and operational 
costs of the sale and acquisition. 
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(b) AMOUNTS AND SCHEDULE.—The sale and acqui-
sition described in subsection (a) shall require the offer 
for sale of a total quantity of 70,000,000 barrels of light 
grade petroleum from the Strategic Petroleum Reserve. 
The sale shall commence, whether or not a plan has been 
published under subsection (a), not later than 30 days 
after the date of enactment of this Act and be completed 
no more than 6 months after the date of enactment of 
this Act, with at least 20,000,000 barrels to be offered 
for sale within the first 60 days after the date of enact-
ment of this Act. In no event shall the Secretary sell bar-
rels of oil under subsection (a) that would result in a Stra-
tegic Petroleum Reserve that contains fewer than 90 per-
cent of the total amount of barrels in the Strategic Petro-
leum Reserve as of the date of enactment of this Act. 
Heavy grade petroleum, to replace the quantities of light 
grade petroleum sold under this section, shall be obtained 
through acquisitions which— 
(1) shall commence no sooner than 6 months 
after the date of enactment of this Act; 
(2) shall be completed, at the discretion of the 
Secretary, not later than 5 years after the date of 
enactment of this Act; 
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(3) shall be carried out in a manner so as to 
maximize the monetary value to the Federal Govern-
ment; and 
(4) shall be acquired using the receipts from 
the sale of light petroleum authorized under this sec-
tion. 
(c) DEFERRALS.—The Secretary is encouraged to, 
when economically beneficial and practical, grant requests 
to defer scheduled deliveries of petroleum to the Reserve 
under subsection (a) if the deferral will result in a pre-
mium paid in additional barrels of oil which will reduce 
the cost of oil acquisition and increase the volume of oil 
delivered to the Reserve or yield additional cash bonuses. 
Subtitle B—Commodity Markets 
Transparency and Accountability 
SEC. 111. DEFINITION OF ENERGY COMMODITY. 
(a) DEFINITION OF ENERGY COMMODITY.—Section 
1a of the Commodity Exchange Act (7 U.S.C. 1a) is 
amended— 
(1) by redesignating paragraphs (13) through 
(34) as paragraphs (14) through (35), respectively; 
and 
(2) by inserting after paragraph (12) the fol-
lowing: 
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‘‘(13) ENERGY COMMODITY.—The term ‘energy 
commodity’ means— 
‘‘(A) coal; 
‘‘(B) crude oil, gasoline, diesel fuel, jet 
fuel, heating oil, and propane; 
‘‘(C) electricity; 
‘‘(D) natural gas; and 
‘‘(E) any other substance that is used as 
a source of energy, as the Commission, in its 
discretion, deems appropriate.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 2(c)(2)(B)(i)(II)(cc) of the Com-
modity 
Exchange 
Act 
(7 
U.S.C. 
2(c)(2)(B)(i)(II)(cc)) is amended— 
(A) in subitem (AA), by striking ‘‘section 
1a(20)’’ and inserting ‘‘section 1a(21)’’; and 
(B) in subitem (BB), by striking ‘‘section 
1a(20)’’ and inserting ‘‘section 1a(21)’’. 
(2) Section 13106(b)(1) of the Food, Conserva-
tion, and Energy Act of 2008 is amended by striking 
‘‘section 1a(32)’’ and inserting ‘‘section 1a’’. 
(3) Section 402 of the Legal Certainty for 
Bank Products Act of 2000 (7 U.S.C. 27) is amend-
ed— 
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(A) in subsection (a)(7), by striking ‘‘sec-
tion 1a(20)’’ and inserting ‘‘section 1a’’; and 
(B) in subsection (d)— 
(i) in paragraph (1)(B), by striking 
‘‘section 1a(33)’’ and inserting ‘‘section 
1a’’; and 
(ii) in paragraph (2)(D), by striking 
‘‘section 1a(13)’’ and inserting ‘‘section 
1a’’. 
SEC. 112. SPECULATIVE LIMITS AND TRANSPARENCY OF 
OFF-SHORE TRADING. 
