S.Amdt. 5160

1. Replaces the bill's text with a full substitute

   Replaces the full textEverything after the enacting clause

   In S. 3268 · Placed on Calendar Senate

   SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

   (a) Short Title.--This Act may be cited as the "[struck: Stop Excessive ][inserted: Supporting Alternative and Viable ]Energy [struck: Speculation ][inserted: for America ]Act of 2008".

   (b) Table of Contents.--The table of contents of this Act is as follows:

   Sec. 1. Short title; table of contents.

   Struck: Sec. 2. Definition of energy commodity.

   Struck: Sec. 3. Speculative limits and transparency of off-shore trading.

   Struck: Sec. 4. Authority of Commodity Futures Trading Commission with respect to certain traders.

   Struck: Sec. 5. Working group of international regulators.

   Show 18 more struck paragraphsShow less

   Struck: Sec. 6. Elimination of manipulation and excessive speculation as cause of high oil, gas, and energy prices.

   Struck: Sec. 7. Large over-the-counter transactions.

   Struck: Sec. 8. Index traders and swap dealers.

   Struck: Sec. 9. Disaggregation of index funds and other data in energy markets.

   Struck: Sec. 10. Additional Commodity Futures Trading Commission employees for improved enforcement.

   Struck: Sec. 11. Working Group on Energy Markets.

   Struck: Sec. 12. Study of regulatory framework for energy markets.

   Struck: Sec. 13. Collection and analysis of information on energy commodities.

   Struck: Sec. 14. National natural gas market investigation.

   Struck: Sec. 15. Studies; reports.

   Struck: Sec. 16. Expedited procedures.

   Struck: SEC. 2. DEFINITION OF ENERGY COMMODITY.

   Struck: (a) Definition of Energy Commodity.--Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) is amended--

   Struck: (1) by redesignating paragraphs (13) through (34) as paragraphs (14) through (35), respectively; and

   Struck: (2) by inserting after paragraph (12) the following:

   Struck: "(13) Energy commodity.--The term 'energy commodity' means--

   Struck: "(A) a petroleum product; and

   Struck: "(B) natural gas.".

   Inserted: TITLE I--LEASING PROGRAM FOR LAND WITHIN COASTAL PLAIN

   Inserted: Sec. 101. Definitions.

   Inserted: Sec. 102. Leasing program for land within the Coastal Plain.

   Inserted: Sec. 103. Lease sales.

   Inserted: Sec. 104. Grant of leases by the Secretary.

   Inserted: Sec. 105. Lease terms and conditions.

   Inserted: Sec. 106. Coastal plain environmental protection.

   Inserted: Sec. 107. Expedited judicial review.

   Inserted: Sec. 108. Rights-of-way and easements across Coastal Plain.

   Inserted: Sec. 109. Conveyance.

   Inserted: Sec. 110. Federal and State distribution of revenues.

   Inserted: Sec. 111. Local government impact aid and community service assistance.

   Show 430 more inserted paragraphsShow less

   Inserted: Sec. 112. ANWR Alternative Energy Trust Fund.

   Inserted: Sec. 113. Prohibition on exports.

   Inserted: Sec. 114. Severability.

   Inserted: TITLE II--OCS IMPACT READINESS ACT OF 2008

   Inserted: Sec. 201. Short title.

   Inserted: Sec. 202. Definitions.

   Inserted: Sec. 203. Disposition of qualified outer continental shelf receipts from outer continental shelf oil and gas leasing planning areas.

   Inserted: TITLE III--ALASKA NATURAL GAS PIPELINE

   Inserted: Sec. 301. Discharges into navigable waters.

   Inserted: Sec. 302. Federal Coordinator.

   Inserted: TITLE IV--INVENTORY OF ALASKA WATER POWER RESOURCES

   Inserted: Sec. 401. Inventory of Alaska water power resources.

   Inserted: TITLE V--NUCLEAR POWER GENERATION

   Inserted: Subtitle A--Nuclear Power Technology and Manufacturing

   Inserted: Sec. 501. Definitions.

   Inserted: Sec. 502. Spent fuel recycling program.

   Inserted: Sec. 503. Financial incentives program.

   Inserted: Sec. 504. Forms of awards.

   Inserted: Sec. 505. Selection criteria.

   Inserted: Subtitle B--Accelerated Depreciation

   Inserted: Sec. 511. 5-year accelerated depreciation period for new nuclear power plants.

   Inserted: TITLE VI--JUDICIAL REVIEW

   Inserted: Sec. 601. Judicial review.

   Inserted: TITLE VII--OIL SPECULATION

   Inserted: Sec. 701. Short title.

   Inserted: Sec. 702. Definition of institutional investor.

   Inserted: Sec. 703. Inspector General.

   Inserted: Sec. 704. Trading practices review with respect to index traders, swap dealers, and institutional investors.

   Inserted: Sec. 705. Bona fide hedging transactions or positions.

   Inserted: Sec. 706. Speculation limits relating to speculators in energy markets.

   Inserted: Sec. 707. Large trader reporting with respect to index traders, swap dealers, and institutional investors.

   Inserted: Sec. 708. Institutional investor speculation limits.

   Inserted: TITLE VIII--OIL SPILL DAMAGES CONSISTENCY

   Inserted: Sec. 801. Short title.

   Inserted: Sec. 802. Punitive damages for discharges of oil or hazardous substances.

   Inserted: TITLE IX--TELEWORK ENHANCEMENT

   Inserted: Sec. 901. Short title.

   Inserted: Sec. 902. Definitions.

   Inserted: Sec. 903. Executive Agencies telework requirement.

   Inserted: Sec. 904. Training and monitoring.

   Inserted: Sec. 905. Policy and support.

   Inserted: Sec. 906. Telework Managing Officer.

   Inserted: Sec. 907. Annual Report to Congress.

   Inserted: Sec. 908. Compliance of executive agencies.

   Inserted: Sec. 909. Extension of travel expenses test programs.

   Inserted: TITLE I--LEASING PROGRAM FOR LAND WITHIN COASTAL PLAIN

   Inserted: SEC. 101. DEFINITIONS.

   Inserted: In this title:

   Inserted: (1) Coastal plain.--The term "Coastal Plain" means that area identified as the "1002 Coastal Plain Area" on the map.

   Inserted: (2) Federal agreement.--The term "Federal Agreement" means the Federal Agreement and Grant Right-of-Way for the Trans-Alaska Pipeline issued on January 23, 1974, in accordance with section 28 of the Mineral Leasing Act (30 U.S.C. 185) and the Trans-Alaska Pipeline Authorization Act (43 U.S.C. 1651 et seq.).

   Inserted: (3) Final statement.--The term "Final Statement" means the final legislative environmental impact statement on the Coastal Plain, dated April 1987, and prepared pursuant to section 1002 of the Alaska National Interest Lands Conservation Act (16 U.S.C. 3142) and section 102(2)(C) of the National Environmental Policy Act of 1969 (42 U.S.C. 4332(2)(C)).

   Inserted: (4) Map.--The term "map" means the map entitled "Arctic National Wildlife Refuge", dated September 2005, and prepared by the United States Geological Survey.

   Inserted: (5) Secretary.--The term "Secretary" means the Secretary of the Interior (or the designee of the Secretary), acting through the Director of the Bureau of Land Management in consultation with the Director of the United States Fish and Wildlife Service and in coordination with a State coordinator appointed by the Governor of the State of Alaska.

   Inserted: SEC. 102. LEASING PROGRAM FOR LAND WITHIN THE COASTAL PLAIN.

   Inserted: (a) In General.--

   Inserted: (1) Authorization.--Congress authorizes the exploration, leasing, development, production, and economically feasible and prudent transportation of oil and gas in and from the Coastal Plain.

   Inserted: (2) Actions.--The Secretary shall take such actions as are necessary--

   Inserted: (A) to establish and implement, in accordance with this title, a competitive oil and gas leasing program that will result in an environmentally sound program for the exploration, development, and production of the oil and gas resources of the Coastal Plain while taking into consideration the interests and concerns of residents of the Coastal Plain, which is the homeland of the Kaktovikmiut Inupiat; and

   Inserted: (B) to administer this title through regulations, lease terms, conditions, restrictions, prohibitions, stipulations, and other provisions that--

   Inserted: (i) ensure the oil and gas exploration, development, and production activities on the Coastal Plain will result in no significant adverse effect on fish and wildlife, their habitat, subsistence resources, and the environment; and

   Inserted: (ii) require the application of the best commercially available technology for oil and gas exploration, development, and production to all exploration, development, and production operations under this title in a manner that ensures the receipt of fair market value by the public for the mineral resources to be leased.

   Inserted: (b) Repeal.--

   Inserted: (1) Repeal.--Section 1003 of the Alaska National Interest Lands Conservation Act (16 U.S.C. 3143) is repealed.

   Inserted: (2) Conforming amendment.--The table of contents contained in section 1 of that Act (16 U.S.C. 3101 note) is amended by striking the item relating to section 1003.

   Inserted: (c) Compliance With Requirements Under Certain Other Laws.--

   Inserted: (1) Compatibility.--For purposes of the National Wildlife Refuge System Administration Act of 1966 (16 U.S.C. 668dd et seq.)--

   Inserted: (A) the oil and gas pre-leasing and leasing program, and activities authorized by this section in the Coastal Plain, shall be considered to be compatible with the purposes for which the Arctic National Wildlife Refuge was established; and

   Inserted: (B) no further findings or decisions shall be required to implement that program and those activities.

