In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Commission on the Removal of 
Mexican-Americans to Mexico Act''.

SEC. 2. FINDINGS; PURPOSE.

    (a) Findings.--Congress finds the following:
            (1) From 1929 through 1941, Federal, State, and local 
        Government authorities and certain private sector entities 
        throughout the United States undertook an aggressive program to 
        forcibly remove individuals of Mexican ancestry from the United 
        States.
            (2) As many as 1,200,000 individuals of Mexican ancestry 
        who were United States citizens were forcibly removed to 
        Mexico.
            (3) These men, women, and children were removed outside the 
        United States in response to public pressure to curtail the 
        employment of Mexican-Americans, most of whom were United 
        States citizens or residing legally in the United States, 
        during the Depression.
            (4) Massive raids were conducted on Mexican-American 
        communities, and many of the people who were removed were never 
        able to return to the United States, their country of birth.
            (5) These raids targeted individuals of Mexican ancestry, 
        even when such individuals were United States citizens or 
        permanent legal residents.
            (6) These raids also separated such United States citizens 
        and permanent legal residents from their families and deprived 
        them of their livelihoods and constitutional rights.
            (7) No official inquiry into this matter has been made.
    (b) Purpose.--It is the purpose of this Act to establish a fact 
finding commission to determine whether United States citizens and 
permanent legal residents were forcibly removed to Mexico from 1929 to 
1941 in violation of law as a result of past directives of Federal, 
State and local governments and the impact of such removal on those 
individuals, their families, and the Mexican-American community in the 
United States, and to recommend appropriate remedies.

SEC. 3. ESTABLISHMENT OF COMMISSION.

    There is established a commission to be known as the ``Commission 
on the Removal of Mexican-Americans to Mexico''.

SEC. 4. DUTIES OF THE COMMISSION.

    The Commission shall--
            (1) review the facts and circumstances surrounding the 
        removal of certain United States citizens and permanent legal 
        residents to Mexico from 1929 to 1941, and the impact of such 
        actions on these individuals, their families, and the Mexican-
        American community in the United States;
            (2) review past directives of Federal, State, and local 
        governments that required the removal of these individuals to 
        Mexico and any other information related to these directives; 
        and
            (3) submit to Congress a written report of its findings and 
        recommendations.

SEC. 5. MEMBERSHIP.

    (a) Number and Appointment.--The Commission shall be composed of 
seven members, who shall be appointed within 90 days after the date of 
the enactment of this Act as follows:
            (1) Three members appointed by the President.
            (2) Two members appointed by the Speaker of the House of 
        Representatives, in consultation with the minority leader of 
        the House of Representatives.
            (3) Two members appointed by the President pro tempore of 
        the Senate, in consultation with the minority leader of the 
        Senate.
    (b) Qualifications.--Members appointed under subsection (a) shall 
possess knowledge or expertise related to human rights, civil rights, 
immigration, labor, business, or other pertinent qualifications.
    (c) Term of Office.--Each member shall be appointed for the life of 
the Commission.
    (d) Quorum.--Four members of the Commission shall constitute a 
quorum, but a lesser number may hold hearings.
    (e) Initial Meeting.--The initial meeting of the Commission shall 
be called by the President within one hundred and twenty days after the 
date of the enactment of this Act, or within thirty days after the date 
on which legislation is enacted making appropriations to carry out this 
Act, whichever is later.
    (f) Chairperson and Vice Chairperson.--The Commission shall elect a 
chairperson and vice chairperson from among its members. The term of 
office of each shall be for the life of the Commission.
    (g) Vacancies.--A vacancy in the Commission shall not affect its 
powers and shall be filled in the same manner in which the original 
appointment was made.

SEC. 6. POWERS.

