US Congress House Bill 2328 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 14-0)
Status: Introduced on June 23 2011 - 25% progression, died in committee
Action: 2011-07-13 - 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]

End Excessive Oil Speculation Now Act of 2011 - Directs the Chairman of the Commodity Futures Trading Commission (CFTC) to establish speculative position limits: (1) in any registered trading entity on or through which crude oil, gasoline, diesel fuel, jet fuel, or heating oil futures or swaps are traded that are equal to the position accountability levels or position limits established by the New York Mercantile Exchange (Exchange); and (2) that are equal to the position accountability levels or position limits established by such Exchange upon the aggregate number or amount of positions in contracts based upon the same underlying commodity that may be held by any person (including any group or class of traders) for each month across specified contracts, transactions, and swap contracts. Directs the Chairman to: (1) establish margin requirements of 12% for speculative swaps and futures trading in crude oil, gasoline, diesel fuel, jet fuel, and heating oil; (2) require each bank holding company, investment bank, hedge fund, or swaps dealer trading energy futures or swaps for its own benefit, or on behalf of, or as counterparty to, an index fund, exchange traded fund, or other noncommercial participant, to register with the CFTC as a noncommercial participant and be subject to position limits and margin requirements under this Act. Exempts bona-fide hedge trading from such position limits and margin requirements. Expresses the sense of Congress that, if finalized, the proposed position limits for derivatives that the CFTC included in a specified notice of proposed rulemaking do not fulfill the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act to diminish, eliminate, or prevent excessive speculation.

End Excessive Oil Speculation Now Act of 2011

Rep. Maurice Hinchey [D-NY]	Rep. David Cicilline [D-RI]	Rep. Peter DeFazio [D-OR]	Rep. Bob Filner [D-CA]
Rep. Raul Grijalva [D-AZ]	Rep. Dennis Kucinich [D-OH]	Rep. James Langevin [D-RI]	Rep. Barbara Lee [D-CA]
Rep. Zoe Lofgren [D-CA]	Rep. John Olver [D-MA]	Rep. Janice Schakowsky [D-IL]	Rep. Louise Slaughter [D-NY]
Rep. Fortney Stark [D-CA]	Sen. Peter Welch [D-VT]

Date	Chamber	Action
2011-07-13	House	Referred to the Subcommittee on General Farm Commodities and Risk Management.
2011-06-23	House	Referred to the House Committee on Agriculture.

SB1200 (Same As) 2011-06-15 - Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/2328/all-info
Text	https://www.congress.gov/112/bills/hr2328/BILLS-112hr2328ih.pdf