(a) IN GENERAL.—Section 4 of the Commodity Ex-
change Act (7 U.S.C. 6) is amended by adding at the end 
the following: 
‘‘(e) FOREIGN BOARDS OF TRADE.— 
‘‘(1) IN GENERAL.—The Commission may not 
permit a foreign board of trade to provide to the 
members of the foreign board of trade or other par-
ticipants located in the United States direct access 
to the electronic trading and order matching system 
of the foreign board of trade with respect to an 
agreement, contract, or transaction in an energy or 
agricultural commodity that settles against any price 
(including the daily or final settlement price) of 1 or 
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more contracts listed for trading on a registered en-
tity, unless— 
‘‘(A) the foreign board of trade makes pub-
lic daily trading information regarding the 
agreement, contract, or transaction that is com-
parable to the daily trading information pub-
lished by the registered entity for the 1 or more 
contracts against which the agreement, con-
tract, or transaction traded on the foreign 
board of trade settles; and 
‘‘(B) the foreign board of trade (or the for-
eign futures authority that oversees the foreign 
board of trade)— 
‘‘(i) adopts position limits (including 
related hedge exemption provisions) for the 
agreement, contract, or transaction that 
are comparable, taking into consideration 
the relative sizes of the respective markets, 
to the position limits (including related 
hedge exemption provisions) adopted by 
the registered entity for the 1 or more con-
tracts against which the agreement, con-
tract, or transaction traded on the foreign 
board of trade settles; 
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‘‘(ii) has the authority to require or 
direct market participants to limit, reduce, 
or liquidate any position the foreign board 
of trade (or the foreign futures authority 
that oversees the foreign board of trade) 
determines to be necessary to prevent or 
reduce the threat of price manipulation, 
excessive speculation as described in sec-
tion 4a, price distortion, or disruption of 
delivery or the cash settlement process; 
‘‘(iii) agrees to promptly notify the 
Commission of any change regarding— 
‘‘(I) the information that the for-
eign board of trade will make publicly 
available; 
‘‘(II) the position limits that the 
foreign board of trade or foreign fu-
tures authority will adopt and enforce; 
‘‘(III) the position reductions re-
quired to prevent manipulation, exces-
sive speculation as described in sec-
tion 4a, price distortion, or disruption 
of delivery or the cash settlement 
process; and 
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‘‘(IV) any other area of interest 
expressed by the Commission to the 
foreign board of trade or foreign fu-
tures authority; 
‘‘(iv) provides information to the 
Commission regarding large trader posi-
tions in the agreement, contract, or trans-
action that is comparable to the large trad-
er position information collected by the 
Commission for the 1 or more contracts 
against which the agreement, contract, or 
transaction traded on the foreign board of 
trade settles; and 
‘‘(v) provides the Commission with in-
formation necessary to publish reports on 
aggregate trader positions for the agree-
ment, contract, or transaction traded on 
the foreign board of trade that are com-
parable to such reports for 1 or more con-
tracts against which the agreement, con-
tract, or transaction traded on the foreign 
board of trade settles. 
‘‘(2) EXISTING FOREIGN BOARDS OF TRADE.— 
Paragraph (1) shall not be effective with respect to 
any agreement, contract, or transaction in an energy 
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commodity executed on a foreign board of trade to 
which the Commission had granted direct access 
permission before the date of the enactment of this 
subsection until the date that is 180 days after such 
date of enactment.’’. 
(b) LIABILITY OF REGISTERED PERSONS TRADING 
ON A FOREIGN BOARD OF TRADE.— 
(1) Section 4(a) of such Act (7 U.S.C. 6(a)) is 
amended by inserting ‘‘or by subsection (f)’’ after 
‘‘Unless exempted by the Commission pursuant to 
subsection (c)’’. 
(2) Section 4 of such Act (7 U.S.C. 6) is fur-
ther amended by adding at the end the following: 
‘‘(f) A person registered with the Commission, or ex-
empt from registration by the Commission, under this Act 
may not be found to have violated subsection (a) with re-
spect to a transaction in, or in connection with, a contract 
of sale of a commodity for future delivery if the person 
has reason to believe the transaction and the contract is 
made on or subject to the rules of a board of trade that 
is legally organized under the laws of a foreign country, 
authorized to act as a board of trade by a foreign futures 
authority, subject to regulation by the foreign futures au-
thority, and has not been determined by the Commission 
to be operating in violation of subsection (a).’’. 
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(c) CONTRACT ENFORCEMENT FOR FOREIGN FU-
TURES CONTRACTS.—Section 22(a) of such Act (7 U.S.C. 