    (a) Hearings.--
            (1) In general.--The Commission or on the authorization of 
        the Commission, any subcommittee or member thereof, may for the 
        purpose of carrying out this Act, hold hearings, sit and act at 
        times and places, take testimony, and receive evidence as the 
        Commission or any subcommittee or member considers appropriate.
            (2) Location.--The Commission may hold public hearings in 
        any city of the United States that it finds appropriate.
    (b) Subpoena Power.--
            (1) In general.--The Commission may issue subpoenas 
        requiring the attendance and testimony of witnesses and the 
        production of any evidence relating to any matter under 
        investigation by the Commission which the Commission is 
        empowered to investigate by this Act.
            (2) Failure to obey a subpoena.--If a person refuses to 
        obey a subpoena issued under paragraph (1), the Commission may 
        apply to a United States district court for an order requiring 
        that person to appear before the Commission to give testimony, 
        produce evidence, or both, relating to the matter under 
        investigation. The application may be made within the judicial 
        district where the hearing is conducted or where such person is 
        found, resides, or transacts business. Any failure to obey the 
        order of the court may be punished by the court as civil 
        contempt.
            (3) Service of subpoena.--A subpoena of the Commission 
        shall be served in the manner provided for subpoenas issued by 
        a United States district court under the Federal Rules of Civil 
        Procedure for the United States district courts.
            (4) Service of process.--All process of any court to which 
        application is made under paragraph (2) may be served in the 
        judicial district in which the person required to be served 
        resides or may be found.
    (c) Obtaining Official Data.--The Commission may secure directly 
from any department or agency of the United States, or from any State 
or local government, information necessary to enable it to carry out 
this Act. Upon request of any member, the head of such department or 
agency shall furnish such information to the Commission.
    (d) Contract Authority.--To the extent or in the amounts provided 
in advance in appropriation Acts, the Commission may contract with and 
compensate government and private agencies or persons for any services, 
supplies, or other activities necessary to enable the Commission to 
carry out its duties under this Act.

SEC. 7. STAFF.

    (a) In General.--The Commission may appoint and fix the pay of such 
additional staff as it considers appropriate.
    (b) Applicability of Certain Civil Service Laws.--Any staff of the 
Commission may be appointed without regard to the provisions of title 
5, United States Code, governing appointments in the competitive 
service, and may be paid without regard to the provisions of chapter 51 
and subchapter III of chapter 53 of such title relating to 
classification and General Schedule pay rates.
    (c) Experts and Consultants.--The Commission may procure temporary 
and intermittent services under section 3109(b) of title 5, United 
States Code.
    (d) Administrative Support Services.--Upon request of the 
Commission, the Administrator of General Services shall provide to the 
Commission, on a reimbursable basis, the administrative support 
services necessary for the Commission to carry out its duties under 
this Act.

SEC. 8. REPORT.

    The Commission shall submit to Congress a written report not later 
than the date which is one year after the date of the initial meeting 
called pursuant to section 5(d) of this Act. The report shall contain a 
detailed statement of the findings and conclusions of the Commission, 
together with its recommendations for legislative actions that the 
Commission considers appropriate.

SEC. 9. TERMINATION.

    The Commission shall terminate 30 days after submitting the report 
under section 8.

SEC. 10. DEFINITIONS.

    In this Act:
            (1) Commission.--The term ``Commission'' means the 
        Commission on the Removal of Mexican-Americans to Mexico 
        established under section 3.
            (2) Member.--The term ``member'' means a member of the 
        Commission.
            (3) State.--The term ``State'' means any State of the 
        United States, the District of Columbia, the Commonwealth of 
        Puerto Rico, and any other commonwealth, possession, or 
        territory of the United States.
Commission on the Removal of Mexican-Americans to Mexico This bill establishes the Commission on the Removal of Mexican-Americans to Mexico, which shall: (1) review the facts and circumstances surrounding the 1929-1941 removal of certain U.S. citizens and permanent legal residents to Mexico and the impact of such actions on such individuals, their families, and the Mexican-American community; (2) review federal, state, and local government directives that required such removal and any other related information; and (3) report its findings, conclusions, and any recommendations for legislative actions. 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Detroit Economic Competitiveness 
Act''.

