Energy Markets Emergency Act of 2008

Bill: 110-hr-6377
Sponsor: Rep. Peterson, Collin C. [D-MN-7]
Introduced: 2008-06-26 in the House
Policy area: Finance and Financial Sector
Subjects: Commodity Futures Trading Commission
Energy
Energy demand
Energy prices
Energy supplies
Futures trading
Government Operations and Politics
Independent regulatory commissions
Petroleum
Swaps (Finance)

Summary:
action_date: 2008-06-26
text: 
Energy Markets Emergency Act of 2008 - Directs the Commodity Futures Trading Commission (CFTC) to utilize all its authority, including its emergency powers, to: (1) curb immediately the role of excessive speculation in any contract market within its jurisdiction and control on or through which energy futures or swaps are traded; and (2) eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations or unwarranted changes in prices, or other unlawful activity that is causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities.

action_date: 2008-06-26
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Energy Markets Emergency Act of 2008 - Directs the Commodity Futures Trading Commission (CFTC) to utilize all its authority, including its emergency powers, to: (1) curb immediately the role of excessive speculation in any contract market within its jurisdiction and control on or through which energy futures or swaps are traded; and (2) eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations or unwarranted changes in prices, or other unlawful activity that is causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities.


Legislative actions:
action_date: 2008-07-08
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 864.
action_date: 2008-07-07
text: Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2008-06-26
text: Received in the Senate.
action_date: 2008-06-26
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2008-06-26
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 402 - 19 (Roll no. 468). (text: CR H6103-6104)
action_date: 2008-06-26
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 402 - 19 (Roll no. 468).(text: CR H6103-6104)
action_date: 2008-06-26
text: Considered as unfinished business. (consideration: CR H6143-6144)
action_date: 2008-06-26
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2008-06-26
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 6377.
action_date: 2008-06-26
text: Considered under suspension of the rules. (consideration: CR H6103-6110)
action_date: 2008-06-26
text: Mr. Peterson (MN) moved to suspend the rules and pass the bill.
action_date: 2008-06-26
text: Referred to the House Committee on Agriculture.
action_date: 2008-06-26
text: Introduced in House
action_date: 2008-06-26
text: Introduced in House