25(a)) is amended by adding at the end the following: 
‘‘(5) A contract of sale of a commodity for fu-
ture delivery traded or executed on or through the 
facilities of a board of trade, exchange, or market lo-
cated outside the United States for purposes of sec-
tion 4(a) shall not be void, voidable, or unenforce-
able, and a party to such a contract shall not be en-
titled to rescind or recover any payment made with 
respect to the contract, based on the failure of the 
foreign board of trade to comply with any provision 
of this Act.’’. 
SEC. 113. DISAGGREGATION OF INDEX FUNDS AND OTHER 
DATA IN ENERGY AND AGRICULTURE MAR-
KETS. 
Section 4 of the Commodity Exchange Act (7 U.S.C. 
6), as amended by section 112 of this Act, is amended 
by adding at the end the following: 
‘‘(g) DISAGGREGATION
OF
INDEX
FUNDS
AND 
OTHER DATA
IN ENERGY
AND AGRICULTURE MAR-
KETS.—Subject to section 8 and beginning within 30 days 
of the issuance of the final rule required by section 4h, 
the Commission shall disaggregate and make public week-
ly— 
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‘‘(1) the number of positions and total value of 
index funds and other passive, long-only and short- 
only positions (as defined by the Commission) in all 
energy and agricultural markets to the extent such 
information is available; and 
‘‘(2) data on speculative positions relative to 
bona fide physical hedgers in those markets to the 
extent such information is available.’’. 
SEC. 114. DETAILED REPORTING FROM INDEX TRADERS 
AND SWAP DEALERS. 
Section 4 of the Commodity Exchange Act (7 U.S.C. 
6), as amended by sections 112 and 113 of this Act, is 
amended by adding at the end the following: 
‘‘(h) INDEX TRADERS AND SWAP DEALERS REPORT-
ING.—The Commission shall issue a proposed rule defin-
ing and classifying index traders and swap dealers (as 
those terms are defined by the Commission) for purposes 
of data reporting requirements and setting routine de-
tailed reporting requirements for such entities in des-
ignated contract markets, derivatives transaction execu-
tion facilities, foreign boards of trade subject to section 
4(e), and electronic trading facilities with respect to sig-
nificant price discovery contracts with respect to exempt 
and agricultural commodities not later than 60 days after 
the date of the enactment of this subsection, and issue 
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a final rule within 120 days after such date of enact-
ment.’’. 
SEC. 115. TRANSPARENCY AND RECORDKEEPING AUTHORI-
TIES. 
(a) IN GENERAL.—Section 4g(a) of the Commodity 
Exchange Act (7 U.S.C. 6g(a)) is amended— 
(1) by inserting ‘‘a’’ before ‘‘futures commission 
merchant’’; and 
(2) by inserting ‘‘and transactions and positions 
traded pursuant to subsection (g), (h)(1), or (h)(2) 
of section 2, or any exemption issued by the Com-
mission by rule, regulation or order,’’ after ‘‘United 
States or elsewhere,’’. 
(b) REPORTS OF DEALS EQUAL TO OR IN EXCESS 
OF TRADING LIMITS.—Section 4i of such Act (7 U.S.C. 
6i) is amended— 
(1) in the first sentence— 
(A) by inserting ‘‘(a)’’ before ‘‘It shall’’; 
and 
(B) by inserting ‘‘in the United States or 
elsewhere, and of transactions and positions in 
any such commodity entered into pursuant to 
subsection (g), (h)(1), or (h)(2) of section 2, or 
any exemption issued by the Commission by 
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rule, regulation or order’’ before ‘‘, and of cash 
or spot’’; and 
(2) by striking all that follows the 1st sentence 
and inserting the following: 
‘‘(b) With respect to agricultural and energy com-
modities, upon special call by the Commission, any person 
shall provide to the Commission, in a form and manner 
and within the period specified in the special call, books 
and records of all transactions and positions traded on or 
subject to the rules of any board of trade or electronic 
trading facility in the United States or elsewhere, or pur-
suant to subsection (g), (h)(1), or (h)(2) of section 2, or 
any exemption issued by the Commission by rule, regula-
tion, or order, as the Commission may determine appro-
priate to deter and prevent price manipulation or any 
other disruption to market integrity or to diminish, elimi-
nate, or prevent excessive speculation as described in sec-
tion 4a(a). 