SEC. 2. DETROIT JOBS TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new section:

``SEC. 9512. DETROIT JOBS TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Detroit Jobs 
Trust Fund', consisting of such amounts as may be appropriated or 
credited to such fund as provided in this section or section 9602(b).
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the Detroit Jobs Trust Fund amounts equivalent to receipts in the 
Treasury of taxes (including all income, excise, and employment taxes 
whether imposed with respect to individuals or businesses) imposed 
under this title (with respect to periods after the date of the 
enactment of this section) which are (as determined by the Secretary) 
attributable to Detroit, Michigan. The city of Detroit, Michigan, shall 
provide the Secretary such information as the Secretary may request for 
purposes of making the determinations required under this subsection. 
For purposes of this subsection, the taxes imposed on a corporation or 
other business entity shall not be treated as attributable to Detroit, 
Michigan, merely because the headquarters of such corporation or entity 
is located in Detroit, Michigan.
    ``(c) Expenditures.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, amounts in the Detroit Jobs Trust Fund shall 
        (without need of any further appropriation) be distributed 
        annually by the Secretary to the city of Detroit, Michigan, to 
        carry out the purposes described in paragraph (2).
            ``(2) Use of expenditures.--Amounts distributed to the city 
        of Detroit, Michigan, under this section shall be used for the 
        following purposes and in the following order of priority:
                    ``(A) First, of the amounts distributed with 
                respect the annual period not in excess of the Detroit 
                income tax suspension hold harmless amount, for any 
                purpose determined by the city government of Detroit, 
                Michigan.
                    ``(B) Second, for payment of principal and interest 
                on any general obligation issued by the city of 
                Detroit, Michigan (to the extent of such obligations).
                    ``(C) Third, for payment of principal and interest 
                on obligations to which section 103 applies and the 
                proceeds of which were used for the public schools of 
                the city of Detroit, Michigan (to the extent of such 
                obligations).
                    ``(D) Fourth, for jobs development, public safety, 
                education, business infrastructure, or public 
                infrastructure (to the extent consistent with the plan 
                described in paragraph (4)).
            ``(3) Restriction on distributions.--No distribution shall 
        be made by the Secretary under paragraph (1) unless--
                    ``(A) the city of Detroit, Michigan, does not 
                impose an income tax with respect to the period to 
                which such distribution relates,
                    ``(B) such city has reduced the aggregate property 
                taxes imposed by an amount not less than the reduction 
                in the payment obligations of such city by reason of 
                the payments described in paragraph (2),
                    ``(C) all prior distributions made to the city 
                under paragraph (2) were used by the city in a manner 
                consistent with the requirements of paragraph (2), and
                    ``(D) such city has provided such information to 
                the Comptroller General of the United States as the 
                Comptroller General may request to carry out section 
                2(b) of the Detroit Economic Competitiveness Act.
            ``(4) 5-year development plan.--A plan is described in this 
        paragraph if such plan--
                    ``(A) is a 5-year plan describing development goals 
                for Detroit, Michigan, and detailing how distributions 
                for purposes described in paragraph (2)(D) will be 
                spent,
