To prevent excessive speculation in over-the-counter derivatives markets for certain energy commodities by limiting participation in those markets to persons who are capable of producing, manufacturing, or taking physical delivery of the commodities.
About This Bill
Committee
Latest Action · November 19, 2008
Referred to the Subcommittee on General Farm Commodities and Risk Management.
Amends the Commodity Exchange Act to make it unlawful for a person to enter into or execute an otherwise excluded swap transaction or exempt transaction involving crude oil, heating oil, gasoline, or diesel fuel (specified energy commodity), unless the person has been certified by the Commodities Future Trading Commission (CFTC) as having the capacity of accepting physical delivery of the commodity.
Makes it unlawful, as well, for any person to hold a contract or agreement of sale of a specified energy commodity for future delivery, which is otherwise an excluded swap transaction or an exempt transaction, unless the CFTC has certified that the person has the capacity to produce or manufacture the commodity.
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