‘‘(c) Such books and records described in subsections 
(a) and (b) shall show complete details concerning all such 
transactions, positions, inventories, and commitments, in-
cluding the names and addresses of all persons having any 
interest therein, shall be kept for a period of 5 years, and 
shall be open at all times to inspection by any representa-
tive of the Commission or the Department of Justice. For 
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the purposes of this section, the futures and cash or spot 
transactions and positions of any person shall include such 
transactions and positions of any persons directly or indi-
rectly controlled by the person.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 2(g) of such Act (7 U.S.C. 2(g)) is 
amended— 
(A) by inserting ‘‘4g(a), 4i,’’ before ‘‘5a 
(to’’; and 
(B) by inserting ‘‘, and the regulations of 
the Commission pursuant to section 4c(b) re-
quiring reporting in connection with commodity 
option transactions,’’ before ‘‘shall apply’’. 
(2) Section 2(h)(2)(A) of such Act (7 U.S.C. 
2(h)(2)(A)) is amended to read as follows: 
‘‘(A) 
sections 
4g(a), 
4i, 
5b, 
and 
12(e)(2)(B), and the regulations of the Com-
mission pursuant to section 4c(b) requiring re-
porting in connection with commodity option 
transactions;’’. 
SEC. 116. TRADING LIMITS TO PREVENT EXCESSIVE SPECU-
LATION. 
Section 4a of the Commodity Exchange Act (7 U.S.C. 
6a) is amended— 
(1) in subsection (a)— 
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(A) by inserting ‘‘(1)’’ after ‘‘(a)’’; and 
(B) by adding after and below the end the 
following: 
‘‘(2) In accordance with the standards set forth 
in paragraph (1) of this subsection and consistent 
with the good faith exception cited in subsection 
(b)(2), with respect to agricultural commodities enu-
merated in section 1a(4) and energy commodities, 
the Commission, within 60 days after the date of the 
enactment of this paragraph, shall by rule, regula-
tion, or order establish limits on the amount of posi-
tions that may be held by any person with respect 
to contracts of sale for future delivery or with re-
spect to options on such contracts or commodities 
traded on or subject to the rules of a contract mar-
ket or derivatives transaction execution facility, or 
on an electronic trading facility as a significant price 
discovery contract. 
‘‘(3) In establishing the limits required in para-
graph (2), the Commission shall set limits— 
‘‘(A) on the number of positions that may 
be held by any person for the spot month, each 
other month, and the aggregate number of posi-
tions that may be held by any person for all 
months; 
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‘‘(B) to the maximum extent practicable, 
in its discretion— 
‘‘(i) to diminish, eliminate, or prevent 
excessive speculation as described under 
this section; 
‘‘(ii) to deter and prevent market ma-
nipulation, squeezes, and corners; 
‘‘(iii) to ensure sufficient market li-
quidity for bona fide hedgers; and 
‘‘(iv) to ensure that the price dis-
covery function of the underlying market is 
not disrupted; and 
‘‘(C) to the maximum extent practicable, in 
its discretion, take into account the total num-
ber of positions in fungible agreements, con-
tracts, or transactions that a person can hold in 
agricultural and energy commodities in other 
markets. 
‘‘(4)(A) Not later than 150 days after the date 
of the enactment of this paragraph, the Commission 
shall convene a Position Limit Agricultural Advisory 
Group and a Position Limit Energy Group, each 
group consisting of representatives from— 
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‘‘(i) 5 predominantly commercial short 
hedgers of the actual physical commodity for 
future delivery; 
‘‘(ii) 5 predominantly commercial long 
hedgers of the actual physical commodity for 
future delivery; 
‘‘(iii) 4 noncommercial participants in mar-
kets for commodities for future delivery; and 
‘‘(iv) each designated contract market or 
derivatives transaction execution facility upon 
which a contract in the commodity for future 
delivery is traded, and each electronic trading 
facility that has a significant price discovery 
contract in the commodity. 