                    ``(B) has been approved by simple majority vote of 
                the City Council of Detroit, Michigan (after 
                consultation with the Detroit Board of Education), and
                    ``(C) has been submitted to, and approved by, the 
                Secretary of the Treasury, the Secretary of Housing and 
                Urban Development, and the Secretary of Education.
        No distribution shall be made under paragraph (1) for a purpose 
        described in paragraph (2)(D) unless a plan described in this 
        paragraph is in effect and all prior such distributions for 
        such purposes were used in accordance with such plan.
            ``(5) Special rules during period of plan development.--
        During the period during which the plan described in paragraph 
        (4) is developed (but not in excess of the 5-month period 
        beginning on the date of the first distribution under paragraph 
        (1)), amounts distributed may be used concurrently for the 
        purposes described in subparagraphs (A), (B), and (C) of 
        paragraph (2).
            ``(6) Detroit income tax suspension hold harmless amount.--
                    ``(A) In general.--For purposes of paragraph 
                (2)(A), the term `Detroit income tax suspension hold 
                harmless amount' means the amount (as determined by the 
                Secretary) of revenue collected by the city of Detroit 
                pursuant to the income tax imposed by such city during 
                the calendar year preceding the calendar year which 
                includes the date of the enactment of this section.
                    ``(B) Cross reference.--For provision which 
                requires suspension of the Detroit income tax, see 
                paragraph (3)(A).
                    ``(C) Tax returns may still be required.--The city 
                of Detroit, Michigan, shall not be treated as failing 
                to satisfy the requirement of paragraph (3)(A) with 
                respect to any period merely because taxpayers are 
                required to file tax returns and report income with 
                respect to such period.
            ``(7) Amounts made available not to reduce other funding.--
        Amounts distributed to the city of Detroit, Michigan, under 
        this section shall supplement, and not supplant, any other 
        funding (including any Federal funding) for such city.
    ``(d) Termination.--No amount shall be distributed from, or 
appropriated to, the Detroit Jobs Trust Fund after the 5-year period 
beginning on the date of the enactment of this section. Any amounts 
remaining in such Trust Fund at the end of such period shall be 
transferred to the general fund of the Treasury. The 5-year period 
specified in this subsection shall not be renewed or extended.''.
    (b) GAO Reports.--The Comptroller General of the United States 
shall submit an annual report to Congress which--
            (1) describes the manner and purposes for which 
        distributions made from the Detroit Jobs Trust Fund have been 
        used,
            (2) describes the extent to which progress has been made 
        toward meeting the development goals under the plan described 
        in section 9512(c)(4) of the Internal Revenue Code of 1986 (as 
        added by this section) and whether such progress is consistent 
        with meeting such goals, and
            (3) includes any recommendations the Comptroller General 
        may have regarding improvements to the program described in 
        section 9512 of such Code.
The first such annual report shall be submitted not later than 90 days 
after the 1-year period beginning on the date of the enactment of this 
Act and the last such annual report shall be submitted not later than 
90 days after the date on which the Detroit Jobs Trust Fund terminates 
pursuant to section 9512(d) of such Code.
    (c) Clerical Amendment.--The table of sections for subchapter A of 
chapter 98 of the Internal Revenue Code of 1986 is amended by adding at 
the end the following new item:

