based on the act of state doctrine, to make a determina-
tion on the merits in an action brought under this section. 
‘‘(d) ENFORCEMENT.—The Attorney General of the 
United States may bring an action to enforce this section 
in any district court of the United States as provided 
under the antitrust laws.’’. 
(c) SOVEREIGN IMMUNITY.—Section 1605(a) of title 
28, United States Code, is amended— 
(1) in paragraph (6), by striking ‘‘or’’ after the 
semicolon; 
(2) in paragraph (7), by striking the period and 
inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(8) in which the action is brought under sec-
tion 7A of the Sherman Act.’’. 
TITLE IV—MARKET 
SPECULATION 
SEC. 401. SPECULATIVE LIMITS AND TRANSPARENCY FOR 
OFF-SHORE OIL 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 foreign 
board of trade for which the Commission has grant-
ed or is considering an application to grant a board 
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of trade located outside of the United States relief 
from the requirement of subsection (a) to become a 
designated contract market, derivatives transaction 
execution facility, or other registered entity, with re-
spect to an energy commodity that is physically de-
livered in 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 
‘‘(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 
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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. 402. MARGIN LEVEL FOR CRUDE OIL. 
(a) IN GENERAL.—Section 2(a)(1) of the Commodity 
Exchange Act (7 U.S.C. 2(a)(1)) is amended by adding 
at the end the following: 
‘‘(G) MARGIN LEVEL FOR CRUDE OIL.— 
Not later than 90 days after the date of enact-
ment of this subparagraph, the Commission 
shall promulgate regulations to set increases in 
margin levels for crude oil traded on any trad-
ing facility or as part of any agreement, con-
tract, or transaction covered by this Act nec-
essary to reduce excessive speculation and pro-
tect consumers.’’. 
(b) STUDIES.— 
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(1) STUDY RELATING TO EFFECT OF CERTAIN 
REGULATIONS.—Not later than 1 year after the date 
of enactment of this Act, the Commodity Futures 
Trading Commission shall submit to the appropriate 
committees of Congress a report describing the ef-
fect of the amendment made by subsection (a) on 
any trading facilities and agreements, contracts, and 
transactions covered by the Commodity Exchange 
Act (7 U.S.C. 1 et seq.). 
(2) STUDY RELATING TO EFFECTS OF CHANGES 
IN MARGIN LEVELS.—Not later than 180 days after 
the date of enactment of this Act, the Comptroller 
General of the United States shall submit to the ap-
propriate committees of Congress a report describing 
the effect (including any effect relating to trade vol-
ume or volatility) of any change of a margin level 
that occurred during the 10-year period ending on 
the date of enactment of this Act. 
Æ 
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