I 
110TH CONGRESS 
2D SESSION 
H. R. 6349 
To provide energy price relief by authorizing greater resources and authority 
for the Commodity Futures Trading Commission, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 23, 2008 
Mr. MARSHALL introduced the following bill; which was referred to the 
Committee on Agriculture 
A BILL 
To provide energy price relief by authorizing greater re-
sources and authority for the Commodity Futures Trad-
ing Commission, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Increasing Trans-
parency 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— 
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(1) excessive speculation may be adding signifi-
cantly to the price of oil and other energy commod-
ities; 
(2) the public and Congress are concerned that 
private, unregulated transactions and overseas ex-
change transactions are not being adequately re-
viewed by any regulatory body; 
(3) an important Federal overseer of commodity 
speculation, the Commodity Futures Trading Com-
mission, has staffing levels that have dropped to the 
lowest levels in the 33-year history of the Commis-
sion; 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 imme-
diately send to Congress a request for emergency appro-
priations 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; 
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(2) to potentially impose limits on excessive 
speculation that is increasing the price of oil, gaso-
line, 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 IM-
PROVED 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 fol-
lowing: 
‘‘(D) ADDITIONAL EMPLOYEES.—As soon 
as practicable after the date of enactment of 
this subparagraph, the Commission shall ap-
point at least 100 full-time employees (in addi-
tion to the employees employed by the Commis-
sion as of the date of enactment of this sub-
paragraph)— 
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‘‘(i) to increase the public trans-
parency 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 fol-
lowing: 
‘‘(13) INSPECTOR GENERAL.— 
‘‘(A) OFFICE.—There shall be in the Com-
mission, 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 pro-
vided for level IV of the Executive Schedule 
under section 5315 of title 5, United States 
Code. 
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‘‘(D) 
ADMINISTRATION.—The 
Inspector 
General shall exert independent control of the 
budget allocations, expenditures, and staffing 
levels, personnel decisions and processes, pro-
curement, and other administrative and man-
agement functions of the Office.’’. 
SEC. 5. STUDY OF INTERNATIONAL REGULATION OF EN-
ERGY 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 fu-
tures 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 mar-
ket and trading data; 
(3) the use of position limits or thresholds to 
detect and prevent price manipulation, excessive 
speculation, or other unfair trading practices; 
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(4) practices regarding the identification of 
commercial and noncommercial trading and the ex-
tent of market speculation; and 
(5) agreements and practices for facilitating 
international cooperation on market oversight, com-
pliance, 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 open-
ness, transparency, and other necessary elements of 
a properly functioning market in a manner that pro-
tects consumers in the United States from the ef-
fects of excessive speculation and energy price vola-
tility. 
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 
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which the Commission has granted or is considering 
granting an application for relief from the require-
ment of subsection (a) to become a designated con-
tract market, derivatives transaction execution facil-
ity, or other registered entity, and (ii) upon which 
there is traded any contract, agreement, or trans-
action 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 de-
livery 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 re-
quirements regarding the daily publication of 
trading information and position limits or ac-
countability levels for speculators as apply to a 
designated contract market, derivatives trans-
action execution facility, or other registered en-
tity trading energy commodities physically deliv-
ered in the United States; and 
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‘‘(B) provides such information to the 
Commission regarding the extent of speculative 
and nonspeculative trading in the energy com-
modity that is comparable to the information 
the Commission determines necessary to publish 
a Commitment of Traders report for a des-
ignated 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.— 
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‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of this section or any determination made 
by the Commission to grant relief from the require-
ments of subsection (a) to become a designated con-
tract market, derivatives transaction execution facil-
ity, or other registered entity, in the case of a person 
located within the United States, or otherwise sub-
ject to the jurisdiction of the Commission, trading 
on a foreign board of trade, exchange, or market lo-
cated outside the United States (including the terri-
tories and or possessions of the United States), the 
Commission shall have authority under this Act— 
‘‘(A) to apply and enforce section 9, in-
cluding 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 pre-
vent or reduce the threat of price manipulation, 
excessive speculation, price distortion, or dis-
ruption of delivery or the cash settlement proc-
ess; and 
‘‘(C) to apply such recordkeeping require-
ments as the Commission determines are nec-
essary. 
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‘‘(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 lo-
cated outside the United States (including the terri-
tories and possessions of the United States), the 
Commission shall consult with the foreign board of 
trade, exchange, or market and the appropriate reg-
ulatory authority. 
‘‘(3) ADMINISTRATION.—Nothing in this sub-
section limits any of the otherwise applicable au-
thorities 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 sub-
section, 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 regu-
latory and reporting purposes to distinguish between 
index traders and swaps dealers; and 
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‘‘(3) review the trading practices for index trad-
ers in markets under the jurisdiction of the Commis-
sion— 
‘‘(A) to ensure that index trading is not 
adversely impacting the price discovery process; 
and 
‘‘(B) to determine whether different prac-
tices 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.’’. 
Æ 
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