``Sec. 9512. Detroit Jobs Trust Fund.''.

SEC. 3. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN DETROIT, 
              MICHIGAN.

    (a) In General.--Subchapter Y of chapter 1 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new part:

        ``PART IV--CERTAIN NEW INVESTMENTS IN DETROIT, MICHIGAN

``Sec. 1400V. Zero capital gains rate for certain new investments in 
                            Detroit, Michigan.

``SEC. 1400V. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN 
              DETROIT, MICHIGAN.

    ``(a) In General.--Gross income does not include any qualified 
capital gain from the sale or exchange of a specified new investment 
held for more than 1 year.
    ``(b) Specified New Investment.--For purposes of this section--
            ``(1) In general.--The term `specified new investment' 
        means--
                    ``(A) any qualified stock,
                    ``(B) any qualified partnership interest, and
                    ``(C) any qualified business property.
            ``(2) Qualified stock.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the term `qualified stock' means any 
                stock in a domestic corporation if--
                            ``(i) such stock is acquired by the 
                        taxpayer during the 1-year period beginning on 
                        the date of the enactment of this section, at 
                        its original issue (directly or through an 
                        underwriter) from the corporation solely in 
                        exchange for cash,
                            ``(ii) as of the time such stock was 
                        issued, such corporation was a specified 
                        Detroit business (or, in the case of a new 
                        corporation, such corporation was being 
                        organized for purposes of being a specified 
                        Detroit business), and
                            ``(iii) during substantially all of the 
                        taxpayer's holding period for such stock, such 
                        corporation qualified as a specified Detroit 
                        business.
                    ``(B) Redemptions.--A rule similar to the rule of 
                section 1202(c)(3) shall apply for purposes of this 
                paragraph.
            ``(3) Qualified partnership interest.--The term `qualified 
        partnership interest' means any capital or profits interest in 
        a domestic partnership if--
                    ``(A) such interest is acquired by the taxpayer 
                during the 1-year period beginning on the date of the 
                enactment of this section, from the partnership solely 
                in exchange for cash,
                    ``(B) as of the time such interest was acquired, 
                such partnership was a specified Detroit business (or, 
                in the case of a new partnership, such partnership was 
                being organized for purposes of being a specified 
                Detroit business), and
                    ``(C) during substantially all of the taxpayer's 
                holding period for such interest, such partnership 
                qualified as a specified Detroit business.
        A rule similar to the rule of paragraph (2)(B) shall apply for 
        purposes of this paragraph.
            ``(4) Qualified business property.--
                    ``(A) In general.--The term `qualified business 
                property' means tangible property if--
                            ``(i) such property was acquired by the 
                        taxpayer by purchase (as defined in section 
                        179(d)(2)) during the 1-year period beginning 
                        on the date of the enactment of this section,
                            ``(ii) the original use of such property in 
                        Detroit, Michigan, commences with the taxpayer, 
                        and
                            ``(iii) during substantially all of the 
                        taxpayer's holding period for such property, 
                        substantially all of the use of such property 
                        was in a specified Detroit business of the 
                        taxpayer.
                    ``(B) Special rule for substantial improvements.--
                The requirements of clauses (i) and (ii) of 
                subparagraph (A) shall be treated as satisfied with 
                respect to--
                            ``(i) property which is substantially 
                        improved by the taxpayer before the end of the 
                        period described in subparagraph (A)(i), and
                            ``(ii) any land on which such property is 
                        located.
                The determination of whether a property is 
                substantially improved shall be made under clause (ii) 
                of section 1400B(b)(4)(B), except that `the date of the 
                enactment of section 1400V' shall be substituted for 
                `December 31, 1997' in such clause.
    ``(c) Qualified Capital Gain.--For purposes of this section--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, the term `qualified capital gain' means any gain 
        recognized on the sale or exchange of--
                    ``(A) a capital asset, or
                    ``(B) property used in the trade or business (as 
                defined in section 1231(b)).
            ``(2) Gain before enactment not qualified.--The term 
        `qualified capital gain' shall not include any gain 
        attributable to periods before the date of the enactment of 
        this section.
            ``(3) Certain rules to apply.--Rules similar to the rules 
        of paragraphs (3), (4), and (5) of section 1400B(e) shall apply 
        for purposes of this subsection.
    ``(d) Specified Detroit Business.--For purposes of this section, 
the term `specified Detroit business' means any enterprise zone 
business (as defined in section 1397C), determined--
            ``(1) without regard to subsections (b)(6) and (c)(5) 
        thereof,
            ``(2) by substituting `80 percent' for `50 percent' in 
        subsections (b)(2) and (c)(1) thereof,
            ``(3) by treating Detroit, Michigan, as an empowerment zone 
        (and by treating no area other than Detroit, Michigan, as an 
        empowerment zone).
    ``(e) Certain Rules To Apply.--For purposes of this section, rules 
similar to the rules of paragraphs (6) and (7) of subsection (b), and 
subsections (f) and (g), of section 1400B shall apply; except that for 
such purposes section 1400B(g)(2) shall be applied by substituting 
`before the date of the enactment of section 1400V' for `before January 
1, 1998, or after December 31, 2014'.
    ``(f) Regulations.--The Secretary shall prescribe such regulations 
as may be appropriate to carry out the purposes of this section, 
including regulations to prevent the abuse of the purposes of this 
section.''.
    (b) Clerical Amendment.--The table of parts for subchapter Y of 
chapter 1 of such Code is amended by adding at the end the following 
new item:

       ``Part IV. Certain New Investments in Detroit, Michigan''.