   Inserted: (2) Adequacy of the department of the interior's legislative environmental impact statement.--The Final Statement shall be considered to satisfy the requirements under the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.) that apply with respect to pre-leasing activities, including exploration programs and actions authorized to be taken by the Secretary to develop and promulgate the regulations for the establishment of a leasing program authorized by this title before the conduct of the first lease sale.

   Inserted: (3) Compliance with nepa for other actions.--

   Inserted: (A) In general.--Before conducting the first lease sale under this title, the Secretary shall prepare an environmental impact statement under the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.) with respect to the actions authorized by this title that are not referred to in paragraph (2).

   Inserted: (B) Identification and analysis.--Notwithstanding any other law, in carrying out this paragraph, the Secretary shall not be required--

   Inserted: (i) to identify nonleasing alternative courses of action; or

   Inserted: (ii) to analyze the environmental effects of those courses of action.

   Inserted: (C) Identification of preferred action.--Not later than 18 months after the date of enactment of this Act, the Secretary shall--

   Inserted: (i) identify only a preferred action and a single leasing alternative for the first lease sale authorized under this title; and

   Inserted: (ii) analyze the environmental effects and potential mitigation measures for those 2 alternatives.

   Inserted: (D) Public comments.--In carrying out this paragraph, the Secretary shall consider only public comments that are filed not later than 20 days after the date of publication of an environmental analysis.

   Inserted: (E) Effect of compliance.--Notwithstanding any other provision of law, compliance with this paragraph shall be considered to satisfy all requirements for the analysis and consideration of the environmental effects of proposed leasing under this title.

   Inserted: (d) Relationship to State and Local Authority.--Nothing in this title expands or limits any State or local regulatory authority.

   Inserted: (e) Special Areas.--

   Inserted: (1) Designation.--

   Inserted: (A) In general.--The Secretary, after consultation with the State of Alaska, the North Slope Borough, Alaska, and the City of Kaktovik, Alaska, may designate not more than 45,000 acres of the Coastal Plain as a special area if the Secretary determines that the special area would be of such unique character and interest as to require special management and regulatory protection.

   Inserted: (B) Sadlerochit spring area.--The Secretary shall designate as a special area in accordance with subparagraph (A) the Sadlerochit Spring area, comprising approximately 4,000 acres as depicted on the map.

   Inserted: (2) Management.--The Secretary shall manage each special area designated under this subsection in a manner that--

   Inserted: (A) respects and protects the Native people of the area; and

   Inserted: (B) preserves the unique and diverse character of the area, including fish, wildlife, subsistence resources, and cultural values of the area.

   Inserted: (3) Exclusion from leasing or surface occupancy.--

   Inserted: (A) In general.--The Secretary may exclude any special area designated under this subsection from leasing.

   Inserted: (B) No surface occupancy.--If the Secretary leases all or a portion of a special area for the purposes of oil and gas exploration, development, production, and related activities, there shall be no surface occupancy of the land comprising the special area.

   Inserted: (4) Directional drilling.--Notwithstanding any other provision of this subsection, the Secretary may lease all or a portion of a special area under terms that permit the use of horizontal drilling technology from sites on leases located outside the special area.

   Inserted: (f) Limitation on Closed Areas.--The Secretary may not close land within the Coastal Plain to oil and gas leasing or to exploration, development, or production except in accordance with this title.

   Inserted: (g) Regulations.--

   Inserted: (1) In general.--Not later than 15 months after the date of enactment of this Act, in consultation with appropriate agencies of the State of Alaska, the North Slope Borough, Alaska, and the City of Kaktovik, Alaska, the Secretary shall issue such regulations as are necessary to carry out this title, including rules and regulations relating to protection of the fish and wildlife, fish and wildlife habitat, and subsistence resources of the Coastal Plain.

   Inserted: (2) Revision of regulations.--The Secretary may periodically review and, as appropriate, revise the rules and regulations issued under paragraph (1) to reflect any significant scientific or engineering data that come to the attention of the Secretary.

   Inserted: SEC. 103. LEASE SALES.

   Inserted: (a) In General.--Land may be leased pursuant to this title to any person qualified to obtain a lease for deposits of oil and gas under the Mineral Leasing Act (30 U.S.C. 181 et seq.).

   Inserted: (b) Procedures.--The Secretary shall, by regulation, establish procedures for--

   Inserted: (1) receipt and consideration of sealed nominations for any area in the Coastal Plain for inclusion in, or exclusion (as provided in subsection (c)) from, a lease sale;

   Inserted: (2) the holding of lease sales after that nomination process; and

   Inserted: (3) public notice of and comment on designation of areas to be included in, or excluded from, a lease sale.

   Inserted: (c) Lease Sale Bids.--Bidding for leases under this title shall be by sealed competitive cash bonus bids.

   Inserted: (d) Acreage Minimum in First Sale.--For the first lease sale under this title, the Secretary shall offer for lease those tracts the Secretary considers to have the greatest potential for the discovery of hydrocarbons, taking into consideration nominations received pursuant to subsection (b)(1), but in no case less than 200,000 acres.

   Inserted: (e) Timing of Lease Sales.--The Secretary shall--

   Inserted: (1) not later than 22 months after the date of enactment of this Act, conduct the first lease sale under this title;

   Inserted: (2) not later than 90 days after the date of the completion of the sale, evaluate the bids in the sale and issue leases resulting from the sale; and

   Inserted: (3) conduct additional sales at appropriate intervals if sufficient interest in exploration or development exists to warrant the conduct of the additional sales.

   Inserted: SEC. 104. GRANT OF LEASES BY THE SECRETARY.

   Inserted: (a) In General.--Upon payment by a lessee of such bonus as may be accepted by the Secretary, the Secretary may grant to the highest responsible qualified bidder in a lease sale conducted pursuant to section 103 a lease for any land on the Coastal Plain.

   Inserted: (b) Subsequent Transfers.--No lease issued under this title may be sold, exchanged, assigned, sublet, or otherwise transferred except with the approval of the Secretary.

   Inserted: SEC. 105. LEASE TERMS AND CONDITIONS.

   Inserted: (a) In General.--An oil or gas lease issued pursuant to this title shall--

   Inserted: (1) provide for the payment of a royalty of not less than 12\1/2\ percent of the amount or value of the production removed or sold from the lease, as determined by the Secretary in accordance with regulations applicable to other Federal oil and gas leases;

   Inserted: (2) provide that the Secretary may close, on a seasonal basis, such portions of the Coastal Plain to exploratory drilling activities as are necessary to protect caribou calving areas and other species of fish and wildlife;

   Inserted: (3) require that each lessee of land within the Coastal Plain shall be fully responsible and liable for the reclamation of land within the Coastal Plain and any other Federal land that is adversely affected in connection with exploration, development, production, or transportation activities within the Coastal Plain conducted by the lessee or by any of the subcontractors or agents of the lessee;

   Inserted: (4) provide that the lessee may not delegate or convey, by contract or otherwise, that reclamation responsibility and liability to another person without the express written approval of the Secretary;

   Inserted: (5) provide that the standard of reclamation for land required to be reclaimed under this title shall be, as nearly as practicable--

   Inserted: (A) a condition capable of supporting the uses that the land was capable of supporting prior to any exploration, development, or production activities; or

   Inserted: (B) upon application by the lessee, to a higher or better standard, as approved by the Secretary;

   Inserted: (6) contain terms and conditions relating to protection of fish and wildlife, fish and wildlife habitat, subsistence resources, and the environment as required under section 102(a)(2);

   Inserted: (7) provide that the lessee, and each agent and contractor of a lessee, use their best efforts to provide a fair share of employment and contracting for Alaska Natives and Alaska Native Corporations from throughout the State of Alaska, as determined by the level of obligation previously agreed to in the 1974 agreement implementing section 29 of the Federal Agreement and Grant of Right of Way for the Operation of the Trans-Alaska Pipeline; and

   Inserted: (8) contain such other provisions as the Secretary determines to be necessary to ensure compliance with this title and regulations issued under this title.

   Inserted: (b) Project Labor Agreements.--The Secretary, as a term and condition of each lease under this title, and in recognizing the proprietary interest of the Federal Government in labor stability and in the ability of construction labor and management to meet the particular needs and conditions of projects to be developed under the leases issued pursuant to this title (including the special concerns of the parties to those leases), shall require that each lessee, and each agent and contractor of a lessee, under this title negotiate to obtain a project labor agreement for the employment of laborers and mechanics on production, maintenance, and construction under the lease.

   Inserted: SEC. 106. COASTAL PLAIN ENVIRONMENTAL PROTECTION.

   Inserted: (a) No Significant Adverse Effect Standard To Govern Authorized Coastal Plain Activities.--In accordance with section 102, the Secretary shall administer this title through regulations, lease terms, conditions, restrictions, prohibitions, or stipulations that--

   Inserted: (1) ensure, to the maximum extent practicable, that oil and gas exploration, development, and production activities on the Coastal Plain will result in no significant adverse effect on fish and wildlife, fish and wildlife habitat, and the environment;

   Inserted: (2) require the application of the best commercially available technology for oil and gas exploration, development, and production on all new exploration, development, and production operations; and

   Inserted: (3) ensure that the maximum surface acreage covered in connection with the leasing program by production and support facilities, including airstrips and any areas covered by gravel berms or piers for support of pipelines, does not exceed 2,000 acres on the Coastal Plain.