‘‘(B) Not later than 60 days after the date on 
which the advisory groups are convened under sub-
paragraph (A), and annually thereafter, the advisory 
groups shall submit to the Commission advisory rec-
ommendations regarding the position limits to be es-
tablished in paragraph (2) and a recommendation as 
to whether the position limits should be administered 
directly by the Commission, or by the registered en-
tity on which the commodity is listed (with enforce-
ment by both the registered entity and the Commis-
sion).’’; and 
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(2) in subsection (c)— 
(A) by inserting ‘‘(1)’’ after ‘‘(c)’’; and 
(B) by adding after and below the end the 
following: 
‘‘(2) With respect to agricultural and energy 
commodities, for the purposes of contracts of sale 
for future delivery and options on such contracts or 
commodities, a bona fide hedging transaction or po-
sition is a transaction or position that— 
‘‘(A)(i) represents a substitute for trans-
actions to be made or positions to be taken at 
a later time in a physical marketing channel; 
‘‘(ii) is economically appropriate to the re-
duction of risks in the conduct and manage-
ment of a commercial enterprise; and 
‘‘(iii) arises from the potential change in 
the value of— 
‘‘(I) assets that a person owns, pro-
duces, manufactures, processes, or mer-
chandises or anticipates owning, producing, 
manufacturing, processing, or merchan-
dising; 
‘‘(II) liabilities that a person owns or 
anticipates incurring; or 
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‘‘(III) services that a person provides, 
purchases, or anticipates providing or pur-
chasing; or 
‘‘(B) reduces risks attendant to a position 
resulting from a transaction that— 
‘‘(i) was executed pursuant to sub-
section (g), (h)(1), or (h)(2) of section 2, 
or an exemption issued by the Commission 
by rule, regulation or order; and 
‘‘(ii) 
was 
executed 
opposite 
a 
counterparty for which the transaction 
would qualify as a bona fide hedging trans-
action pursuant to paragraph (2)(A) of 
this subsection.’’. 
SEC. 117. MODIFICATIONS TO CORE PRINCIPLES APPLICA-
BLE TO POSITION LIMITS FOR CONTRACTS IN 
AGRICULTURAL AND ENERGY COMMODITIES. 
(a) CONTRACTS TRADED ON CONTRACT MARKETS.— 
Section 5(d)(5) of the Commodity Exchange Act (7 U.S.C. 
7(d)(5)) is amended by striking all that follows ‘‘adopt’’ 
and inserting ‘‘, for speculators, position limitations with 
respect to agricultural commodities enumerated in section 
1a(4) or energy commodities, and position limitations or 
position accountability with respect to other commodities, 
where necessary and appropriate.’’. 
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(b) CONTRACTS TRADED ON DERIVATIVES TRANS-
ACTION EXECUTION FACILITIES.—Section 5a(d)(4) of 
such Act (7 U.S.C. 7a(d)(4)) is amended by striking all 
that follows ‘‘adopt’’ and inserting ‘‘, for speculators, posi-
tion limitations with respect to energy commodities, and 
position limitations or position accountability with respect 
to other commodities, where necessary and appropriate for 
a contract, agreement or transaction with an underlying 
commodity that has a physically deliverable supply.’’. 
(c) SIGNIFICANT PRICE DISCOVERY CONTRACTS.— 
Section 2(h)(7)(C)(ii)(IV) of such Act (7 U.S.C. 
2(h)(7)(C)(ii)(IV)) is amended by striking ‘‘where nec-
essary’’ and all that follows through ‘‘in significant price 
discovery contracts’’ and inserting ‘‘for speculators, posi-
tion limitations with respect to significant price discovery 
contracts in energy commodities, and position limitations 
or position accountability with respect to significant price 
discovery contracts in other commodities’’. 
SEC. 118. CFTC ADMINISTRATION. 
(a) ADDITIONAL COMMODITY FUTURES TRADING 
COMMISSION
EMPLOYEES
FOR
IMPROVED
ENFORCE-
MENT.—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: 
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‘‘(D) ADDITIONAL EMPLOYEES.—As soon 
as practicable after the date of the enactment 
of this subparagraph, subject to appropriations, 
the Commission shall appoint at least 100 full- 
time employees (in addition to the employees 
employed by the Commission as of the date of 
the enactment of this subparagraph)— 
‘‘(i) to increase the public trans-
parency of operations in agriculture and 
energy 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.’’. 
(b) INSPECTOR GENERAL OF COMMODITY FUTURES 
TRADING COMMISSION.— 
(1) ELEVATION OF OFFICE.— 
(A) INCLUSION OF CFTC IN DEFINITION OF 
ESTABLISHMENT.—Section 11(2) of the Inspec-
tor General Act of 1878 (5 U.S.C. App.) is 
amended by striking ‘‘or the Export-Import 
Bank,’’ and inserting ‘‘, the Export-Import 
Bank, or the Commodity Futures Trading 
Commission,’’. 
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(B) EXCLUSION OF CFTC FROM DEFINI-
TION OF DESIGNATED FEDERAL ENTITY.—Sec-
tion 8G(a)(2) of such Act (5 U.S.C. App.) is 
amended by striking ‘‘the Commodity Futures 
Trading Commission,’’. 
