H R 6604 in Congressional Session 110

Official Summary

 

Bill Number : H R 6604

 

Title : To amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets, and for other purposes.

 

SUMMARY AS OF:
7/24/2008--Introduced. Commodity Markets Transparency and Accountability Act of 2008 - Amends the Commodity Exchange Act to define "energy commodity." Prohibits the Commodity Futures Trading Commission (CFTC) from permitting a foreign board of trade to provide its U.S-located members with access to the CFTC electronic trading system and order matching system for energy or agricultural commodities unless such board meets requirements similar to those imposed upon U.S. exchanges. Subjects swap transactions, transactions for agricultural and energy commodities, and large traders in over-the-counter contracts to reporting and recordkeeping requirements. Directs the Commission to: (1) set position limits for any one person with respect to designated contract markets, derivative transaction execution facilities, and electronic trading facilities; (2) convene a Position Limit Agricultural Advisory Group and a Position Limit Energy Group; (3) appoint at least 100 new full-time employees; (4) review prior actions to ensure compliance with this Act; and (5) review over-the-counter markets. Revises the core principles applicable to position limits for contracts in agricultural and energy commodities to require position limits for speculators. Directs the Government Accountability Office (GAO) to conduct a study of: (1) the international regime for regulating the trading of energy commodity futures and derivatives; and (2) speculators' effects on agriculture and energy futures markets and prices. Directs the Commission to: (1) require regular reporting of fungible over-the-counter agricultural and energy transactions; and (2) determine if such transactions have the potential to disrupt market liquidity or cause market or price disturbances, and if so, to use its discretion to impose position limits. Authorizes the Commission to use expedited procedures to carry out this Act.

Votes

Title : To amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets, and for other purposes.
Votes in the US Senate
This Bill was not Voted in the US Senate
Votes in the US House
Roll NumberVote DateQuestionDescriptionVote Result
5402008-07-30On Motion to Suspend the Rules and Pass, as Amended Commodity Markets Transparency and Accountability ActF
6082008-09-18On Passage Commodity Markets Transparency and Accountability ActP
6072008-09-18On Motion to Recommit with Instructions Commodity Markets Transparency and Accountability ActF

Sponsors

 
Congressional Sponsors of H R 6604
 
Bill Number : H R 6604
Title : To amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets, and for other purposes.
Sponsor: Rep Peterson, Collin C. [MN-7] (introduced 7/24/2008)      
ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

    Rep Barrow, John [GA-12] - 7/30/2008

    Rep Childers, Travis [MS-1] - 7/30/2008

    Rep Christensen, Donna M. [VI] - 7/30/2008

    Rep Etheridge, Bob [NC-2] - 7/24/2008

    Rep Hodes, Paul W. [NH-2] - 7/30/2008

    Rep Holden, Tim [PA-17] - 7/30/2008

    Rep Pomeroy, Earl [ND] - 7/30/2008

    Rep Salazar, John T. [CO-3] - 7/30/2008

    Rep Sutton, Betty [OH-13] - 7/30/2008

Other Info

Bill Number : H R 6604
Title : To amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets, and for other purposes.
 
MAJOR ACTIONS:
 
7/24/2008 Introduced in House
 
7/30/2008 Failed of passage/not agreed to in House: On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 276 - 151 (Roll no. 540).
 
9/18/2008 Passed/agreed to in House: On passage Passed by recorded vote: 283 - 133 (Roll no. 608).
 
10/2/2008 Referred to Senate committee: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
 
ALL ACTIONS:
 
7/24/2008:Referred to the House Committee on Agriculture.
 
7/30/2008 1:25pm:Mr. Peterson (MN) moved to suspend the rules and pass the bill, as amended.
 
7/30/2008 1:26pm:Considered under suspension of the rules. (consideration: CR H7519-7530; text of measure as introduced: CR H7519-7522)
 
7/30/2008 1:26pm:DEBATE - The House proceeded with forty minutes of debate on H.R. 6604.
 
7/30/2008 2:55pm:On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 276 - 151 (Roll no. 540).
 
7/30/2008 2:55pm:Motion to reconsider laid on the table Agreed to without objection.
 
9/17/2008 6:23pm:Rules Committee Resolution H. Res. 1449 Reported to House. Rule provides for consideration of H.R. 6604 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute printed in the report of the Committee on Rules accompanying this resolution shall be considered as adopted.
 
9/18/2008 12:23pm:Rule H. Res. 1449 passed House.
 
9/18/2008 12:23pm:Considered under the provisions of rule H. Res. 1449. (consideration: CR H8413-8429; text of measure as introduced: CR H8413-8416)
 
9/18/2008 12:23pm:Rule provides for consideration of H.R. 6604 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute printed in the report of the Committee on Rules accompanying this resolution shall be considered as adopted.
 
9/18/2008 12:25pm:DEBATE - The House proceeded with one hour of debate on H.R. 6604.
 
9/18/2008 1:30pm:Mr. Moran (KS) moved to recommit with instructions to Agriculture. (consideration: CR H827-8429; text: CR H8427)
 
9/18/2008 1:30pm:DEBATE - The House proceeded with ten minutes of debate on the Moran (KS) motion to recommit. The instructions contained in the motion seek to add an amendment stating when the provisions of the bill shall become effective.
 
9/18/2008 1:36pm:The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H8427)
 
9/18/2008 2:00pm:On motion to recommit with instructions Failed by the Yeas and Nays: 196 - 221 (Roll no. 607).
 
9/18/2008 2:11pm:On passage Passed by recorded vote: 283 - 133 (Roll no. 608). (text: CR H8413-8419)
 
9/18/2008 2:11pm:Motion to reconsider laid on the table Agreed to without objection.
 
9/22/2008:Received in the Senate.
 
10/2/2008:Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.