   Inserted: (b) Site-Specific Assessment and Mitigation.--The Secretary shall require, with respect to any proposed drilling and related activities on the Coastal Plain, that--

   Inserted: (1) a site-specific environmental analysis be made of the probable effects, if any, that the drilling or related activities will have on fish and wildlife, fish and wildlife habitat, subsistence resources, subsistence uses, and the environment;

   Inserted: (2) a plan be implemented to avoid, minimize, and mitigate (in that order and to the maximum extent practicable) any significant adverse effect identified under paragraph (1); and

   Inserted: (3) the development of the plan occur after consultation with--

   Inserted: (A) each agency having jurisdiction over matters mitigated by the plan;

   Inserted: (B) the State of Alaska;

   Inserted: (C) North Slope Borough, Alaska; and

   Inserted: (D) the City of Kaktovik, Alaska.

   Inserted: (c) Regulations To Protect Coastal Plain Fish and Wildlife Resources, Subsistence Users, and the Environment.--Before implementing the leasing program authorized by this title, the Secretary shall prepare and issue regulations, lease terms, conditions, restrictions, prohibitions, or stipulations designed to ensure, to the maximum extent practicable, that the activities carried out on the Coastal Plain under this title are conducted in a manner consistent with the purposes and environmental requirements of this title.

   Inserted: (d) Compliance With Federal and State Environmental Laws and Other Requirements.--The proposed regulations, lease terms, conditions, restrictions, prohibitions, and stipulations for the leasing program under this title shall require--

   Inserted: (1) compliance with all applicable provisions of Federal and State environmental law (including regulations);

   Inserted: (2) implementation of and compliance with--

   Inserted: (A) standards that are at least as effective as the safety and environmental mitigation measures, as described in items 1 through 29 on pages 167 through 169 of the Final Statement, on the Coastal Plain;

   Inserted: (B) seasonal limitations, the duration of which shall not exceed 120 days, on exploration, development, and related activities, as necessary, to avoid significant adverse effects during periods of concentrated fish and wildlife breeding, denning, nesting, spawning, and migration;

   Inserted: (C) design safety and construction standards for all pipelines and any access and service roads that minimize, to the maximum extent practicable, adverse effects on--

   Inserted: (i) the passage of migratory species (such as caribou); and

   Inserted: (ii) the flow of surface water by requiring the use of culverts, bridges, or other structural devices;

   Inserted: (D) prohibitions on general public access to, and use of, all pipeline access and service roads;

   Inserted: (E) stringent reclamation and rehabilitation requirements in accordance with this title for the removal from the Coastal Plain of all oil and gas development and production facilities, structures, and equipment on completion of oil and gas production operations, except in a case in which the Secretary determines that those facilities, structures, or equipment--

   Inserted: (i) would assist in the management of the Arctic National Wildlife Refuge; and

   Inserted: (ii) are donated to the United States for that purpose;

   Inserted: (F) appropriate prohibitions or restrictions on--

   Inserted: (i) access by all modes of transportation;

   Inserted: (ii) sand and gravel extraction; and

   Inserted: (iii) use of explosives;

   Inserted: (G) reasonable stipulations for protection of cultural and archaeological resources;

   Inserted: (H) measures to protect surface water, including--

   Inserted: (i) avoidance, to the maximum extent practicable, of springs, streams, and river systems;

   Inserted: (ii) the protection of natural surface drainage patterns and wetland and riparian habitats; and

   Inserted: (iii) the regulation of methods or techniques for developing or transporting adequate supplies of water for exploratory drilling; and

   Inserted: (I) research, monitoring, and reporting requirements;

   Inserted: (3) that exploration activities (except surface geological studies) be limited to the period between approximately November 1 and May 1 of each year and be supported, if necessary, by ice roads, winter trails with adequate snow cover, ice pads, ice airstrips, and air transport methods (except that those exploration activities may be permitted at other times if the Secretary determines that the exploration will have no significant adverse effect on fish and wildlife, fish and wildlife habitat, subsistence resources, and the environment of the Coastal Plain);

   Inserted: (4) consolidation of facility siting;

   Inserted: (5) avoidance or reduction of air traffic-related disturbance to fish and wildlife;

   Inserted: (6) treatment and disposal of hazardous and toxic wastes, solid wastes, reserve pit fluids, drilling muds and cuttings, and domestic wastewater, including, in accordance with applicable Federal and State environmental laws (including regulations)--

   Inserted: (A) preparation of an annual waste management report;

   Inserted: (B) development and implementation of a hazardous materials tracking system; and

   Inserted: (C) prohibition on the use of chlorinated solvents;

   Inserted: (7) fuel storage and oil spill contingency planning;

   Inserted: (8) conduct periodic field crew environmental briefings;

   Inserted: (9) avoidance of significant adverse effects on subsistence hunting, fishing, and trapping;

   Inserted: (10) compliance with applicable air and water quality standards; and

   Inserted: (11) appropriate seasonal and safety zone designations around well sites, within which subsistence hunting and trapping may be limited.

   Inserted: (e) Considerations.--In preparing and issuing regulations, lease terms, conditions, restrictions, prohibitions, or stipulations under this section, the Secretary shall take into consideration--

   Inserted: (1) the stipulations and conditions that govern the National Petroleum Reserve-Alaska leasing program, as set forth in the 1999 Northeast National Petroleum Reserve-Alaska Final Integrated Activity Plan/Environmental Impact Statement;

   Inserted: (2) the environmental protection standards that governed the initial Coastal Plain seismic exploration program under parts 37.31 through 37.33 of title 50, Code of Federal Regulations; and

   Inserted: (3) the land use stipulations for exploratory drilling on the KIC-ASRC private land described in Appendix 2 of the agreement between Arctic Slope Regional Corporation and the United States dated August 9, 1983.

   Inserted: (f) Facility Consolidation Planning.--

   Inserted: (1) In general.--After providing for public notice and comment, the Secretary shall prepare and periodically update a plan to govern, guide, and direct the siting and construction of facilities for the exploration, development, production, and transportation of oil and gas resources from the Coastal Plain.

   Inserted: (2) Objectives.--The objectives of the plan shall be--

   Inserted: (A) the avoidance of unnecessary duplication of facilities and activities;

   Inserted: (B) the encouragement of consolidation of common facilities and activities;

   Inserted: (C) the location or confinement of facilities and activities to areas that will minimize impact on fish and wildlife, fish and wildlife habitat, subsistence resources, and the environment;

   Inserted: (D) the use of existing facilities, to the maximum extent practicable; and

   Inserted: (E) the enhancement of compatibility between wildlife values and development activities.

   Inserted: (g) Access to Public Land.--The Secretary shall--

   Inserted: (1) manage public land in the Coastal Plain in accordance with subsections (a) and (b) of section 811 of the Alaska National Interest Lands Conservation Act (16 U.S.C. 3121); and

   Inserted: (2) ensure that local residents shall have reasonable access to public land in the Coastal Plain for traditional uses.

   Inserted: SEC. 107. EXPEDITED JUDICIAL REVIEW.

   Inserted: (a) Filing of Complaints.--

   Inserted: (1) Deadline.--A complaint seeking judicial review of a provision of this title or an action of the Secretary under this title shall be filed during the 90-day period beginning on the date on which the action being challenged was carried out.

   Inserted: (2) Venue.--A complaint seeking judicial review of a provision of this title or an action of the Secretary under this title shall be filed in the United States Court of Appeals for the District of Columbia.

   Inserted: (3) Scope.--

   Inserted: (A) In general.--Judicial review of a decision of the Secretary under this title (including an environmental analysis of such a lease sale) shall be--

   Inserted: (i) limited to a review of whether the decision is in accordance with this title; and

   Inserted: (ii) based on the administrative record of the decision.

   Inserted: (B) Presumptions.--Any identification by the Secretary of a preferred course of action relating to a lease sale, and any analysis by the Secretary of environmental effects, under this title shall be presumed to be correct unless proven otherwise by clear and convincing evidence.

   Inserted: (b) Limitation on Other Review.--Any action of the Secretary that is subject to judicial review under this section shall not be subject to judicial review in any civil or criminal proceeding.

   Inserted: SEC. 108. RIGHTS-OF-WAY AND EASEMENTS ACROSS COASTAL PLAIN.

   Inserted: For purposes of section 1102(4)(A) of the Alaska National Interest Lands Conservation Act (16 U.S.C. 3162(4)(A)), any rights-of-way or easements across the Coastal Plain for the exploration, development, production, or transportation of oil and gas shall be considered to be established incident to the management of the Coastal Plain under this section.

   Inserted: SEC. 109. CONVEYANCE.

   Inserted: Notwithstanding section 1302(h)(2) of the Alaska National Interest Lands Conservation Act (16 U.S.C. 3192(h)(2)), to remove any cloud on title to land, and to clarify land ownership patterns in the Coastal Plain, the Secretary shall--

   Inserted: (1) to the extent necessary to fulfill the entitlement of the Kaktovik Inupiat Corporation under sections 12 and 14 of the Alaska Native Claims Settlement Act (43 U.S.C. 1611, 1613), as determined by the Secretary, convey to that Corporation the surface estate of the land described in paragraph (1) of Public Land Order 6959, in accordance with the terms and conditions of the agreement between the Secretary, the United States Fish and Wildlife Service, the Bureau of Land Management, and the Kaktovik Inupiat Corporation, dated January 22, 1993; and

   Inserted: (2) convey to the Arctic Slope Regional Corporation the remaining subsurface estate to which that Corporation is entitled under the agreement between that corporation and the United States, dated August 9, 1983.

