S.Amdt. 5142

1. 1

   Change 1: Replaces “Energy Speculation” at the section 1(a) with “Commodity Speculation”

   Replaces

   In S. 3268 · Placed on Calendar Senate

   (a) Short Title.--This Act may be cited as the "Stop Excessive [struck: Energy][inserted: Commodity] Speculation Act of 2008".

   Original wording

   In section 1(a), strike “Energy Speculation” and insert “Commodity Speculation”.

2. 2

   Change 2: Replaces “an energy commodity” before section 4(e)(1)(A) with “a covered commodity (as defined in section 4a(h)(1))”

   Replaces

   [struck: an energy commodity][inserted: a covered commodity (as defined in section 4a(h)(1))]

   Original wording

   (1) in paragraph (1), in the matter preceding subparagraph (A), strike “an energy commodity” and insert “a covered commodity (as defined in section 4a(h)(1))”; and

3. 3

   Change 3: Replaces “an energy commodity” at the section 4(e)(2) with “a covered commodity (as defined in section 4a(h)(1))”

   Replaces

   [struck: an energy commodity][inserted: a covered commodity (as defined in section 4a(h)(1))]

   Original wording

   (2) in paragraph (2), strike “an energy commodity” and insert “a covered commodity (as defined in section 4a(h)(1))”.

4. 4

   Change 4: Replaces “an energy commodity” at the section 4a(e) with “a covered commodity (as defined in subsection (h)(1))”

   Replaces

   [struck: an energy commodity][inserted: a covered commodity (as defined in subsection (h)(1))]

   Original wording

   (1) strike “an energy commodity” and insert “a covered commodity (as defined in subsection (h)(1))”; and

5. 5

   Change 5: Replaces “or energy commodity” at the section 4a(e) with “or covered commodity (as defined in subsection (h)(1))”

   Replaces

   [struck: or energy commodity][inserted: or covered commodity (as defined in subsection (h)(1))]

   Original wording

   (2) strike “or energy commodity” and insert “or covered commodity (as defined in subsection (h)(1))”.

6. 6

   Change 6: Rewrites section 4a(h)(1)

   Replaces

   Removes section 4a(h)(1).

   Inserted: (1) Definitions.--In this subsection:

   Inserted: (A) Covered commodity.--The term 'covered commodity' means--

   Inserted: (i) an agricultural commodity; and

   Inserted: (ii) an energy commodity.

   Inserted: (B) Legitimate hedge trading.--

   Inserted: (i) In general.--The term 'legitimate hedge trading' means the conduct of trading that involves transactions by commercial producers and purchasers of actual covered commodities for future delivery and the direct counterparties to such trades (regardless of whether the counterparties are commercial producers or purchasers).

   Inserted: (ii) Inclusion.--To the extent a commercial producer or purchaser of an actual physical covered commodity for future delivery trades with an intermediary (referred to in this subparagraph as an 'initial trade'), each subsequent trade by the intermediary arising solely due to the initial trade and that directly results from such initial trade (referred to in this subparagraph as a 'follow-on trade') shall be considered to be the conduct of 'legitimate hedge trading' if each follow-on trade executed by the intermediary is--

   Inserted: (I) done proximate to the initial trade; and

   Inserted: (II) in the aggregate, economically the same in size and substance as the initial trade.

   Original wording

   (1) strike paragraph (1) and insert the following:

7. 7

   Change 7: Replaces “an energy commodity” each place it appears at the section 4a(h)(i)(II) with “a covered commodity”

   Replaces

   [struck: an energy commodity][inserted: a covered commodity]

   Original wording

   (A) in clause (i)(II), strike “an energy commodity” each place it appears and insert “a covered commodity”; and

8. 8

   Change 8: Replaces “an energy commodity” at the section 4a(h)(iv)(I)(aa) with “a covered commodity”

   Replaces

   [struck: an energy commodity][inserted: a covered commodity]

   Original wording

   (B) in clause (iv)(I)(aa), strike “an energy commodity” and insert “a covered commodity”.

9. 9

   Change 9: Replaces “energy commodity” before section 2(j)(1)(E)(i) with “covered commodity (as defined in section 4a(h)(1))”

   Replaces

   [struck: energy commodity][inserted: covered commodity (as defined in section 4a(h)(1))]

   Original wording

   (1) in paragraph (1)(E), in the matter preceding clause (i), strike “energy commodity” and insert “covered commodity (as defined in section 4a(h)(1))”; and

10. 10

    Change 10: Replaces “energy commodity” at the section 2(j)(5) with “covered commodity (as defined in section 4a(h)(1))”

    Replaces

    [struck: energy commodity][inserted: covered commodity (as defined in section 4a(h)(1))]

    Original wording

    (2) in paragraph (5), strike “energy commodity” and insert “covered commodity (as defined in section 4a(h)(1))”.

11. 11

    Change 11: Replaces “energy commodity” at the section 15(a)(1) with “agricultural and energy commodities”

    Replaces

    In S. 3268 · Placed on Calendar Senate

    (1) In general.--The Comptroller General of the United States shall conduct a study of the international regime for regulating the trading of [inserted: agricultural and ]energy [struck: commodity][inserted: commodities] futures and derivatives.

    Original wording

    (2) in paragraph (1), strike “energy commodity” and insert “agricultural and energy commodities”; and

12. 12

    Change 12: Replaces “energy commodity” at the section 15(a)(2)(A) with “agricultural and energy commodities”

    Replaces

    [struck: energy commodity][inserted: agricultural and energy commodities]

    Original wording

    (3) in paragraph (2)(A), strike “energy commodity” and insert “agricultural and energy commodities”.

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As printed