Q: 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 ''Increasing Transparency and
Accountability in Oil Prices Act of 2008''.

SEC. 2. SENSE OF SENATE ON ADDITIONAL EMERGENCY FUNDING FOR COMMISSION.

(a) Findings.--The House of Representatives finds that--
(1) excessive speculation may be adding significantly to
the price of oil and other energy commodities;
(2) the public and Congress are concerned that private,
unregulated transactions and overseas exchange transactions are
not being adequately reviewed by any regulatory body;
(3) an important Federal overseer of commodity speculation,
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 immediately send to Congress
a request for emergency appropriations for fiscal year 2008 for the
Commodity Futures Trading Commission in an amount that is sufficient--
(1) to help restore public confidence in energy commodities
markets and Federal oversight of those markets;
(2) to potentially impose limits on excessive speculation
that is increasing the price of oil, gasoline, diesel, and
other energy commodities;
(3) to significantly improve the information technology
capabilities of the Commission to help the Commission
effectively regulate the energy futures markets; and
(4) to fund at least 100 new full-time positions at the
Commission to oversee energy commodity market speculation and
to enforce the Commodity Exchange Act (7 U.S.C. 1 et seq.).

SEC. 3. ADDITIONAL COMMISSION EMPLOYEES FOR IMPROVED 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 following:
''(D) Additional employees.--As soon as practicable
after the date of enactment of this subparagraph, the
Commission shall appoint at least 100 full-time
employees (in addition to the employees employed by the
Commission as of the date of enactment of this
subparagraph)--
''(i) to increase the public transparency
of operations in energy futures 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. INSPECTOR GENERAL.

Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is
amended by adding at the end the following:
''(13) Inspector general.--
''(A) Office.--There shall be in the Commission, as
an independent office, an Office of the Inspector
General.
''(B) Appointment.--The Office shall be headed by
an Inspector General, appointed in accordance with the
Inspector General Act of 1978 (5 U.S.C. App.).
''(C) Compensation.--The Inspector General shall be
compensated at the rate provided for level IV of the
Executive Schedule under section 5315 of title 5,
United States Code.
''(D) Administration.--The Inspector General shall
exert independent control of the budget allocations,
expenditures, and staffing levels, personnel decisions
and processes, procurement, and other administrative
and management functions of the Office.''.

SEC. 5. STUDY OF INTERNATIONAL REGULATION OF ENERGY COMMODITY MARKETS.

(a) In General.--The Comptroller General of the United States shall
conduct a study of the international regime for regulating the trading
of energy commodity futures and derivatives.
(b) Analysis.--The study shall include an analysis of, at a
minimum--
(1) key common features and differences among countries in
the regulation of energy commodity trading, including with
respect to market oversight and enforcement;
(2) agreements and practices for sharing market and trading
data;
(3) the use of position limits or thresholds to detect and
prevent price manipulation, excessive speculation, or other
unfair trading practices;
(4) practices regarding the identification of commercial
and noncommercial trading and the extent of market speculation;
and
(5) agreements and practices for facilitating international
cooperation on market oversight, compliance, and enforcement.
(c) Report.--Not later than 120 days after the date of enactment of
this Act, the Comptroller General shall submit to the appropriate
committees of Congress a report that--
(1) describes the results of the study; and
(2) 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 from the effects of excessive speculation and
energy price volatility.

SEC. 6. SPECULATIVE LIMITS AND TRANSPARENCY FOR OFF-SHORE COMMODITY
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 board of trade,
exchange, or market located outside of the United States, its
territories or possessions (i) for which the Commission has
granted or is considering granting an application for relief
from the requirement of subsection (a) to become a designated
contract market, derivatives transaction execution facility, or
other registered entity, and (ii) upon which there is traded
any contract, agreement, or transaction in an energy commodity
the settlement price of which is established with reference to
the price of a contract, agreement, or transaction in an energy
commodity traded on a designated contract market, derivatives
transaction execution facility or other registered entity for
which the primary physical delivery point is located within 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 requirements
regarding the daily publication of trading information
and position limits or accountability levels for
speculators as apply to a designated contract market,
derivatives transaction execution facility, or other
registered entity trading energy commodities physically
delivered in the United States; and
''(B) provides such information to the Commission
regarding the extent of speculative and nonspeculative
trading in the energy commodity that is comparable to
the information the Commission determines necessary to
publish a Commitment of Traders report for a designated
contract market, derivatives transaction execution
facility, or other registered entity 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. 7. COMMISSION AUTHORITY OVER TRADERS.