   Inserted: SEC. 110. FEDERAL AND STATE DISTRIBUTION OF REVENUES.

   Inserted: (a) In General.--Notwithstanding any other provision of law, of the amount of adjusted bonus, rental, and royalty revenues from Federal oil and gas leasing and operations authorized under this title for each fiscal year--

   Inserted: (1) 50 percent shall be paid to the State of Alaska each fiscal year, of which not less than 37.5 percent shall be used each fiscal year to provide local government impact aid and community service assistance under section 111; and

   Inserted: (2) the balance shall be transferred to the ANWR Alternative Energy Trust Fund established by section 112.

   Inserted: (b) Payments to Alaska.--Payments to the State of Alaska under this section shall be made semiannually.

   Inserted: SEC. 111. LOCAL GOVERNMENT IMPACT AID AND COMMUNITY SERVICE ASSISTANCE.

   Inserted: (a) Establishment of Fund.--

   Inserted: (1) In general.--As a condition on the receipt of funds under section 110(a)(1), the State of Alaska shall establish in the treasury of the State, and administer in accordance with this section, a fund to be known as the "Coastal Plain Local Government Impact Aid Assistance Fund" (referred to in this section as the "Fund").

   Inserted: (2) Deposits.--Subject to paragraph (1), the amount made available under section 110(a)(1) to provide local government impact aid and community service assistance shall be deposited into the Fund.

   Inserted: (3) Investment.--The Governor of the State of Alaska (referred to in this section as the "Governor") shall invest amounts in the Fund in interest-bearing securities of the United States or the State of Alaska.

   Inserted: (b) Assistance.--The Governor, in cooperation with the Mayor of the North Slope Borough, shall use amounts in the Fund to provide assistance to North Slope Borough, Alaska, the City of Kaktovik, Alaska, and any other borough, municipal subdivision, village, or other community in the State of Alaska that is directly impacted by exploration for, or the production of, oil or gas on the Coastal Plain under this title, or any Alaska Native Regional Corporation acting on behalf of the villages and communities within its region whose lands lie along the right of way of the Trans Alaska Pipeline System, as determined by the Governor.

   Inserted: (c) Application.--

   Inserted: (1) In general.--To receive assistance under subsection (b), a community or Regional Corporation described in that subsection shall submit to the Governor, or to the Mayor of the North Slope Borough, an application in such time, in such manner, and containing such information as the Governor may require.

   Inserted: (2) Action by north slope borough.--The Mayor of the North Slope Borough shall submit to the Governor each application received under paragraph (1) as soon as practicable after the date on which the application is received.

   Inserted: (3) Assistance of governor.--The Governor shall assist communities in submitting applications under this subsection, to the maximum extent practicable.

   Inserted: (d) Use of Funds.--A community or Regional Corporation that receives funds under subsection (b) may use the funds--

   Inserted: (1) to plan for mitigation, implement a mitigation plan, or maintain a mitigation project to address the potential effects of oil and gas exploration and development on environmental, social, cultural, recreational, and subsistence resources of the community;

   Inserted: (2) to develop, carry out, and maintain--

   Inserted: (A) a project to provide new or expanded public facilities; or

   Inserted: (B) services to address the needs and problems associated with the effects described in paragraph (1), including firefighting, police, water and waste treatment, first responder, and other medical services;

   Inserted: (3) to compensate residents of the Coastal Plain for significant damage to environmental, social, cultural, recreational, or subsistence resources; and

   Inserted: (4) in the City of Kaktovik, Alaska--

   Inserted: (A) to develop a mechanism for providing members of the Kaktovikmiut Inupiat community an opportunity to--

   Inserted: (i) monitor development on the Coastal Plain; and

   Inserted: (ii) provide information and recommendations to the Governor based on traditional aboriginal knowledge of the natural resources, flora, fauna, and ecological processes of the Coastal Plain; and

   Inserted: (B) to establish a local coordination office, to be managed by the Mayor of the North Slope Borough, in coordination with the City of Kaktovik, Alaska--

   Inserted: (i) to coordinate with and advise developers on local conditions and the history of areas affected by development;

   Inserted: (ii) to provide to the Committee on Resources of the House of Representatives and the Committee on Energy and Natural Resources of the Senate annual reports on the status of the coordination between developers and communities affected by development;

   Inserted: (iii) to collect from residents of the Coastal Plain information regarding the impacts of development on fish, wildlife, habitats, subsistence resources, and the environment of the Coastal Plain; and

   Inserted: (iv) to ensure that the information collected under clause (iii) is submitted to--

   Inserted: (I) developers; and

   Inserted: (II) any appropriate Federal agency.

   Inserted: SEC. 112. ANWR ALTERNATIVE ENERGY TRUST FUND.

   Inserted: (a) Establishment of Trust Fund.--There is established in the Treasury of the United States a trust fund to be known as the "ANWR Alternative Energy Trust Fund", consisting of such amounts as may be transferred to the ANWR Alternative Energy Trust Fund as provided in section 110(a)(2).

   Inserted: (b) Expenditures From ANWR Alternative Energy Trust Fund.--

   Inserted: (1) In general.--Amounts in the ANWR Alternative Energy Trust Fund shall be available without further appropriation to carry out specified provisions of the Energy Policy Act of 2005 (Public Law 109-58; referred to in this section as "EPAct2005"), the Energy Independence and Security Act of 2007 (Public Law 110-140; referred to in this section as "EISAct2007"), and subtitle A of title V of this Act, as follows:

   Inserted: The following percentage of annual receipts to the ANWR Alternative Energy To carry out the provisions of: Trust Fund, but not to exceed the limit on amount authorized, if any:

   Inserted: EPAct2005:

   Inserted: Section 210.................................. 1.5 percent Section 242.................................. 1.0 percent Section 369.................................. 2.0 percent Section 401.................................. 6.0 percent Section 812.................................. 6.0 percent Section 931.................................. 16.0 percent Section 942.................................. 1.5 percent Section 962.................................. 3.0 percent Section 968.................................. 1.5 percent Section 1704................................. 5.5 percent EISAct2007:

   Inserted: Section 207.................................. 15.0 percent Section 607.................................. 1.0 percent Title VI, Subtitle B......................... 3.0 percent Title VI, Subtitle C......................... 1.5 percent Section 641.................................. 9.0 percent Title VII, Subtitle A........................ 10.0 percent Section 1112................................. 1.5 percent Section 1304................................. 5.0 percent Title V of this Act, Subtitle A:............. 10.0 percent.

   Inserted: (2) Apportionment of excess amount.--Notwithstanding paragraph (1), any amounts allocated under paragraph (1) that are in excess of the amounts authorized in the applicable cited section or subtitle of EPAct2005 and EISAct2007 shall be reallocated to the remaining sections and subtitles cited in paragraph (1), up to the amounts otherwise authorized by law to carry out those sections and subtitles, in proportion to the amounts authorized by law to be appropriated for those other sections and subtitles.

   Inserted: SEC. 113. PROHIBITION ON EXPORTS.

   Inserted: An oil or gas lease issued under this title shall prohibit the exportation of oil or gas produced under the lease.

   Inserted: SEC. 114. SEVERABILITY.

   Inserted: If any provision of this title, or the application of such provision to any person or circumstance, is held to be unconstitutional, the remainder of this title and the application of such provisions to any person or circumstance shall not be affected thereby.

   Inserted: TITLE II--OCS IMPACT READINESS ACT OF 2008

   Inserted: SEC. 201. SHORT TITLE.

   Inserted: This title may be cited as the "OCS Impact Readiness Act of 2008".

   Inserted: SEC. 202. DEFINITIONS.

   Inserted: In this title:

   Inserted: (1) Coastal political subdivision.--The term "coastal political subdivision", with respect to a Fairness State, means a county-equivalent subdivision of a Fairness State--

   Inserted: (A) all or a portion of which lies within the coastal zone (as defined in section 304 of the Coastal Zone Management Act of 1972 (16 U.S.C. 1453); and

   Inserted: (B) the closest point of which is not more than 300 statute miles from the geographical center of any leased tract.

   Inserted: (2) Distance.--The term "distance" means minimum great circle distance.

   Inserted: (3) Fairness state.--The term "Fairness State" means a coastal State with a coastal seaward boundary within a distance of 300 statute miles of the geographical center of a leased tract in an outer Continental Shelf planning area that, as of January 1, 2000--

   Inserted: (A) had no oil or natural gas production; and

   Inserted: (B) is not a "Gulf producing State" (as defined in section 102 of the Gulf of Mexico Energy Security Act of 2006 (43 U.S.C. 1331 note; Public Law 109-432)).

   Inserted: (4) Leased tract.--The term "leased tract" means a tract leased under the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.) for the purpose of drilling for, developing, and producing oil or natural gas resources.