    (c) Effective Date.--The amendments made by this section shall 
apply to property acquired after the date of the enactment of this Act.
Detroit Economic Competitiveness Act - Amends the Internal Revenue Code to establish the Detroit Jobs Trust Fund to finance economic development in Detroit, Michigan. Requires the Secretary of the Treasury to make annual distributions from such Fund to the city of Detroit for payment of debt obligations and for job development, public safety, education, and business and public infrastructure. Prohibits any distributions unless the city of Detroit: (1) does not impose an income tax during a period of distribution, (2) has made specified reductions in aggregate property taxes, (3) has used prior distributions as required under this Act, (4) has provided required information to the Comptroller General (GAO), and (5) has implemented a five-year plan describing development goals for Detroit and detailing how distributions from the Trust Fund will be spent. Terminates such Fund five years after enactment of this Act.

Requires GAO to submit annual reports to Congress describing the use of distributions from the Trust Fund, the extent to which progress has been made in meeting the plan's development goals, and Comptroller General recommendations for improving the program established under this Act.

Excludes from gross income capital gain from the sale or exchange of investment property used in trade or business in Detroit.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Derivatives Trading Integrity Act of 
2008''.

SEC. 2. REGULATION OF CERTAIN AGREEMENTS, CONTRACTS, AND TRANSACTIONS.

    (a) Definitions.--Section 1a of the Commodity Exchange Act (7 
U.S.C. 1a) is amended--
            (1) by striking paragraphs (10), (11), (13), (14), and 
        (33); and
            (2) by redesignating--
                    (A) paragraph (12) as paragraph (10);
                    (B) paragraphs (15) through (32) as paragraphs (11) 
                through (28), respectively; and
                    (C) paragraph (34) as paragraph (29).
    (b) Exclusions.--Section 2 of the Commodity Exchange Act (7 U.S.C. 
2) is amended--
            (1) by striking subsections (d), (e), (g), (h), and (i); 
        and
            (2) by redesignating subsection (f) as subsection (d).
    (c) Restriction of Futures Trading to Contract Markets or 
Derivatives Transaction Execution Facilities.--Section 4 of the 
Commodity Exchange Act (7 U.S.C. 6) is amended--
            (1) in subsection (a), in the matter preceding paragraph 
        (1), by striking ``Unless exempted by the Commission pursuant 
        to subsection (c), it shall'' and inserting ``It shall'';
            (2) by striking subsection (c); and
            (3) by redesignating subsection (d) as subsection (c).
    (d) Exempt Boards of Trade.--Section 5d of the Commodity Exchange 
Act (7 U.S.C. 7a-3) is repealed.

SEC. 3. CONFORMING AMENDMENTS.

