S.Amdt. 3758
What it does: Adds SEC. __. MEASURES TO ADDRESS PRICE GOUGING AND MARKET MANIPULATION wherever appropriate
Sen. Charles E. Schumer (D-NY)What it changes
1 change to H.R. 4939
Adds SEC. __. MEASURES TO ADDRESS PRICE GOUGING AND MARKET MANIPULATION wherever appropriate
Adds a sectionInserted: SEC. __. MEASURES TO ADDRESS PRICE GOUGING AND MARKET MANIPULATION.
Inserted: (a) Federal Trade Commission.--
Inserted: (1) Additional amount.--For an additional amount for "Federal Trade Commission Salaries and Expenses" under the heading "RELATED AGENCIES" of title V of the Science, State, Justice, Commerce, and Related Agencies Appropriations Act, 2006 (Public Law 109-108), $10,000,000.
Inserted: (2) Use.--Of the amount appropriated for "Federal Trade Commission Salaries and Expenses", as increased by paragraph (1), $10,000,000 shall be available to investigate and enforce price gouging complaints and other market manipulation activities by companies engaged in the wholesale and retail sales of gasoline and petroleum distillates.
Inserted: (b) Commodity Futures Trading Commission.--
Inserted: (1) Additional amount.--For an additional amount for "Commodity Futures Trading Commission" under the heading "RELATED AGENCIES AND FOOD AND DRUG ADMINISTRATION" of title VI of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2006 (Public Law 109-97), $10,000,000.
Inserted: (2) Use.--Of the amount appropriated for "Commodity Futures Trading Commission", as increased by paragraph (1), $10,000,000 shall be available for activities--
Inserted: (A) to enhance investigation of energy derivatives markets;
Inserted: (B) to ensure that speculation in those markets is appropriate and reasonable; and
Inserted: (C) for data systems and reporting programs that can uncover real-time market manipulation activities.
Inserted: (c) Securities and Exchange Commission.--
Inserted: (1) Additional amount.--For an additional amount for "Securities and Exchange Commission Salaries and Expenses " under the heading "RELATED AGENCIES" of title V of the Science, State, Justice, Commerce, and Related Agencies Appropriations Act, 2006 (Public Law 109-108), $5,000,000.
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Inserted: (2) Use.--Of the amount appropriated for "Securities and Exchange Commission Salaries and Expenses", as increased by paragraph (1), $5,000,000 shall be available for review and analysis of major integrated oil and gas company reports and filings for compliance with disclosure, corporate governance, and related requirements.
Inserted: (d) Energy Information Administration.--
Inserted: (1) Additional amount.--For an additional amount for "Energy Information Administration" under the heading "DEPARTMENT OF ENERGY" of title III of the Energy and Water Development Appropriations Act, 2006 (Public Law 109-103), $10,000,000.
Inserted: (2) Use.--Of the amount appropriated for "Energy Information Administration", as increased by paragraph (1), $10,000,000 shall be available for activities to ensure real-time and accurate gasoline and energy price and supply data collection.
Inserted: (e) Energy Supply and Conservation.--
Inserted: (1) Additional amount.--For an additional amount for "Energy Supply and Conservation" under the heading "DEPARTMENT OF ENERGY" of title III of the Energy and Water Development Appropriations Act, 2006 (Public Law 109-103), $315,000,000.
Inserted: (2) Use.--Of the amount appropriated for "Energy Supply and Conservation", as increased by paragraph (1), $315,000,000 shall be available to provide grants to State energy offices for--
Inserted: (A) the development and deployment of real-time information systems for energy price and supply data collection and publication;
Inserted: (B) programs and systems to help discover energy price gouging and market manipulation;
Inserted: (C) critical energy infrastructure protection;
Inserted: (D) clean distributed energy projects that promote energy security; and
Inserted: (E) programs to encourage the adoption and implementation of energy conservation and efficiency technologies and standards.