   Inserted: (5) Qualified outer continental shelf receipts.--

   Inserted: (A) In general.--The term "qualified outer Continental Shelf receipts" means all amounts received by the United States, in the fiscal year immediately following the fiscal year in which this Act is enacted and each fiscal year thereafter--

   Inserted: (i) from each leased tract or portion of a leased tract, the geographical center of which lies within a distance of 300 statute miles from any part of the coastline of a Fairness State, including--

   Inserted: (I) bonus bids;

   Inserted: (II) rents;

   Inserted: (III) royalties (including the value of royalties taken in kind);

   Inserted: (IV) net profit share payments;

   Inserted: (V) fees; and

   Inserted: (VI) related late payment interest; and

   Inserted: (ii) from leases entered into on or after January 1, 2000.

   Inserted: (B) Exclusions.--The term "qualified outer Continental Shelf receipts" does not include--

   Inserted: (i) receipts from the forfeiture of a bond or other surety securing obligations other than royalties, or civil penalties; or

   Inserted: (ii) receipts generated from leases subject to section 8(g) of the Outer Continental Shelf Lands Act (43 U.S.C. 1337(g)).

   Inserted: (6) Secretary.--The term "Secretary" means the Secretary of the Interior.

   Inserted: SEC. 203. DISPOSITION OF QUALIFIED OUTER CONTINENTAL SHELF RECEIPTS FROM OUTER CONTINENTAL SHELF OIL AND GAS LEASING PLANNING AREAS.

   Inserted: (a) In General.--Notwithstanding section 9 of the Outer Continental Shelf Lands Act (43 U.S.C. 1338) and subject to the other provisions of this section, for each applicable fiscal year, the Secretary of the Treasury shall deposit--

   Inserted: (1) 62.5 percent of qualified outer Continental Shelf receipts in the miscellaneous receipts of the Treasury; and

   Inserted: (2) 37.5 percent of qualified outer Continental Shelf receipts in a special account in the Treasury that the Secretary shall disburse to Fairness States and certain coastal political subdivisions of those Fairness States.

   Inserted: (b) Allocation Among Fairness States and Their Coastal Political Subdivisions.--

   Inserted: (1) Allocation among fairness states.--

   Inserted: (A) In general.--Effective for the fiscal year immediately following the fiscal year in which this Act is enacted and each fiscal year thereafter, the amount made available under subsection (a)(2) shall be allocated by the Secretary to each Fairness State in amounts (based on a formula established by the Secretary by regulation) that are inversely proportional to the respective distances between the point on the coastline of each Fairness State that is closest to the geographical center of the applicable leased tract and the geographical center of the leased tract.

   Inserted: (B) Single fairness state.--If only 1 Fairness State is within a distance of 300 miles of the geographical center of a lease described in subparagraph (A), the entire amount made available under subsection (a)(2) from the lease shall be allocated to that Fairness State.

   Inserted: (2) Allocation among coastal political subdivisions of fairness states.--

   Inserted: (A) In general.--The Secretary shall pay 40 percent of the allocable share of each Fairness State, as determined under paragraph (1), to certain coastal political subdivisions of the Fairness State.

   Inserted: (B) Allocation.--

   Inserted: (i) In general.--For each leased tract used to calculate the allocation for a Fairness State, the Secretary shall pay each coastal political subdivision located within a distance of 300 miles of the geographical center of the leased tract based on the relative distance of the coastal political subdivision from the leased tract in accordance with clauses (ii) and (iii).

   Inserted: (ii) Determination of distances.--For each coastal political subdivision described in clause (i), the Secretary shall determine the distance between the point on the coastal political subdivision coastline closest to the geographical center of the leased tract and the geographical center of the tract.

   Inserted: (iii) Inversely proportional allocation.--The Secretary shall divide and allocate the qualified Outer Continental Shelf receipts derived from the leased tract among coastal political subdivisions described in clause (i) in amounts that are inversely proportional to the distances determined under clause (ii).

   Inserted: (c) Timing.--The amounts required to be deposited under subsection (a)(2) for the applicable fiscal year shall be made available in accordance with subsection (a)(2) during the first 90 days of the fiscal year immediately following the applicable fiscal year.

   Inserted: (d) Authorized Uses.--Each Fairness State and coastal political subdivision shall use all amounts received under subsection (b), in accordance with all applicable Federal and State laws, only for 1 or more of the following purposes:

   Inserted: (1) Projects and activities for the purposes of coastal protection (including conservation), coastal restoration, storm protection, and infrastructure directly affected by coastal wetland and tundra losses.

   Inserted: (2) Mitigation of damage to fish, wildlife, or natural resources.

   Inserted: (3) Implementation of a federally-approved marine, coastal, or comprehensive conservation management plan.

   Inserted: (4) Mitigation of the impact of outer Continental Shelf activities through the funding of onshore infrastructure projects.

   Inserted: (5) Any other purpose authorized for the use of those amounts under State law.

   Inserted: (e) Revenue Sharing From Areas in Alaska Adjacent Zone.--

   Inserted: (1) In general.--Subject to paragraphs (2) through (4), revenues from production that occurs beginning on the date that is 5 years after the date of enactment of this Act in an area in the Alaska Adjacent Zone shall be distributed in the same proportion as provided in subsection (b).

   Inserted: (2) Establishment of alaska offshore continental shelf coordination office.--Before disbursing funds otherwise allocable to coastal political subdivisions in the State of Alaska under subsection (b)(2), the Secretary shall annually set aside $10,000,000 for an Alaska Offshore Continental Shelf Coordination Office to be established and maintained by the Mayor of the North Slope Borough.

   Inserted: (3) Deposits.--

   Inserted: (A) In general.--Subject to subparagraph (B), for each fiscal year, the Secretary shall pay to the North Slope Borough $10,000,000 from the amount otherwise allocable to coastal political subdivisions in the State of Alaska under subsection (b)(2) for the purpose of establishing and maintaining a local coordination office.

   Inserted: (B) Insufficient amounts.--If, for any fiscal year, less than $10,000,000 is available under subsection (b)(2), the Secretary shall set aside and pay to the North Slope Borough all funds available under subsection (b)(2) for the purpose of establishing and maintaining the Alaska Offshore Continental Shelf Coordination Office.

   Inserted: (4) Use of funds for local coordination office.--The North Slope Borough shall use amounts received under paragraph (3), in accordance with all applicable Federal and State laws, to establish a local coordination office--

   Inserted: (A) to coordinate with and advise developers on local conditions and the history of areas affected by development;

   Inserted: (B) to provide to the Committee on Natural Resources of the House of Representatives and the Committee on Energy and Natural Resources of the Senate annual reports on the status of the coordination between developers and communities affected by development;

   Inserted: (C) to collect from residents of the North Slope information regarding the impacts of development on marine wildlife, coastal habitats, marine and coastal subsistence resources, and the marine and coastal environment of the North Slope region of the State of Alaska; and

   Inserted: (D) to ensure that the information collected under subparagraph (C) is submitted to--

   Inserted: (i) developers of the Alaska outer Continental Shelf; and

   Inserted: (ii) any appropriate Federal agency.

   Inserted: (f) Limitations on Amount of Distributed Qualified Outer Continental Shelf Receipts.--The total amount of qualified outer Continental Shelf receipts made available under subsection (a)(2) to an individual Fairness State and coastal political subdivisions of the Fairness State shall not exceed $500,000,000 for each fiscal year, as indexed for United States dollar inflation from fiscal year 2008 (as measured by the Consumer Price Index).

   Inserted: TITLE III--ALASKA NATURAL GAS PIPELINE

   Inserted: SEC. 301. DISCHARGES INTO NAVIGABLE WATERS.

   Inserted: Section 104 of the Alaska Natural Gas Pipeline Act (15 U.S.C. 720b) is amended by adding at the end the following:

   Inserted: "(e) Discharges Into Navigable Waters.--The discharge of dredged or fill material into the navigable waters at any site necessary for the construction of the pipeline under this Act or to otherwise carry out this Act shall not be subject to section 404 of the Federal Water Pollution Control Act (33 U.S.C. 1251) (including any consultation or mitigation requirements of that section) unless the discharge directly enters into navigable waters that exhibit a continuous, visible surface flow for a substantial part of the year during which the discharge takes place.".

   Inserted: SEC. 302. FEDERAL COORDINATOR.

   Inserted: (a) Prohibition of Certain Actions.--Section 106(d)(3) of the Alaska Natural Gas Pipeline Act (15 U.S.C. 720d(d)(3)) is amended by striking "Unless required by law" and inserting "Unless explicitly required by statute".

   Inserted: (b) State Coordination.--Section 106(e) of the Alaska Natural Gas Pipeline Act (15 U.S.C. 720d(e)) is amended by adding at the end the following:

   Inserted: "(3) Administrative compliance.--The Federal Coordinator may establish a schedule and deadline for administrative compliance of Federal agencies with this Act using authority that is commensurate with and parallel to the authority provided to the Commission under section 104(c)(1).".

   Inserted: (c) Agency Authorized Officers.--Section 106(h) of the Alaska Natural Gas Pipeline Act (15 U.S.C. 720d(h)) is amended by adding at the end the following:

   Inserted: "(5) Agency authorized officers.--The Federal Coordinator may require a Federal agency to designate and provide mutually-agreed on agency authorized officers to the Office of the Federal Coordinator for purposes of expediting and coordinating the duties of the agency in furtherance of the objectives of the Federal Coordinator.".

