S.Amdt. 4892
What it does: Adds Subtitle H--Margin Level for Crude Oil SEC. 1771. MARGIN LEVEL FOR CRUDE OIL at the end of title XVII
Sen. Bernard Sanders (I-VT)What it changes
1 change to S. 3036
Adds Subtitle H--Margin Level for Crude Oil SEC. 1771. MARGIN LEVEL FOR CRUDE OIL at the end of title XVII
Adds a sectionInserted: Subtitle H--Margin Level for Crude Oil SEC. 1771. MARGIN LEVEL FOR CRUDE OIL.
Inserted: Section 2(a)(1) of the Commodity Exchange Act (7 U.S.C. 2(a)(1)) is amended by adding at the end the following:
Inserted: "(G) Margin level for crude oil.--
Inserted: "(i) In general.--Except as provided in clause (ii), not later than 90 days after the date of enactment of this subparagraph, the Commission shall promulgate regulations to increase by not less than 25 percent the margin level of crude oil traded on any trading facility or as part of any agreement, contract, or transaction covered by this Act.
Inserted: "(ii) Exception.--The Commission shall not increase the margin level of crude oil if--
Inserted: "(I) the buyer and seller of the crude oil are primarily engaged in the business of extracting, refining, transporting, or selling crude oil (including products refined from crude oil); or
Inserted: "(II) the buyer or seller of the crude oil is a retail consumer or other final user of the crude oil or a product refined from the crude oil (including an entity that uses the crude oil in a manufacturing process) that is the subject of any agreement, contract, or transaction covered by this Act.".
Original wording
At the end of title XVII, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 4892. Mr. SANDERS submitted an amendment intended to be proposed by him to the bill S. 3036, to direct the Administrator of the Environmental Protection Agency to establish a program to decrease emissions of greenhouse gases, and for other purposes; which was ordered to lie on the table; as follows:
At the end of title XVII, add the following:
Subtitle H--Margin Level for Crude Oil SEC. 1771. MARGIN LEVEL FOR CRUDE OIL.
Section 2(a)(1) of the Commodity Exchange Act (7 U.S.C. 2(a)(1)) is amended by adding at the end the following:
“(G) Margin level for crude oil.--
“(i) In general.--Except as provided in clause (ii), not later than 90 days after the date of enactment of this subparagraph, the Commission shall promulgate regulations to increase by not less than 25 percent the margin level of crude oil traded on any trading facility or as part of any agreement, contract, or transaction covered by this Act.
“(ii) Exception.--The Commission shall not increase the margin level of crude oil if--
“(I) the buyer and seller of the crude oil are primarily engaged in the business of extracting, refining, transporting, or selling crude oil (including products refined from crude oil); or
“(II) the buyer or seller of the crude oil is a retail consumer or other final user of the crude oil or a product refined from the crude oil (including an entity that uses the crude oil in a manufacturing process) that is the subject of any agreement, contract, or transaction covered by this Act.”.
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Senate amendment submitted
June 5, 2008