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SECTION 1. SHORT TITLE; FINDINGS.

(a) Short Title.--This Act may be cited as the ''Taxing Speculators
out of the Oil Market Act''.
(b) Findings.--Congress finds the following:
(1) The price of oil has risen and fallen dramatically over
the last decade without a clear connection to the laws of
supply and demand.
(2) The price of a barrel of oil predictably stayed beneath
$20 a barrel of oil for decades. In the beginning of 1999, the
price was under $10 a barrel of oil, but since then the oil
market has been plagued by speculation and fluctuated wildly.
(3) In late 2004, the price of oil exceeded $40 a barrel of
oil, up 400 percent in 5 years.
(4) In late 2007, the price exceeded $80 a barrel of oil,
up 800 percent in 8 years.
(5) In mid 2008, the price of oil peaked at $145 a barrel,
up 1,450 percent in under ten years.
(6) The price of oil collapsed in 2008 to just over $30 a
barrel of oil.
(7) By early 2011, the price of oil rebounded to almost
$115 per barrel of oil.
(8) These large price swings coincide with drop in demand
since 2005. In 2010, the United States consumed 2.1 million
barrels of oil per day less than it did 6 years ago.
(9) Many economists have attributed this irrational
behavior of the oil market to the large increase in speculative
trading in oil derivatives.
(10) A transaction tax on speculative trading can deter
short-term speculation which will reduce the volatility and
price of oil.

SEC. 2. TAX ON TRANSACTIONS IN OIL FUTURES, OPTIONS, AND SWAPS.

(a) In General.--Chapter 36 of the Internal Revenue Code of 1986 is
amended by inserting after subchapter B the following new subchapter:

''Subchapter C--Tax on Transactions in Oil Futures, Options, and Swaps

''Sec. 4475. Tax on transactions in oil futures, options, and swaps.

''SEC. 4475. TAX ON TRANSACTIONS IN OIL FUTURES, OPTIONS, AND SWAPS.

''(a) Imposition of Tax.--
''(1) Futures.--There is hereby imposed a tax on each
covered transaction in an oil futures contract of 0.01 percent
of the value of the futures instruments involved in such
transaction.
''(2) Options.--There is hereby imposed a tax on each
covered transaction in an oil option of 0.01 percent of the
premium paid on the option for a futures instruments involved
in such transaction.
''(3) Swaps.--There is hereby imposed a tax on each covered
transaction in an oil swap of 0.01 percent of the value of the
underlying assets involved in such transaction for each year
until the swap contact maturity.
''(b) By Whom Paid.--
''(1) In general.--The tax imposed by this section shall be
paid by--
''(A) the trading facility on which the transaction
occurs, or
''(B) if such transaction does not occur on a
trading facility, by the buyer of the transaction.
''(2) Withholding if buyer not united states person.--See
section 1447 for withholding by seller if buyer is a foreign
person.
''(c) Exception for Commercial Traders.--The tax imposed by this
section shall not apply to any transaction if--
''(1) either party to the transaction is--
''(A) classified by the Commodity Futures Trading
Commission as a commercial trader with respect to oil,
or
''(B) a financial institution acting on behalf of
such a party (but only if the financial institution
does not at any time acquire ownership of the
security), and
''(2) the transaction is a bona fide hedging transaction
(within the meaning of section 4a(c) of the Commodity Exchange
Act).
''(d) Definitions.--For purposes of this section--
''(1) Covered transaction.--The term 'covered transaction'
means any purchase or sale of an oil futures contract, an oil
option or oil swap contract if--
''(A) such purchase or sale on a trading facility
is located in the United States, or
''(B) the purchaser or seller is a United States
person.
''(2) Oil futures contract.--The term 'oil futures
contract' means any contract of sale of oil for future delivery
(within the meaning of the Commodity Exchange Act).
''(3) Oil option.--The term 'oil option' means any option
on an oil futures transaction.
''(4) Oil swap contract.--The term 'oil swap contract'
means any contract of sale of oil involving a swap.
''(5) Trading facility.--The term 'trading facility' has
the meaning given to such term by the Commodity Exchange Act.
''(e) Administration.--The Secretary shall carry out this section
in consultation with the Commodity Futures Trading Commission.''.
(b) Withholding.--Subchapter A of chapter 3 of such Code is amended
by adding at the end the following new section:

''SEC. 1447. WITHHOLDING OF TAX ON TRANSACTIONS IN OIL FUTURES,
OPTIONS, AND SWAPS.

