I 
110TH CONGRESS 
2D SESSION 
H. R. 6921 
To provide additional oversight and transparency to the commodity futures 
markets by authorizing greater resources and authority for the Com-
modity Futures Trading Commission, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 17, 2008 
Mr. MORAN of Kansas introduced the following bill; which was referred to the 
Committee on Agriculture 
A BILL 
To provide additional oversight and transparency to the com-
modity futures markets by authorizing greater resources 
and authority for the Commodity Futures Trading Com-
mission, 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 ‘‘Commodity Prices 
Oversight and Transparency Act of 2008’’. 
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SEC. 2. SENSE OF THE HOUSE ON ADDITIONAL FUNDING 
FOR COMMISSION. 
(a) FINDINGS.—The House of Representatives finds 
that— 
(1) the Commodity Futures Trading Commis-
sion should further examine whether speculators are 
manipulating futures market prices to cause artifi-
cial prices that do not reflect the legitimate forces 
of supply and demand; 
(2) the public is concerned that trades executed 
on foreign boards of trade when linked to the prices 
of contracts traded on U.S. registered entities may 
need additional oversight; 
(3) the exclusive Federal regulator of com-
modity futures markets, the Commodity Futures 
Trading Commission, has staffing levels that have 
dropped to the lowest levels in the 33-year history 
of the Commission; 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 additional appro-
priations for fiscal year 2008 for the Commodity Futures 
Trading Commission in an amount that is sufficient— 
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(1) to help restore public confidence in com-
modity futures markets and Federal oversight of 
those markets; 
(2) to allow the Commission to reduce the po-
tential threat of market manipulation or congestion 
by potential imposition of position limitations for 
speculators should the Commission determine the 
absence of position limitations for speculators is 
causing an increase in the price of oil, gasoline, die-
sel, and other energy commodities; 
(3) to significantly improve the information 
technology capabilities of the Commission to help the 
Commission effectively regulate the commodity fu-
tures markets; and 
(4) to fund at least 100 new full-time positions 
at the Commission to regulate commodity futures 
market transactions 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.—Contin-
gent on sufficient appropriations, as soon as 
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practicable after the date of enactment of this 
subparagraph, the Commission shall appoint 
additional full-time employees (in addition to 
the employees employed by the Commission as 
of the date of enactment of this subpara-
graph)— 
‘‘(i) to increase the public trans-
parency of operations in commodity fu-
tures 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. ACCOUNTABILITY AND TRANSPARENCY FOR CON-
TRACTS TRADING ON FOREIGN BOARDS OF 
TRADE. 
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) Whenever a foreign board of trade lists for 
trading a contract of sale of a commodity for future 
delivery (or related option) which, by its terms, set-
tles against the price of any contract or contracts 
traded on a registered entity and the Commission 
determines that it is necessary or appropriate to en-
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hance and coordinate market surveillance and regu-
latory oversight with respect to trading on the reg-
istered entity and the foreign board of trade, the 
Commission shall contact the foreign board of 
trade’s applicable foreign futures authority to dis-
cuss, adopt, and implement mutually acceptable, en-
hanced procedures and processes for preventing 
market manipulation or congestion and ensuring co-
ordinated market surveillance. 
‘‘(2) Whenever a registered entity lists for trad-
ing a contract of sale of a commodity for future de-
livery (or related option) which, by its terms, settles 
against the price of any contract or contracts in a 
commodity traded on a foreign board of trade and 
the foreign futures authority that regulates such for-
eign board of trade determines that it is necessary 
or appropriate to enhance and coordinate market 
surveillance and regulatory oversight with respect to 
trading on the registered entity and the foreign 
board of trade, the Commission shall cooperate with 
any reasonable request from the foreign futures au-
thority to discuss, adopt, and implement mutually 
acceptable, enhanced procedures and processes for 
preventing market manipulation or congestion and 
ensuring coordinated market surveillance. 