Section 4 of the Commodity Exchange Act (7 U.S.C. 6) (as amended by
section 6) is amended by adding at the end the following:
''(f) Commission Authority Over Traders.--
''(1) In general.--Notwithstanding any other provision of
this section or any determination made by the Commission to
grant relief from the requirements of subsection (a) to become
a designated contract market, derivatives transaction execution
facility, or other registered entity, in the case of a person
located within the United States, or otherwise subject to the
jurisdiction of the Commission, trading on a foreign board of
trade, exchange, or market located outside the United States
(including the territories and or possessions of the United
States), the Commission shall have authority under this Act--
''(A) to apply and enforce section 9, including
provisions relating to manipulation or attempted
manipulation, the making of false statements, and
willful violations of this Act;
''(B) to require or direct the person to limit,
reduce, or liquidate any position to prevent or reduce
the threat of price manipulation, excessive
speculation, price distortion, or disruption of
delivery or the cash settlement process; and
''(C) to apply such recordkeeping requirements as
the Commission determines are necessary.
''(2) Consultation.--Prior to the issuance of any order
under paragraph (1) to reduce a position on a foreign board of
trade, exchange, or market located outside the United States
(including the territories and possessions of the United
States), the Commission shall consult with the foreign board of
trade, exchange, or market and the appropriate regulatory
authority.
''(3) Administration.--Nothing in this subsection limits
any of the otherwise applicable authorities of the
Commission.''.

SEC. 8. INDEX TRADERS AND SWAP DEALERS.

Section 4 of the Commodity Exchange Act (7 U.S.C. 6) (as amended by
section 7) is amended by adding at the end the following:
''(g) Index Traders and Swap Dealers.--Not later than 60 days after
the date of enactment of this subsection, the Commission shall--
''(1) routinely require detailed reporting from index
traders and swap dealers in markets under the jurisdiction of
the Commission;
''(2) reclassify the types of traders for regulatory and
reporting purposes to distinguish between index traders and
swaps dealers; and
''(3) review the trading practices for index traders in
markets under the jurisdiction of the Commission--
''(A) to ensure that index trading is not adversely
impacting the price discovery process; and
''(B) to determine whether different practices or
regulations should be implemented.''.

SEC. 9. DISAGGREGATION OF INDEX FUNDS AND OTHER DATA IN ENERGY MARKETS.

Section 4 of the Commodity Exchange Act (7 U.S.C. 6) (as amended by
section 8) is amended by adding at the end the following:
''(h) Disaggregation of Index Funds and Data in Energy Markets.--
The Commission shall disaggregate and make public monthly--
''(1) the number of positions and total value of index
funds and other passive, long-only positions in energy markets;
and
''(2) data on speculative positions relative to bona fide
physical hedgers in those markets.''.
A:
Increasing Transparency and Accountability in Oil Prices Act of 2008 - Expresses the sense of the House of Representatives that the President should immediately send to Congress a request for emergency appropriations for FY2008 for the Commodity Futures Trading Commission (CFTC) in an amount sufficient to: (1) help restore public confidence in energy commodities markets and federal oversight of those markets; (2) potentially impose limits on excessive speculation that is increasing the price of oil, gasoline, diesel, and other energy commodities; (3) significantly improve the information technology capabilities of the CFTC to help it effectively regulate the energy futures markets; and (4) fund at least 100 new full-time positions at the CFTC to oversee energy commodity market speculation and to enforce the Commodity Exchange Act.

Amends the Commodity Exchange Act to: (1) provide for additional employees for improved enforcement; and (2) establish an independent Office of the Inspector General in the CFTC.

Direct the Comptroller General of the United States to study and report to Congress on the international regime for regulating the trading of energy commodity futures and derivatives.

Amends the Commodity Exchange Act to address the kind of case in which the CFTC grants or considers granting relief to a foreign board of trade from the requirement that it become a designated contract market, derivatives transaction execution facility, or other registered entity with respect to an energy commodity for which the primary physical delivery point is located within the United States. Requires the CFTC, before granting or considering such relief, to determine that the foreign board of trade: (1) applies comparable principles or requirements regarding the daily publication of trading information and position limits or accountability levels for speculators as apply to a designated contract market, derivatives transaction execution facility, or other registered entity trading energy commodities physically delivered in the United States; and (2) provides such information to the Commission regarding the extent of speculative and nonspeculative trading in the energy commodity that is comparable to the information the Commission determines necessary to publish a Commitment of Traders report for such a designated contract market, derivatives transaction execution facility, or other registered entity.

Authorizes the CFTC, in the case of a registered entity located within the United States, subject to CFTC jurisdiction, which trades on a foreign board of trade, exchange, or market located outside the United States, to: (1) apply and enforce provisions concerned with violations, including provisions related to manipulation or attempted manipulation, the making of false statements, and willful violations of this Act; (2) require or direct the person to limit, reduce, or liquidate any position to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of delivery or the cash settlement process; and (3) apply necessary recordkeeping requirements.

Directs the CFTC to: (1) routinely require detailed reporting from index traders and swap dealers in markets under CFTC jurisdiction; (2) reclassify the types of traders for regulatory and reporting purposes to distinguish between index traders and swaps dealers; and (3) review the trading practices for index traders in markets under CFTC jurisdiction to ensure that index trading is not adversely impacting the price discovery process, and to determine whether different practices or regulations should be implemented.

Requires the CFTC to disaggregate and make public monthly: (1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and (2) data on speculative positions relative to bona fide physical hedgers in those markets.