(2) TRANSITION.—Until such time as the In-
spector General of the Commodity Futures Trading 
Commission is appointed in accordance with section 
3 of the Inspector General Act of 1978, the Office 
of Inspector General of the Commission shall con-
tinue in effect as provided in such Act before the 
date of the enactment of this Act. 
SEC. 119. REVIEW OF PRIOR ACTIONS. 
Notwithstanding any provision of the Commodity Ex-
change Act, the Commodity Futures Trading Commission 
shall review, as appropriate, all regulations, rules, exemp-
tions, exclusions, guidance, no action letters, orders, other 
actions taken by or on behalf of the Commission, and any 
action taken pursuant to the Commodity Exchange Act 
by an exchange, self-regulatory organization, or any other 
registered entity, that are currently in effect, to ensure 
that such prior actions are in compliance with the provi-
sions of this title. 
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SEC. 120. REVIEW OF OVER-THE-COUNTER MARKETS. 
(a) STUDY.—The Commodity Futures Trading Com-
mission shall conduct a study— 
(1) to determine the efficacy, practicality, and 
consequences of establishing position limits for 
agreements, contracts, or transactions conducted in 
reliance on sections 2(g) and 2(h) of the Commodity 
Exchange Act and of any exemption issued by the 
Commission by rule, regulation or order, as a means 
to deter and prevent price manipulation or any other 
disruption to market integrity or to diminish, elimi-
nate, or prevent excessive speculation as described in 
section 4a of such Act for physical-based commod-
ities; and 
(2) to determine the efficacy, practicality, and 
consequences of establishing aggregate position lim-
its for similar agreements, contracts, or transactions 
for physical-based commodities traded— 
(A) on designated contract markets; 
(B) on derivatives transaction execution fa-
cilities; and 
(C) in reliance on such sections 2(g) and 
2(h) and of any exemption issued by the Com-
mission by rule, regulation or order. 
(b) PUBLIC HEARINGS.—The Commission shall pro-
vide for not less than 2 public hearings to take testimony, 
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on the record, as part of the fact-gathering process in 
preparation of the report. 
(c) REPORT
AND RECOMMENDATIONS.—Not less 
than 12 months after the date of the enactment of this 
section, the Commission shall provide to the Committee 
on Agriculture of the House of Representatives and the 
Committee on Agriculture, Nutrition, and Forestry of the 
Senate a report that— 
(1) describes the results of the study; and 
(2) provides recommendations on any actions 
necessary to deter and prevent price manipulation or 
any other disruption to market integrity or to dimin-
ish, eliminate, or prevent excessive speculation as de-
scribed in section 4a of the Commodity Exchange 
Act for physical-based commodities, including— 
(A) any additional statutory authority that 
the Commission determines to be necessary to 
implement the recommendations; and 
(B) a description of the resources that the 
Commission considers to be necessary to imple-
ment the recommendations. 
SEC. 121. STUDIES; REPORTS. 
(a) STUDY RELATING TO INTERNATIONAL REGULA-
TION OF ENERGY COMMODITY MARKETS.— 
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(1) IN GENERAL.—The Comptroller General of 
the United States shall conduct a study of the inter-
national regime for regulating the trading of energy 
commodity futures and derivatives. 
(2) ANALYSIS.—The study shall include an 
analysis of, at a minimum— 
(A) key common features and differences 
among countries in the regulation of energy 
commodity trading, including with respect to 
market oversight and enforcement standards 
and activities; 
(B) variations among countries with re-
spect to the use of position limits, position ac-
countability levels, or other thresholds to detect 
and prevent price manipulation, excessive spec-
ulation as described in section 4a of the Com-
modity Exchange Act, or other unfair trading 
practices; 
(C) variations in practices regarding the 
differentiation of commercial and noncommer-
cial trading; 
(D) agreements and practices for sharing 
market and trading data among futures au-
thorities and between futures authorities and 
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the entities that the futures authorities oversee; 
and 
(E) agreements and practices for facili-
tating international cooperation on market over-
sight, compliance, and enforcement. 
(3) REPORT.—Not later than 1 year after the 
date of the enactment of this Act, the Comptroller 
General shall submit to the Committee on Agri-
culture of the House of Representatives and the 
Committee on Agriculture, Nutrition, and Forestry 
of the Senate a report that— 
(A) describes the results of the study; 
(B) addresses whether there is excessive 
speculation, and if so, the effects of any such 
speculation and energy price volatility on energy 
futures; and 
(C) 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. 
