US Congress House Bill 2003 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 10)
Status: Introduced on May 26 2011 - 25% progression, died in committee
Action: 2011-06-08 - Referred to the Subcommittee on General Farm Commodities and Risk Management.
Pending: House Subcommittee on General Farm Commodities and Risk Management Committee
Text: Latest bill text (Introduced) [PDF]

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.

Taxing Speculators out of the Oil Market Act

Rep. Peter DeFazio [D-OR]	Rep. Earl Blumenauer [D-OR]	Rep. Suzanne Bonamici [D-OR]	Rep. Bruce Braley [D-IA]
Rep. David Cicilline [D-RI]	Rep. Donna Edwards [D-MD]	Rep. Bob Filner [D-CA]	Rep. Rush Holt [D-NJ]
Rep. Louise Slaughter [D-NY]	Rep. John Tierney [D-MA]

Date	Chamber	Action
2011-06-08	House	Referred to the Subcommittee on General Farm Commodities and Risk Management.
2011-05-26	House	Referred to House Agriculture
2011-05-26	House	Referred to House Ways and Means
2011-05-26	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/2003/all-info
Text	https://www.congress.gov/112/bills/hr2003/BILLS-112hr2003ih.pdf