Inserted: (f) Government Accountability Office.--
Inserted: (1) Additional amount.--For an additional amount for "Salaries and Expenses" under the heading "GOVERNMENT ACCOUNTABILITY OFFICE" of title I of the Legislative Branch Appropriations Act, 2006 (Public Law 109-55), $50,000.
Inserted: (2) Use.--Of the amount appropriated for "Salaries and Expenses", as increased by paragraph (1), $50,000 shall be available to the Government Accountability for the preparation of a report, to be submitted to the appropriate committees of Congress not later than 90 days after the date of enactment of this Act, that includes--
Inserted: (A) a review of the mergers between Exxon and Mobil, Chevron and Texaco, and Conoco and Phillips, and other mergers of significant or comparable scale in the oil industry that have occurred since 1990, including an assessment of the impact of the mergers on--
Inserted: (i) market concentration;
Inserted: (ii) the ability of the companies to exercise market power;
Inserted: (iii) wholesale prices of petroleum products; and
Inserted: (iv) the retail prices of petroleum products;
Inserted: (B) an assessment of the impact that vitiating the mergers reviewed under subparagraph (A) would have on each of the matters described in clauses (i) through (iv) of subparagraph (A);
Inserted: (C) an assessment of the impact of prohibiting any 1 company from simultaneously owning assets in each of the oil industry sectors of exploration, refining and distribution, and retail on each of the matters described in clauses (i) through (iv) of subparagraph (A);
Inserted: (D) an assessment of--
Inserted: (i) the effectiveness of divestitures ordered by the Federal Trade Commission in preventing market concentration as a result of oil industry mergers approved since 1995; and
Inserted: (ii) the effectiveness of the Federal Trade Commission in identifying and preventing--
Inserted: (I) market manipulation;
Inserted: (II) commodity withholding;
Inserted: (III) collusion; and
Inserted: (IV) other forms of market power abuse in the oil industry; and
Inserted: (E) an assessment of--
Inserted: (i) whether any of the 5 largest oil companies in the United States have taken any actions to exert influence on independent or franchise retail gasoline stations to discourage or prohibit the installation of storage tanks and pumps capable of storing and dispensing E85 gasoline; and
Inserted: (ii) whether the actions described in clause (i) would be considered anticompetitive.
Inserted: (g) Emergency Designation.--The amounts provided under this section are designated as an emergency requirement pursuant to section 402 of H. Con. Res. 95 (109th Congress), the concurrent resolution on the budget for fiscal year 2006.
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 3758. Mr. SCHUMER (for himself and Mr. Reid) submitted an amendment intended to be proposed by him to the bill H.R. 4939, making emergency supplemental appropriations for the fiscal year ending September 30, 2006, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. MEASURES TO ADDRESS PRICE GOUGING AND MARKET MANIPULATION.
(a) Federal Trade Commission.--
(1) Additional amount.--For an additional amount for “Federal Trade Commission Salaries and Expenses” under the heading “RELATED AGENCIES” of title V of the Science, State, Justice, Commerce, and Related Agencies Appropriations Act, 2006 (Public Law 109-108), $10,000,000.
(2) Use.--Of the amount appropriated for “Federal Trade Commission Salaries and Expenses”, as increased by paragraph (1), $10,000,000 shall be available to investigate and enforce price gouging complaints and other market manipulation activities by companies engaged in the wholesale and retail sales of gasoline and petroleum distillates.
(b) Commodity Futures Trading Commission.--
(1) Additional amount.--For an additional amount for “Commodity Futures Trading Commission” under the heading “RELATED AGENCIES AND FOOD AND DRUG ADMINISTRATION” of title VI of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2006 (Public Law 109-97), $10,000,000.
(2) Use.--Of the amount appropriated for “Commodity Futures Trading Commission”, as increased by paragraph (1), $10,000,000 shall be available for activities--
(A) to enhance investigation of energy derivatives markets;
(B) to ensure that speculation in those markets is appropriate and reasonable; and
(C) for data systems and reporting programs that can uncover real-time market manipulation activities.