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‘‘(3) When it is determined necessary or appro-
priate to enhance and coordinate market surveillance 
and regulatory oversight under paragraphs (1) or 
(2) of this subsection, the Commission shall discuss 
with the applicable foreign futures authority wheth-
er, among other processes for preventing market ma-
nipulation or congestion and ensuring coordinated 
market surveillance to be agreed to by the Commis-
sion and the foreign futures authority, it is nec-
essary and appropriate to provide for— 
‘‘(A) a foreign board of trade or registered 
entity to make public daily information on set-
tlement prices, volume, open interest, and open-
ing and closing ranges for the agreement, con-
tract or transaction that is comparable to the 
daily trading information made public for the 
contract against which it settles; 
‘‘(B) position limitations (including provi-
sions allowing for exemptions for bona fide 
hedging transactions or positions) or position 
accountability for speculators for the agree-
ment, contract, or transaction that are com-
parable to the position limitations (including 
provisions allowing for exemptions for bona fide 
hedging transactions or positions) or position 
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accountability for the contract or contracts 
against which it settles; 
‘‘(C) the foreign board of trade (or its for-
eign futures authority) or registered entity to 
provide information to the Commission or for-
eign futures authority regarding large trader 
positions in the agreement, contract, or trans-
action that is comparable to the large trader 
position information collected by the foreign fu-
tures authority or Commission for the contract 
or contracts against which it settles; or 
‘‘(D) the foreign board of trade or reg-
istered entity to provide information to the 
Commission or foreign futures authority regard-
ing the extent of trading by bona fide hedgers 
and other types of traders in the agreement, 
contract, or transaction that is comparable to 
the information collected by the foreign futures 
authority or Commission for the contract or 
contracts against which it settles.’’. 
SEC. 5. LIABLITY OF REGISTERED PERSONS TRADING ON A 
FOREIGN BOARD OF TRADE. 
(a) Section 4(a) of the Commodity Exchange Act (7 
U.S.C. 6(a)) is amended by inserting ‘‘or by subsection 
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(f)’’ after the phrase ‘‘Unless exempted by the Commission 
pursuant to subsection (c)’’. 
(b) Section 4 of the Commodity Exchange Act (7 
U.S.C. 6) is further amended by adding at the end the 
following: 
‘‘(f) No person registered with the Commission, or 
exempt from registration by the Commission, under this 
Act may be found to violate subsection (a) if such person 
has reason to believe the contract of sale of a commodity 
for future delivery 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 
such foreign futures authority, and has not been deter-
mined by the Commission to be operating in violation of 
subsection (a).’’. 
SEC. 6. CONTRACT ENFORCEMENT FOR FOREIGN FUTURES 
CONTRACTS. 
Section 22(a) of the Commodity Exchange Act (7 
U.S.C. 25(a)) is amended by adding at the end the fol-
lowing: 
‘‘(5) No 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-
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tion 4(a) shall be void, voidable, or unenforceable 
and no party to such contract shall be entitled to re-
scind or recover any payments made with respect to 
such contract based upon the failure of the foreign 
board of trade to comply with any provision of this 
Act.’’. 
SEC. 7. DISAGGREGATION OF INDEX FUNDS AND OTHER 
DATA IN COMMODITY MARKETS. 
Section 4 of the Commodity Exchange Act (7 U.S.C. 
6) is further amended by adding at the end the following: 
‘‘(g) 
INDEX
TRADERS
AND
SWAP
DEALERS; 
DISAGGREGATION OF INDEX FUNDS.— 
‘‘(1) REPORTING.—The Commission shall— 
‘‘(A) issue a proposed rule regarding rou-
tine reporting requirements for index traders 
and swap dealers (as those terms are defined by 
the Commission) in futures markets for exempt 
and agricultural commodities not later than 180 
days after the date of enactment of this sub-
section, and issue a final rule regarding such 
reporting not later than 270 days after the date 
of enactment of this subsection; and 
‘‘(B) subject to the provisions of section 8, 
disaggregate and make public monthly informa-
tion on the positions and value of index funds 
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