(b) STUDY RELATING TO EFFECTS OF SPECULATORS 
ON AGRICULTURE AND ENERGY FUTURES MARKETS AND 
AGRICULTURE AND ENERGY PRICES.— 
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(1) STUDY.—The Comptroller General of the 
United States shall conduct a study of the effects of 
speculators on agriculture and energy futures mar-
kets and agriculture and energy prices. 
(2) ANALYSIS.—The study shall include an 
analysis of, at a minimum— 
(A) the effect of increased amounts of cap-
ital in agriculture and energy futures markets; 
(B) the impact of the roll-over of positions 
by index fund traders and swap dealers on agri-
culture and energy futures markets and agri-
culture and energy prices; and 
(C) the extent to which each factor de-
scribed in subparagraphs (A) and (B) and spec-
ulators— 
(i) affect— 
(I) the pricing of agriculture and 
energy commodities; and 
(II) risk management functions; 
and 
(ii) contribute to economically efficient 
price discovery. 
(3) REPORT.—Not later than 2 years after the 
date of the enactment of this Act, the Comptroller 
General shall submit to the Committee on Agri-
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culture of the House of Representatives and the 
Committee on Agriculture, Nutrition, and Forestry 
of the Senate a report that describes the results of 
the study. 
SEC. 122. OVER-THE-COUNTER AUTHORITY. 
(a) IN GENERAL.—Section 2 of the Commodity Ex-
change Act (7 U.S.C. 2) is amended by adding at the end 
the following: 
‘‘(j) OVER-THE-COUNTER AUTHORITY.— 
‘‘(1) Within 60 days after the date of the enact-
ment of this subsection, the Commission shall, by 
rule, regulation, or order, require routine reporting 
as it deems in its discretion appropriate, on not less 
than a monthly basis, of agreements, contracts, or 
transactions, with regard to an agricultural or en-
ergy commodity, entered into in reliance on sub-
section (g), (h)(1), or (h)(2) of section 2, or any ex-
emption issued by the Commission by rule, regula-
tion, or order that are fungible (as defined by the 
Commission) with agreements, contracts, or trans-
actions traded on or subject to the rules of any 
board of trade or of any electronic trading facility 
with respect to a significant price discovery contract. 
‘‘(2) Notwithstanding subsections (g), (h)(1), 
and (h)(2) of section 2, and any exemption issued by 
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the Commission by rule, regulation, or order, the 
Commission shall assess and issue a finding on 
whether the agreements, contracts, or transactions 
reported pursuant to paragraph (1), alone or in con-
junction with other similar agreements, contracts, or 
transactions, have the potential to— 
‘‘(A) disrupt the liquidity or price dis-
covery function on a registered entity; 
‘‘(B) cause a severe market disturbance in 
the underlying cash or futures market for an 
agricultural or energy commodity; or 
‘‘(C) prevent or otherwise impair the price 
of a contract listed for trading on a registered 
entity from reflecting the forces of supply and 
demand in any market for an agricultural com-
modity enumerated in section 1a(4) or an en-
ergy commodity. 
‘‘(3) If the Commission makes a finding pursu-
ant to paragraph (2) of this subsection, the Commis-
sion may, in its discretion, utilize its authority under 
section 8a(9) to impose position limits for specu-
lators on the agreements, contracts, or transactions 
involved and take corrective actions to enforce the 
limits.’’. 
(b) CONFORMING AMENDMENTS.— 
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(1) Section 2(g) of such Act (7 U.S.C. 2(g)) is 
amended by inserting ‘‘subsection (j) of this section, 
and’’ after ‘‘(other than’’. 
(2) Section 2(h)(2)(A) of such Act (7 U.S.C. 
2(h)(2)(A)) is amended by inserting ‘‘subsection (j) 
of this section and’’ before ‘‘sections’’. 
(3) Section 8a(9) of such Act (7 U.S.C. 
12a(a)(9)) is amended by inserting after ‘‘of the 
Commission’s action’’ the following: ‘‘, and to fix 
and enforce limits to agreements, contracts, or 
transaction subject to section 2(j)(1) pursuant to a 
finding made under section 2(j)(2)’’. 
SEC. 123. EXPEDITED PROCESS. 
The Commodity Futures Trading Commission may 
use emergency and expedited procedures (including any 
administrative or other procedure as appropriate) to carry 
out this title and the amendments made by this title if, 
in its discretion, it deems it necessary to do so. 