(c) Securities and Exchange Commission.--
(1) Additional amount.--For an additional amount for “Securities and Exchange Commission Salaries and Expenses ” under the heading “RELATED AGENCIES” of title V of the Science, State, Justice, Commerce, and Related Agencies Appropriations Act, 2006 (Public Law 109-108), $5,000,000.
(2) Use.--Of the amount appropriated for “Securities and Exchange Commission Salaries and Expenses”, as increased by paragraph (1), $5,000,000 shall be available for review and analysis of major integrated oil and gas company reports and filings for compliance with disclosure, corporate governance, and related requirements.
(d) Energy Information Administration.--
(1) Additional amount.--For an additional amount for “Energy Information Administration” under the heading “DEPARTMENT OF ENERGY” of title III of the Energy and Water Development Appropriations Act, 2006 (Public Law 109-103), $10,000,000.
(2) Use.--Of the amount appropriated for “Energy Information Administration”, as increased by paragraph (1), $10,000,000 shall be available for activities to ensure real-time and accurate gasoline and energy price and supply data collection.
(e) Energy Supply and Conservation.--
(1) Additional amount.--For an additional amount for “Energy Supply and Conservation” under the heading “DEPARTMENT OF ENERGY” of title III of the Energy and Water Development Appropriations Act, 2006 (Public Law 109-103), $315,000,000.
(2) Use.--Of the amount appropriated for “Energy Supply and Conservation”, as increased by paragraph (1), $315,000,000 shall be available to provide grants to State energy offices for--
(A) the development and deployment of real-time information systems for energy price and supply data collection and publication;
(B) programs and systems to help discover energy price gouging and market manipulation;
(C) critical energy infrastructure protection;
(D) clean distributed energy projects that promote energy security; and
(E) programs to encourage the adoption and implementation of energy conservation and efficiency technologies and standards.
(f) Government Accountability Office.--
(1) Additional amount.--For an additional amount for “Salaries and Expenses” under the heading “GOVERNMENT ACCOUNTABILITY OFFICE” of title I of the Legislative Branch Appropriations Act, 2006 (Public Law 109-55), $50,000.
(2) Use.--Of the amount appropriated for “Salaries and Expenses”, as increased by paragraph (1), $50,000 shall be available to the Government Accountability for the preparation of a report, to be submitted to the appropriate committees of Congress not later than 90 days after the date of enactment of this Act, that includes--
(A) a review of the mergers between Exxon and Mobil, Chevron and Texaco, and Conoco and Phillips, and other mergers of significant or comparable scale in the oil industry that have occurred since 1990, including an assessment of the impact of the mergers on--
(i) market concentration;
(ii) the ability of the companies to exercise market power;
(iii) wholesale prices of petroleum products; and
(iv) the retail prices of petroleum products;
(B) an assessment of the impact that vitiating the mergers reviewed under subparagraph (A) would have on each of the matters described in clauses (i) through (iv) of subparagraph (A);
(C) an assessment of the impact of prohibiting any 1 company from simultaneously owning assets in each of the oil industry sectors of exploration, refining and distribution, and retail on each of the matters described in clauses (i) through (iv) of subparagraph (A);
(D) an assessment of--
(i) the effectiveness of divestitures ordered by the Federal Trade Commission in preventing market concentration as a result of oil industry mergers approved since 1995; and
(ii) the effectiveness of the Federal Trade Commission in identifying and preventing--
(I) market manipulation;
(II) commodity withholding;
(III) collusion; and
(IV) other forms of market power abuse in the oil industry; and
(E) an assessment of--
(i) whether any of the 5 largest oil companies in the United States have taken any actions to exert influence on independent or franchise retail gasoline stations to discourage or prohibit the installation of storage tanks and pumps capable of storing and dispensing E85 gasoline; and
(ii) whether the actions described in clause (i) would be considered anticompetitive.
(g) Emergency Designation.--The amounts provided under this section are designated as an emergency requirement pursuant to section 402 of H. Con. Res. 95 (109th Congress), the concurrent resolution on the budget for fiscal year 2006.
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Senate amendment submitted
May 1, 2006