SEC. 11. REVIEW OF PRIOR ACTIONS. 
Notwithstanding any other provision of the Com-
modity Exchange Act, the Commodity Futures Trading 
Commission shall review, as appropriate, all regulations, 
rules, exemptions, exclusions, guidance, no action letters, 
orders, other actions taken by or on behalf of the Commis-
sion, and any action taken pursuant to the Commodity 
Exchange Act by an exchange, self-regulatory organiza-
tion, or any other registered entity, that are currently in 
effect, to ensure that such prior actions are in compliance 
with the provisions of this Act. 
SEC. 12. 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 limits on the amount of 
positions, other than bona fide hedge positions, that 
may be held by any person with respect to agree-
ments, contracts, or transactions involving an agri-
cultural or energy commodity, conducted in reliance 
on sections 2(g) and 2(h) of the Commodity Ex-
change Act and of any exemption issued by the 
Commission by rule, regulation or order, that are 
fungible (as defined by the Commission) with agree-
ments, contracts, or transactions traded on or sub-
ject to the rules of any board of trade or of any elec-
tronic trading facility with respect to a significant 
price discovery contract, as a means to deter and 
prevent price manipulation or any other disruption 
to market integrity or to diminish, eliminate, or pre-
vent excessive speculation as described in section 4a 
of such Act for physical-based agricultural or energy 
commodities; and 
(2) to determine the efficacy, practicality, and 
consequences of establishing aggregate position lim-
its for similar agreements, contracts, or transactions 
for physical-based agricultural or energy commod-
ities 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, 
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. 13. STUDIES; REPORTS. 
(a) STUDY RELATING TO INTERNATIONAL REGULA-
TION OF ENERGY COMMODITY MARKETS.— 
(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 
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.— 
(1) STUDY.—The Commodity Futures Trading 
Commission 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 Commodity 
Futures Trading Commission shall submit to the 
Committee on Agriculture of the House of Rep-
resentatives and the Committee on Agriculture, Nu-
trition, and Forestry of the Senate a report that de-
scribes the results of the study. 
SEC. 14. 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 
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;
(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. 15. 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 Act if, in its discretion, it deems it necessary to 
do so. 
Passed the House of Representatives September 18, 
2008. 
Attest: 
Clerk.
110TH CONGRESS 
2D SESSION 
H. R. 6604 
AN ACT 
To amend the Commodity Exchange Act to bring 
greater transparency and accountability to com-
modity markets, and for other purposes.