''In the case of any acquisition of an oil futures contract, an oil
option, or an oil swap contract (as such terms are defined in section
4475) by a foreign person, the transferor shall be required to deduct
and withhold a tax equal to the tax which would be imposed on such
acquisition under section 4475 if the transferee were a United States
person.''.
(c) Clerical Amendments.--
(1) The table of subchapters for chapter 36 of such Code is
amended by inserting after the item relating to subchapter B
the following new item:

''subchapter c. tax on transactions in oil futures, options, and
swaps.''.

(2) The table of sections for subchapter A of chapter 3 of
such Code is amended by adding at the end the following new
section:

''Sec. 1447. Withholding of tax on transactions in oil futures,
options, and swaps.''.
(d) Effective Date.--The amendments made by this section shall
apply to transactions occurring on or after 90 days after the date of
the enactment of this Act.

SEC. 3. AVAILABILITY TO THE COMMODITY FUTURES TRADING COMMISSION OF
REVENUE FROM TAXES ON TRANSACTIONS IN OIL FUTURES,
OPTIONS, AND SWAPS.

The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by
inserting after section 10 the following:

''SEC. 11. AVAILABILITY TO THE COMMISSION OF REVENUE FROM TAXES ON
TRANSACTIONS IN OIL FUTURES, OPTIONS, AND SWAPS.

''(a) Tax Revenue Deposited as Offsetting Collections to CFTC
Appropriations Account.--All taxes collected pursuant to sections 4475
and 1447 of the Internal Revenue Code of 1986 for any fiscal year shall
be deposited and credited as offsetting collections to the account
providing appropriations to the Commission.
''(b) Use of Unexpended Funds for Public Debt Reduction.--Any
amount credited under paragraph (1) that remains unexpended as of the
end of any fiscal year shall be transferred to the Treasury and used to
reduce the public debt of the United States.''.

SEC. 4. DUTIES OF COMMODITY FUTURES TRADING COMMISSION.

The Commodity Futures Trading Commission (referred to in this
section as the ''Commission'') shall use the authority of the
Commission, including the emergency authority of the Commission--
(1) to subject each bank holding company (as defined in
section 2(a) of the Bank Holding Company Act of 1956) that
engages in trading subject to section 4475 of the Internal
Revenue Code of 1986, and each hedge fund (as defined in
section 13(h)(2) of the Bank Holding Company Act of 1956) that
buys or sells a contract of sale of oil for future delivery
(within the meaning of the Commodity Exchange Act) for its own
account or on behalf of a third party, to the rules applicable
to noncommercial participants in the markets for the contracts;
and
(2) to revoke immediately each staff no-action letter that
covers a foreign board of trade that--
(A) has established a trading terminal in the
United States for the purpose of selling the contracts
to, or buying the contracts from, United States
investors; and
(B) engages in trading subject to such section
4475.
Output:
Taxing Speculators out of the Oil Market Act - Amends the Internal Revenue Code to: (1) impose an 0.01% excise tax on transactions in oil futures, options, and swaps, to be paid by the trading facility on which the transactions occur or by the buyer of the transaction; and (2) require withholding of such tax if the buyer is a foreign person. Exempts from such tax certain commercial oil traders and bona fide hedging transactions.

Amends the Commodity Exchange Act to credit tax revenues from this Act as offsetting collections to appropriations to the Commodity Futures Trading Commission (CFTC). Requires any unexpended amounts to be used to reduce the public debt.

Requires the CFTC to: (1) subject each bank holding company that engages in trading in oil futures, options, and swaps, and each hedge fund that buys or sells a contract of sale of oil for future delivery, to the rules applicable to noncommercial participants in the markets for the contracts; and (2) revoke immediately each staff no-action letter that covers a foreign board of trade that has established a trading terminal in the United States for selling contracts to or from U.S. investors and engages in trading in oil futures, options, and swaps.