   Inserted: TITLE IV--INVENTORY OF ALASKA WATER POWER RESOURCES

   Inserted: SEC. 401. INVENTORY OF ALASKA WATER POWER RESOURCES.

   Inserted: (a) In General.--The Secretary of Energy, in consultation with representatives of the State of Alaska, shall conduct an inventory of water power resources of the State of Alaska, including hydropower, stream, and ocean (including current, wave, tidal, kinetic, and thermal) resources.

   Inserted: (b) Report.--Not later than 180 days after the date of enactment of this Act, the Secretary shall submit to the appropriate committees of Congress, the President, and the Governor of the State of Alaska a report describing the results of the inventory.

   Inserted: TITLE V--NUCLEAR POWER GENERATION

   Inserted: Subtitle A--Nuclear Power Technology and Manufacturing SEC. 501. DEFINITIONS.

   Inserted: In this subtitle:

   Inserted: (1) Engineering integration costs.--The term "engineering integration costs" includes the costs of engineering tasks relating to--

   Inserted: (A) the redesign of manufacturing processes to produce qualifying components and nuclear power generation technologies;

   Inserted: (B) the design of new tooling and equipment for production facilities that produce qualifying components and nuclear power generation technologies; and

   Inserted: (C) the establishment or expansion of manufacturing or processing operations for qualifying components and nuclear power generation technologies.

   Inserted: (2) Nuclear power generation.--The term "nuclear power generation" means generation of electricity by an electric generation unit that--

   Inserted: (A) emits no carbon dioxide into the atmosphere;

   Inserted: (B) uses uranium as its fuel source; and

   Inserted: (C) was placed into commercial service after the date of enactment of this Act.

   Inserted: (3) Nuclear power generation technology.--The term "nuclear power generation technology" means a technology used to produce nuclear power generation.

   Inserted: (4) Qualifying component.--The term "qualifying component" means a component that the Secretary determines to be specially designed for nuclear power generation technology.

   Inserted: (5) Secretary.--The term "Secretary" means the Secretary of Energy.

   Inserted: SEC. 502. SPENT FUEL RECYCLING PROGRAM.

   Inserted: (a) Purpose.--It is the policy of the United States to recycle spent nuclear fuel to advance energy independence by maximizing the energy potential of nuclear fuel in a proliferation-resistant manner that reduces the quantity of waste dedicated to a permanent Federal repository.

   Inserted: (b) Spent Fuel Recycling Research and Development Facility.--

   Inserted: (1) In general.--Not later than 1 year after the date of enactment of this Act, the Secretary shall begin construction of a spent fuel recycling research and development facility.

   Inserted: (2) Purpose.--The facility described in paragraph (1) shall serve as the lead site for continuing research and development of advanced nuclear fuel cycles and separation technologies.

   Inserted: (3) Site selection.--In selecting a site for the facility, the Secretary shall give preference to a site that has--

   Inserted: (A) the most technically sound bid;

   Inserted: (B) a demonstrated technical expertise in spent fuel recycling; and

   Inserted: (C) proximity to existing and proposed nuclear reactors.

   Inserted: (c) Contracts.--The Secretary shall use amounts made available under section 112(b), and such other amounts as are appropriated to carry out this section, to enter into long-term contracts with private sector entities for the recycling of spent nuclear fuel.

   Inserted: (d) Competitive Selection.--Contracts awarded under subsection (c) shall be awarded on the basis of a competitive bidding process that--

   Inserted: (1) maximizes the competitive efficiency of the projects funded;

   Inserted: (2) best serves the goal of reducing the amount of waste requiring disposal under this Act; and

   Inserted: (3) ensures adequate protection against the proliferation of nuclear materials that could be used in the manufacture of nuclear weapons.

   Inserted: (e) Regulatory Authority.--Not later than 1 year after the date of enactment of this Act, the Nuclear Regulatory Commission, in collaboration with the Secretary, shall promulgate regulations for the licensing of facilities for recovery and use of spent nuclear fuel that provide reasonable assurance that licenses issued for that purpose will not be counter to the defense, security, and national interests of the United States.

   Inserted: SEC. 503. FINANCIAL INCENTIVES PROGRAM.

   Inserted: (a) In General.--For each fiscal year beginning on or after October 1, 2010, the Secretary shall use amounts made available under section 112(b) (but not to exceed a total amount of $1,000,000,000 for any fiscal year) to competitively award financial incentives under this subtitle in the following technology categories:

   Inserted: (1) The production of electricity from new nuclear power generation.

   Inserted: (2) Facility establishment or conversion by manufacturers and suppliers of nuclear power generation technology and qualifying components.

   Inserted: (b) Requirements.--

   Inserted: (1) In general.--The Secretary shall make awards under this section to--

   Inserted: (A) domestic producers of new nuclear power generation;

   Inserted: (B) manufacturers and suppliers of nuclear power generation technology and qualifying components; and

   Inserted: (C) owners or operators of existing nuclear power generation facilities.

   Inserted: (2) Basis for awards.--The Secretary shall make awards under this section--

   Inserted: (A) in the case of producers of new nuclear power generation, based on the bid of each producer in terms of dollars per megawatt-hour of electricity generated;

   Inserted: (B) in the case of manufacturers and suppliers of nuclear power generation technology and qualifying components, based on the criteria described in section 505; and

   Inserted: (C) in the case of owners or operators of existing nuclear power generating facilities, based upon criteria described in section 505.

   Inserted: (3) Acceptance of bids.--In making awards under this subsection, the Secretary shall--

   Inserted: (A) solicit bids for reverse auction from appropriate producers, manufacturers, and suppliers, as determined by the Secretary; and

   Inserted: (B) award financial incentives to the producers, manufacturers, and suppliers that submit the lowest bids that meet the requirements established by the Secretary.

   Inserted: SEC. 504. FORMS OF AWARDS.

   Inserted: (a) Nuclear Power Generators.--

   Inserted: (1) In general.--An award for nuclear power generation under this subtitle shall be in the form of a contract to provide a production payment for commercial service of the generation unit in an amount equal to the product obtained by multiplying--

   Inserted: (A) the amount bid by the producer of the nuclear power generation; and

   Inserted: (B) except as provided in paragraph (2), the net megawatt-hours generated by the nuclear power generation unit each year during the first 10 years following the end of the calendar year of the award.

   Inserted: (2) First year.--For purposes of paragraph (1)(B), the first year of commercial service of the generating unit shall be within 5 years of the end of the calendar year of the award.

   Inserted: (b) Manufacturing of Nuclear Power Generation Technology.--

   Inserted: (1) In general.--An award for facility establishment or conversion costs for nuclear power generation technology under this subtitle shall be in an amount equal to not more than 30 percent of the cost of--

   Inserted: (A) establishing, reequipping, or expanding a manufacturing facility to produce--

   Inserted: (i) qualifying nuclear power generation technology; or

   Inserted: (ii) qualifying components;

   Inserted: (B) engineering integration costs of nuclear power generation technology and qualifying components; and

   Inserted: (C) property, machine tools, and other equipment acquired or constructed primarily to enable the recipient to test equipment necessary for the construction or operation of a nuclear power generation facility.

   Inserted: (2) Amount.--The Secretary shall use the amounts made available to carry out this section to make awards to entities for the manufacturing of nuclear power generation technology.

   Inserted: SEC. 505. SELECTION CRITERIA.

   Inserted: In making awards under this subtitle to producers, manufacturers, and suppliers of nuclear power generation technology and qualifying components, the Secretary shall select producers, manufacturers, and suppliers that--

   Inserted: (1) document the greatest use of domestically-sourced parts and components;

   Inserted: (2) return to productive service existing idle manufacturing capacity;

   Inserted: (3) are located in States or political subdivisions with the greatest dependence on fossil fuel-based energy;

   Inserted: (4) demonstrate a high probability of commercial success; and

   Inserted: (5) meet other appropriate criteria, as determined by the Secretary.

   Inserted: Subtitle B--Accelerated Depreciation SEC. 511. 5-YEAR ACCELERATED DEPRECIATION PERIOD FOR NEW NUCLEAR POWER PLANTS.

   Inserted: (a) In General.--Subparagraph (B) of section 168(e)(3) of the Internal Revenue Code of 1986 is amended by striking "and" at the end of clause (v), by striking the period at the end of clause (vi)(III) and inserting ", and", and by inserting after clause (vi) the following new clause:

   Inserted: "(vii) any advanced nuclear power facility (as defined in section 45J(d)(1), determined without regard to subparagraph (B) thereof) the original use of which commences with the taxpayer after December 31, 2008.".

   Inserted: (b) Conforming Amendment.--Section 168(e)(3)(E)(vii) of the Internal Revenue Code of 1986 is amended by inserting "and not described in subparagraph (B)(vii) of this paragraph" after "section 1245(a)(3)".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to property placed in service after December 31, 2008.

   Inserted: TITLE VI--JUDICIAL REVIEW

   Inserted: SEC. 601. JUDICIAL REVIEW.