    (a) Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) (as 
amended by section 2(a)(2)) is amended--
            (1) in paragraph (10)(A)(x), by striking ``(other than an 
        electronic trading facility with respect to a significant price 
        discovery contract)'';
            (2) in paragraph (25)--
                    (A) in subparagraph (C), by inserting ``and'' after 
                the semicolon at the end;
                    (B) in subparagraph (D), by striking ``; and'' and 
                inserting a period; and
                    (C) by striking subparagraph (E); and
            (3) in paragraph (27), by striking ``section 2(c), 2(d), 
        2(f), or 2(g) of this Act'' and inserting ``subsection (c) or 
        (d) of section 2''.
    (b) Section 2(c) of the Commodity Exchange Act (7 U.S.C. 2(c)) is 
amended--
            (1) in paragraph (1)--
                    (A) in the matter preceding subparagraph (A), by 
                striking ``5d,''; and
                    (B) in subparagraph (F), by striking ``in an 
                excluded commodity''; and
            (2) in paragraph (2)(B)(i)(II)--
                    (A) in item (cc), by striking ``section 1a(20) of 
                this Act'' each place it appears and inserting 
                ``section 1a(16)''; and
                    (B) in item (dd), by striking ``section 
                1a(12)(A)(ii) of this Act'' and inserting ``section 
                1a(10)(A)(ii)''.
    (c) Section 4a of the Commodity Exchange Act (7 U.S.C. 6a) is 
amended--
            (1) in subsection (a)--
                    (A) in the first sentence, by striking ``or on 
                electronic trading facilities with respect to a 
                significant price discovery contract''; and
                    (B) in the second sentence, by striking ``or on an 
                electronic trading facility with respect to a 
                significant price discovery contract,'';
            (2) in subsection (b)--
                    (A) in paragraph (1), by striking ``or electronic 
                trading facility with respect to a significant price 
                discovery contract''; and
                    (B) in paragraph (2), in the matter preceding the 
                proviso, by striking ``or electronic trading facility 
                with respect to a significant price discovery 
                contract''; and
            (3) in subsection (e)--
                    (A) in the first sentence--
                            (i) in the matter preceding the proviso--
                                    (I) by striking ``or by any 
                                electronic trading facility'';
                                    (II) by striking ``or on an 
                                electronic trading facility''; and
                                    (III) by striking ``or electronic 
                                trading facility''; and
                            (ii) in the proviso, by striking ``or 
                        electronic trading facility''; and
                    (B) in the second sentence, in the matter preceding 
                the proviso, by striking ``or electronic trading 
                facility with respect to a significant price discovery 
                contract''.
    (d) Section 4g(a) of the Commodity Exchange Act (7 U.S.C. 6g(a)) is 
amended by striking ``and in any significant price discovery contract 
traded or executed on an electronic trading facility or''.
    (e) Section 4i of the Commodity Exchange Act (7 U.S.C. 6i) is 
amended--
            (1) in the matter preceding paragraph (1), by striking ``or 
        any significant price discovery contract traded or executed on 
        an electronic trading facility''; and
            (2) in the matter following paragraph (2), by striking ``or 
        electronic trading facility''.
    (f) Section 5a of the Commodity Exchange Act (7 U.S.C. 7a) is 
amended--
            (1) in subsection (b)(2)--
                    (A) in subparagraph (D)(ii), by inserting ``or'' 
                after the semicolon at the end;
                    (B) in subparagraph (E), by striking ``; or'' and 
                inserting a period; and
                    (C) by striking subparagraph (F); and
            (2) in subsection (g)--
                    (A) in the heading, by striking ``Election To Trade 
                Excluded and Exempt Commodities'' and inserting 
                ``Excluded Securities''; and
                    (B) in paragraph (1)--
                            (i) by striking ``excluded or exempt 
                        commodities other than'' and inserting 
                        ``commodities other than an agricultural 
                        commodity enumerated in section 1a(4) or''; and
                            (ii) by striking ``, 2(d), or 2(g) of this 