TITLE 
II—NATIONAL 
COMMIS-
SION ON ENERGY INDEPEND-
ENCE 
SEC. 201. ESTABLISHMENT OF COMMISSION. 
There is established in the legislative branch the Na-
tional Commission on Energy Independence (referred to 
in this title as the ‘‘Commission’’). 
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SEC. 202. PURPOSE. 
The purpose of the Commission is to study and make 
recommendations to Congress and the President to remove 
technical obstacles and policy barriers for the United 
States to achieve independence from foreign oil. 
SEC. 203. COMPOSITION OF COMMISSION. 
(a) MEMBERS.—The Commission shall be composed 
of 12 members, of whom— 
(1) 1 member shall be jointly appointed by the 
majority leader of the Senate and the Speaker of the 
House of Representatives, who shall serve as Chair-
person of the Commission; 
(2) 1 member shall be jointly appointed by the 
minority leader of the Senate and the minority lead-
er of the House of Representatives, who shall serve 
as Vice-Chairperson of the Commission; 
(3)(A) 1 member shall be jointly appointed by 
the Chair and ranking member of the Committee on 
the Environment and Public Works of the Senate; 
and 
(B) 1 member shall be jointly appointed by the 
Chair and ranking member of the Committee on 
Natural Resources of the House of Representatives, 
in consultation with the Select Committee on Energy 
Independence and Global Warming of the House of 
Representatives; 
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(4)(A) 1 member shall be jointly appointed by 
the Chair and ranking member of the Committee on 
Energy and Natural Resources of the Senate; and 
(B) 1 member shall be jointly appointed by the 
Chair and ranking member of the Committee on En-
ergy and Commerce of the House of Representa-
tives; 
(5)(A) 1 member shall be jointly appointed by 
the Chair and ranking member of the Committee on 
Commerce, Science and Transportation of the Sen-
ate; and 
(B) 1 member shall be jointly appointed by the 
Chair and ranking member of the Committee on 
Science and Technology of the House of Representa-
tives and the Committee on Transportation and In-
frastructure of the House of Representatives; 
(6)(A) 1 member shall be jointly appointed by 
the Chair and ranking member of the Committee on 
Agriculture, Nutrition and Forestry of the Senate; 
and 
(B) 1 member shall be jointly appointed by the 
Chair and ranking member of the Committee on Ag-
riculture of the House of Representatives; and 
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(7)(A) 1 member shall be jointly appointed by 
the Chair and ranking member of the Committee on 
Finance of the Senate; and 
(B) 1 member shall be jointly appointed by the 
Chair and ranking member of the Committee on 
Ways and Means of the House of Representatives. 
(b) QUALIFICATIONS; INITIAL MEETING.— 
(1) POLITICAL PARTY AFFILIATION.—Each ap-
pointment to the Commission shall be made without 
regard to political party affiliation and on a non-
partisan basis. 
(2) NONGOVERNMENTAL APPOINTEES.—An in-
dividual appointed to the Commission may not be an 
officer or employee of the Federal Government or 
any State or local government— 
(A) on the date on which the individual is 
appointed to the Commission; or 
(B) at any time during the term of service 
on the Commission of the individual. 
(3) OTHER QUALIFICATIONS.—It is the sense of 
Congress that individuals appointed to the Commis-
sion should be prominent United States citizens, 
with national recognition and significant depth of ex-
perience in such professions as governmental service, 
science, energy, economics, environment, agriculture, 
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manufacturing, public administration, or commerce 
(including aviation matters). 
(4) 
DEADLINE
FOR
APPOINTMENT.—Each 
member of the Commission shall be appointed not 
later than 90 days after the date of enactment of 
this Act. 
(c) MEETINGS.— 
(1) INITIAL MEETING.—The Commission shall 
hold the initial meeting of the Commission as soon 
as practicable, and not later than 60 days, after the 
date on which all members of the Commission are 
appointed. 
(2) SUBSEQUENT MEETINGS.—After the initial 
meeting under paragraph (1), the Commission shall 
meet at the call of— 
(A) the Chairperson; or 
(B) a majority of the members of the Com-
mission. 
(d) QUORUM.—7 members of the Commission shall 
constitute a quorum. 
(e) VACANCIES.—A vacancy on the Commission— 
(1) shall not affect the powers of the Commis-
sion; and 
(2) shall be filled in the same manner in which 
the original appointment was made. 
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