   Inserted: (a) Exclusive Jurisdiction.--Except for review by the Supreme Court on writ of certiorari, the United States Court of Appeals for the District of Columbia Circuit shall have original and exclusive jurisdiction to determine--

   Inserted: (1) the validity of any final order or action (including any failure to act) of any Federal agency or officer under or in furtherance of titles II and V;

   Inserted: (2) the constitutionality of any provision of this Act, or any decision made or action taken under or in furtherance of titles II and V; and

   Inserted: (3) the adequacy of any environmental impact statement or similar analysis required under the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.) with respect to any action under or in furtherance of titles II and V, including--

   Inserted: (A) the final environmental impact statement for Chukchi Sea Planning Area Oil and Gas Lease Sale 193 as the statement relates to activities proposed and undertaken in affected areas, including activities to lease blocks--

   Inserted: (i) NR 03-01;

   Inserted: (ii) NR 03-02;

   Inserted: (iii) NR 03-03;

   Inserted: (iv) NR 03-04;

   Inserted: (v) NR 03-08; and

   Inserted: (vi) NR 04-01; and

   Inserted: (B) the environmental assessment for Proposed Beaufort Sea Planning Area Oil and Gas Lease Sale 202 as the assessment relates to activities proposed and undertaken in affected areas, including activities to lease blocks--

   Inserted: (i) NR 05-01;

   Inserted: (ii) NR 05-02;

   Inserted: (iii) NR 05-04;

   Inserted: (iv) NR 06-03;

   Inserted: (v) NR 06-04;

   Inserted: (vi) NR 07-03; and

   Inserted: (vii) NR 07-05.

   Inserted: (b) Deadline for Filing Claim.--A claim arising under title II or V may be brought not later than 60 days after the date of the decision or action giving rise to the claim.

   Inserted: (c) Expedited Consideration.--The United States Court of Appeals for the District of Columbia Circuit shall set any action brought under subsection (a) for expedited consideration, taking into account the national interest of enhancing national energy security by providing access to the significant resources needed to meet the continuing and anticipated domestic demand for energy.

   Inserted: (d) Administrative Appeal.--

   Inserted: (1) In general.--The Secretary of the Interior and the Secretary of Energy may not extend the time period for administrative review of, or action against, any project, proposal, or activity taken under title II or V.

   Inserted: (2) Constructive approval.--If no decision on administrative review of an action under title II or V is made within the time period required under that title, the decision shall be considered affirmed.

   Inserted: TITLE VII--OIL SPECULATION

   Inserted: SEC. 701. SHORT TITLE.

   Inserted: This title may be cited as the "Oil Speculation Control Act of 2008".

   Inserted: SEC. 702. DEFINITION OF INSTITUTIONAL INVESTOR.

   Inserted: (a) Definition.--Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) is amended--

   Inserted: (1) by redesignating paragraphs (22) through (34) as paragraphs (23) through (35), respectively; and

   Inserted: (2) by inserting after paragraph (21) the following:

   Inserted: "(22) Institutional investor.--The term 'institutional investor' means a long-term investor in financial markets (including pension funds, endowments, and foundations) that--

   Inserted: "(A) invests in energy commodities as an asset class in a portfolio of financial investments; and

   Inserted: "(B) does not take or make physical delivery of energy commodities on a frequent basis, as determined by the Commission.".

   (b) Conforming Amendments.--

   Struck: (1) Section 2(c)(2)(B)(i)(II)(cc) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)(B)(i)(II)(cc)) is amended--

   Struck: (A) in subitem (AA), by striking "section 1a(20)" and inserting "section 1a(21)"; and

   Struck: (B) in subitem (BB), by striking "section 1a(20)" and inserting "section 1a(21)".

   ([struck: 2][inserted: 1]) Section 13106(b)(1) of the Food, Conservation, and Energy Act of 2008 is amended by striking "section 1a(32)" and inserting "section 1a".

   ([struck: 3][inserted: 2]) Section 402[inserted: (d)(1)(B)] of the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27[inserted: (d])[inserted: (1)(B))] is amended[struck: --][inserted: by striking "section 1a(33)" and inserting "section 1a".]

   Struck: (A) in subsection (a)(7), by striking "section 1a(20)" and inserting "section 1a"; and

   Struck: (B) in subsection (d)--

   Struck: (i) in paragraph (1)(B), by striking "section 1a(33)" and inserting "section 1a"; and

   Struck: (ii) in paragraph (2)(D), by striking "section 1a(13)" and inserting "section 1a".

   Show 1 more struck paragraphShow less

   Struck: SEC. 3. SPECULATIVE LIMITS AND TRANSPARENCY OF OFF-SHORE TRADING.

   Inserted: SEC. 703. INSPECTOR GENERAL.

   Inserted: Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end the following:

   Inserted: "(13) Inspector general.--

   Inserted: "(A) Office.--There shall be in the Commission, as an independent office, an Office of the Inspector General.

   Inserted: "(B) Appointment.--The Office shall be headed by an Inspector General, appointed in accordance with the Inspector General Act of 1978 (5 U.S.C. App.).

   Inserted: "(C) Compensation.--The Inspector General shall be compensated at the rate provided for level IV of the Executive Schedule under section 5315 of title 5, United States Code.

   Inserted: "(D) Administration.--The Inspector General shall exert independent control of the budget allocations, expenditures, and staffing levels, personnel decisions and processes, procurement, and other administrative and management functions of the Office.".

   Inserted: SEC. 704. TRADING PRACTICES REVIEW WITH RESPECT TO INDEX TRADERS, SWAP DEALERS, AND INSTITUTIONAL INVESTORS.

   Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended by adding at the end the following:

   Struck: "(e) Foreign Boards of Trade.--

   Struck: "(1) In general.--The Commission may not permit a foreign board of trade to provide to the members of the foreign board of trade or other participants located in the United States, or otherwise subject to the jurisdiction of the Commission, direct access to the electronic trading and order matching system of the foreign board of trade with respect to an agreement, contract, or transaction in an energy commodity that settles against any price (including the daily or final settlement price) of 1 or more contracts listed for trading on a registered entity, unless--

   Struck: "(A) the foreign board of trade--

   Struck: "(i) makes public daily trading information regarding the agreement, contract, or transaction that is comparable to the daily trading information published by the registered entity for the 1 or more contracts against which the foreign board of trade settles; and

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   Struck: "(ii) promptly notifies the Commission of any change regarding--

   Struck: "(I) the information that the foreign board of trade will make publicly available;

   Struck: "(II) the position limits, speculation limits, and position accountability provisions that the foreign board of trade will adopt and enforce;

   Struck: "(III) the position reductions required to prevent manipulation; and

   Struck: "(IV) any other area of interest expressed by the Commission to the foreign board of trade; and

   Struck: "(B) the foreign board of trade (or the foreign futures authority that oversees the foreign board of trade)--

   Struck: "(i) adopts position limits (including related hedge exemption provisions), speculation limits, or position accountability provisions for speculators for the agreement, contract, or transaction that are comparable to the position limits (including related hedge exemption provisions), speculation limits, or position accountability provisions adopted by the registered entity for the 1 or more contracts against which the foreign board of trade settles;

   Struck: "(ii) has the authority to require or direct market participants to limit, reduce, or liquidate any position the foreign board of trade (or the foreign futures authority that oversees the foreign board of trade) determines to be necessary to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of delivery or the cash settlement process; and

   Struck: "(iii) provides information to the Commission regarding the extent of legitimate and nonlegitimate hedge trading in the agreement, contract, or transaction that is comparable to the information that the Commission determines to be necessary to publish the commitments of traders report of the Commission for the 1 or more contracts against which the foreign board of trade settles.

   Struck: "(2) Existing foreign boards of trade.--Paragraph (1) shall not be effective with respect to any agreement, contract, or transaction in an energy commodity executed on a foreign board of trade to which the Commission had granted direct access permission prior to the date of enactment of this subsection until the date that is 180 days after the date of enactment of this subsection.".

   Struck: SEC. 4. AUTHORITY OF COMMODITY FUTURES TRADING COMMISSION WITH RESPECT TO CERTAIN TRADERS.

   Inserted: "(e) Trading Practices Review With Respect to Index Traders, Swap Dealers, and Institutional Investors.--

   Inserted: "(1) Review.--

   Inserted: "(A) In general.--Not later than 30 days after the date of enactment of this subsection, the Commission shall carry out a review of the trading practices of index traders, swap dealers, and institutional investors in markets under the jurisdiction of the Commission--

   Inserted: "(i) to ensure that index trading is not adversely impacting the price discovery process;

   Inserted: "(ii) to determine whether different practices or regulations should be implemented; and

   Inserted: "(iii) to gather data for use in proposing regulations to limit the size and influence of institutional investor positions in commodity markets.

   Inserted: "(B) Emergency authority.--For the 60-day period described in subparagraph (A), in accordance with each applicable rule adopted under section 5(d)(6), the Commission shall exercise the emergency authority of the Commission to prevent institutional investors from increasing the positions of the institutional investors in--

   Inserted: "(i) energy commodity futures; and

   Inserted: "(ii) commodity future index funds.

   Inserted: "(2) Report.--Not later than 30 days after the date described in paragraph (1)(A), the Commission shall submit to the appropriate committees of Congress a report that contains recommendations for such legislation as the Commission determines to be necessary to limit the size and influence of institutional investor positions in commodity markets.".

   Inserted: SEC. 705. BONA FIDE HEDGING TRANSACTIONS OR POSITIONS.

   Inserted: Section 4a(c) of the Commodity Exchange Act (7 U.S.C. 6a(c)) is amended by striking "(c) No rule" and inserting the following:

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   Inserted: "(c) Bona Fide Hedging Transactions or Positions.--

   Inserted: "(1) Definition of bona fide hedging transaction or position.--The term 'bona fide hedging transaction or position' means a transaction or position that represents a hedge against price risk exposure relating to physical transactions involving an energy commodity.