                        Act, or exempt under section 2(h) of this 
                        Act''.
    (g) Section 5b of the Commodity Exchange Act (7 U.S.C. 7a-1) is 
amended--
            (1) in subsection (a)(1), by striking ``section 
        2(a)(1)(C)(i), 2(c), 2(d), 2(f), or 2(g) of this Act or title 
        IV of the Commodity Futures Modernization Act of 2000, or 
        exempted under section 2(h) or 4(c) of this Act'' and inserting 
        ``subsection (a)(1)(C)(i), (c), or (d) of section 2 or title IV 
        of the Commodity Futures Modernization Act of 2000 (Public Law 
        106-554; 114 Stat. 2763A457)''; and
            (2) in subsection (b), by striking ``section 2(c), 2(d), 
        2(f), or 2(g) of this Act or title IV of the Commodity Futures 
        Modernization Act of 2000, or exempted under section 2(h) or 
        4(c) of this Act'' and inserting ``subsection (c) or (d) of 
        section 2 or title IV of the Commodity Futures Modernization 
        Act of 2000 (Public Law 106-554; 114 Stat. 2763A457)''.
    (h) Section 5c of the Commodity Exchange Act (7 U.S.C. 7a-2) is 
amended--
            (1) in subsection (a)(1), by striking ``and section 2(h)(7) 
        with respect to significant price discovery contracts,'';
            (2) in subsection (b)--
                    (A) in paragraph (1), by striking ``, derivatives 
                transaction execution facility, or electronic trading 
                facility with respect to a significant price discovery 
                contract'' and inserting ``or derivatives transaction 
                execution facility''; and
                    (B) in paragraphs (2) and (3), by striking ``, 
                derivatives transaction execution facility, or 
                electronic trading facility'' each place it appears and 
                inserting ``or derivatives transaction execution 
                facility''; and
            (3) in subsection (d)(1), in the matter preceding 
        subparagraph (A), by striking ``or 2(h)(7)(C) with respect to a 
        significant price discovery contract traded or executed on an 
        electronic trading facility,''.
    (i) Section 5e of the Commodity Exchange Act (7 U.S.C. 7b) is 
amended by striking ``or revocation of the right of an electronic 
trading facility to rely on the exemption set forth in section 2(h)(3) 
with respect to a significant price discovery contract,''.
    (j) Section 5f(b)(1) of the Commodity Exchange Act (7 U.S.C. 7b-
1(b)(1)) is amended in the matter preceding subparagraph (A), by 
striking ``section 5f'' and inserting ``this section''.
    (k) Section 6(b) of the Commodity Exchange Act (7 U.S.C. 8(b)) is 
amended--
            (1) in the first sentence--
                    (A) by striking ``or to revoke the right of an 
                electronic trading facility to rely on the exemption 
                set forth in section 2(h)(3) with respect to a 
                significant price discovery contract,''; and
                    (B) by striking ``or electronic trading facility''; 
                and
            (2) in the second sentence, in the matter preceding the 
        proviso, by striking ``or electronic trading facility''.
    (l) Section 12(e) of the Commodity Exchange Act (7 U.S.C. 16(e)) is 
amended by striking paragraph (2) and inserting the following:
            ``(2) Effect.--This Act supersedes and preempts the 
        application of any State or local law that prohibits or 
        regulates gaming or the operation of bucket shops (other than 
        antifraud provisions of general applicability) in the case of 
        an agreement, contract, or transaction that is excluded from 
        this Act under--
                    ``(A) subsection (c) or (d) of section 2; or
                    ``(B) title IV of the Commodity Futures 
                Modernization Act of 2000 (Public Law 106-554; 114 
                Stat. 2763A457).''.
    (m) Section 15(b) of the Commodity Exchange Act (7 U.S.C. 19(b)) is 
amended by striking ``4(c) or''.
    (n) Section 22(b)(1)(A) of the Commodity Exchange Act (7 U.S.C. 
25(b)(1)(A)) is amended by striking ``by section 2(h)(7) or sections 5 
through 5c'' and inserting ``under sections 5 through 5c''.
    (o) Section 13106(b)(1) of the Food, Conservation, and Energy Act 
of 2008 (7 U.S.C. 2 note; Public Law 110-246) is amended by striking 
``section 1a(32)'' and inserting ``section 1a''.

Derivatives Trading Integrity Act of 2008 - Amends the Commodity Exchange Act to: (1) repeal the exemption or exclusion from regulation by the Commodity Futures Trading Commission (CFTC) of specified derivative transactions, swap transactions, and related electronic trading facilities; (2) restrict futures trading to contract markets or derivatives transaction execution facilities; and (3) abolish exempt boards of trade.