   Inserted: "(2) Application with respect to bona fide hedging transactions or positions.--No rule".

   Inserted: SEC. 706. SPECULATION LIMITS RELATING TO SPECULATORS IN ENERGY MARKETS.

   Inserted: Section 4a of the Commodity Exchange Act (7 U.S.C. 6a) is amended by adding at the end the following:

   Inserted: "(f) Speculation Limits Relating to Speculators in Energy Markets.--

   Inserted: "(1) Definition of speculator.--In this subsection, the term 'speculator' includes any institutional investor or investor of an investment fund that holds a position through an intermediary broker or dealer.

   Inserted: "(2) Enforcement of speculation limits.--The Commission shall enforce speculation limits with respect to speculators in energy markets.".

   Inserted: SEC. 707. LARGE TRADER REPORTING WITH RESPECT TO INDEX TRADERS, SWAP DEALERS, AND INSTITUTIONAL INVESTORS.

   Inserted: Section 4g of the Commodity Exchange Act (7 U.S.C. 6g) is amended by adding at the end the following:

   Inserted: "(g) Large Trader Reporting With Respect to Index Traders, Swap Dealers, and Institutional Investors.--

   Inserted: "(1) In general.--Each recordkeeping and reporting requirement under this section relating to large trader transactions and positions shall apply to index traders, swaps dealers, and institutional investors in markets under the jurisdiction of the Commission.

   Inserted: "(2) Promulgation of regulations.--As soon as practicable after the date of enactment of this subsection, the Commission shall promulgate regulations to establish separate classifications for index traders, swaps dealers, and institutional investors--

   Inserted: "(A) to enforce the recordkeeping and reporting requirements described in paragraph (1); and

   Inserted: "(B) to enforce position limits and position accountability levels with respect to energy commodities under section 4a(f).".

   Inserted: SEC. 708. INSTITUTIONAL INVESTOR SPECULATION LIMITS.

   Inserted: (a) Core Principles Applicable to Significant Price Discovery Contracts.--Section 2(h)(7)(C)(ii)(IV) of the Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(ii)(IV)) is amended by inserting after "speculators" the following: "(including institutional investors that do not take delivery of energy commodities and that hold positions in energy commodities through swaps dealers or other third parties)".

   Inserted: (b) Core Principles for Contract Markets.--Section 5(d)(5) of the Commodity Exchange Act (7 U.S.C. 7(d)(5)) is amended by inserting after "speculators" the following: "(including institutional investors that do not take delivery of energy commodities and that hold positions in energy commodities through swaps dealers or other third parties)".

   Inserted: TITLE VIII--OIL SPILL DAMAGES CONSISTENCY

   Inserted: SEC. 801. SHORT TITLE.

   Inserted: This title may be cited as the "Oil Spill Damages Consistency Act".

   Inserted: SEC. 802. PUNITIVE DAMAGES FOR DISCHARGES OF OIL OR HAZARDOUS SUBSTANCES.

   Inserted: Title III of the Federal Water Pollution Control Act is amended by inserting after section 311 (33 U.S.C. 1321) the following:

   Inserted: "SEC. 311A. DISCHARGES OF CARGO.

   Inserted: "(a) Definitions.--In this section:

   Inserted: "(1) In general.--The terms 'contiguous zone', 'discharge', 'hazardous substance', 'inland waters of the United States', 'oil', 'owner or operator', and 'vessel' have the meanings given the terms in section 311.

   Inserted: "(2) Cargo.--The term 'cargo' means any lading or freight of a vessel, including--

   Inserted: "(A) oil; and

   Inserted: "(B) a hazardous substance.

   Inserted: "(3) Detrimental discharge.--The term 'detrimental discharge' means a discharge of the cargo of a vessel--

   Inserted: "(A)(i) into or on--

   Inserted: "(I) navigable waters or inland waters of the United States;

   Inserted: "(II) an adjoining shoreline; or

   Inserted: "(III) the waters of the contiguous zone; or

   Inserted: "(ii) in connection with an activity carried out under--

   Inserted: "(I) the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.); or

   Inserted: "(II) the Deepwater Port Act of 1974 (33 U.S.C. 1501 et seq.); and

   Inserted: "(B) in a quantity that, as determined by the Secretary, may adversely affect a natural resource belonging to, or under the exclusive management authority of, the United States (including any resource under the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1801 et seq.)).

   Inserted: "(4) Secretary.--The term 'Secretary' means the Secretary of the department in which the Coast Guard is operating.

   Inserted: "(b) Prohibition on Detrimental Discharges.--

   Inserted: "(1) Prohibition.--Except as provided in paragraph (2) or any other provision of this Act, a detrimental discharge is prohibited.

   Inserted: "(2) Exceptions.--The prohibition under paragraph (1) shall not apply to a detrimental discharge that is--

   Inserted: "(A) permitted under the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto (MARPOL); or

   Inserted: "(B) in such quantities and at such times and locations or under such circumstances or conditions as the Secretary determines, by regulation, not to be harmful.

   Inserted: "(c) Enforcement Actions.--

   Inserted: "(1) In general.--A person who has been harmed by a detrimental discharge may bring a civil action for relief against any owner or operator or person in charge of a vessel from which the detrimental discharge was made, in accordance with this subsection.

   Inserted: "(2) Relief.--In a civil action under paragraph (1), a court of competent jurisdiction may award appropriate relief, including--

   Inserted: "(A) compensatory damages; and

   Inserted: "(B) punitive damages in an amount not to exceed an amount equal to the product obtained by multiplying--

   Inserted: "(i) the amount of compensatory damages awarded under subparagraph (A); and

   Inserted: "(ii) 5.

   Inserted: "(3) Corporate liability.--A corporation shall be liable under this section for punitive damages awarded under paragraph (2)(B) for harm resulting from any act of recklessness by a managerial employee of the corporation, including the captain of any applicable vessel.

   Inserted: "(4) Jurisdiction.--A civil action under paragraph (1) may be brought in--

   Inserted: "(A) the United States District Court for the District of Columbia; or

   Inserted: "(B) the United States district court for the district in which the applicable detrimental discharge is alleged to have occurred.

   Inserted: "(d) Relationship to Other Provisions.--Nothing in this section limits or otherwise affects the application of any administrative or civil penalty under--

   Inserted: "(1) section 311; or

   Inserted: "(2) any other provision of law.".

   Inserted: TITLE IX--TELEWORK ENHANCEMENT

   Inserted: SEC. 901. SHORT TITLE.

   Inserted: This title may be cited as the "Telework Enhancement Act of 2008".

   Inserted: SEC. 902. DEFINITIONS.

   Inserted: In this title:

   Inserted: (1) Employee.--The term "employee" has the meaning given that term by section 2105 of title 5, United States Code.

   Inserted: (2) Executive agency.--The term "executive agency" has the meaning given that term by section 105 of title 5, United States Code.

   Inserted: (3) Noncompliant.--The term "noncompliant" means not conforming to the requirements under this title.

   Inserted: (4) Telework.--The term "telework" means a work arrangement in which an employee regularly performs officially assigned duties at home or other worksites geographically convenient to the residence of the employee during at least 20 percent of each pay period that the employee is performing officially assigned duties.

   Inserted: SEC. 903. EXECUTIVE AGENCIES TELEWORK REQUIREMENT.

   Inserted: (a) Telework Eligibility.--Not later than 180 days after the date of enactment of this Act, the head of each executive agency shall--

   Inserted: (1) establish a policy under which eligible employees of the agency may be authorized to telework;

   Inserted: (2) determine the eligibility for all employees of the agency to participate in telework; and

   Inserted: (3) notify all employees of the agency of their eligibility to telework.

   Inserted: (b) Participation.--The policy described under subsection (a) shall--

   Inserted: (1) ensure that telework does not diminish employee performance or agency operations;

   Inserted: (2) require a written agreement between an agency manager and an employee authorized to telework in order for that employee to participate in telework;

   Inserted: (3) provide that an employee may not be authorized to telework if the performance of that employee does not comply with the terms of the written agreement between the agency manager and that employee;

   Inserted: (4) except in emergency situations as determined by an agency head, not apply to any employee of the agency whose official duties require daily physical presence for activity with equipment or handling of secure materials; and

   Inserted: (5) determine the use of telework as part of the continuity of operations plans the agency in the event of an emergency.

   Inserted: SEC. 904. TRAINING AND MONITORING.

   Inserted: The head of each executive agency shall ensure that--

   Inserted: (1) an interactive telework training program is provided to--

   Inserted: (A) employees eligible to participate in the telework program of the agency; and

   Inserted: (B) all managers of teleworkers;

   Inserted: (2) no distinction is made between teleworkers and nonteleworkers for the purposes of performance appraisals; and

   Inserted: (3) when determining what constitutes diminished employee performance, the agency shall consult the established performance management guidelines of the Office of Personnel Management.

   Inserted: SEC. 905. POLICY AND SUPPORT.

   Inserted: (a) Agency Consultation With the Office of Personnel Management.--Each executive agency shall consult with the Office of Personnel Management in developing telework policies.

   Inserted: (b) Guidance and Consultation.--The Office of Personnel Management shall--

   Inserted: (1) provide policy and policy guidance for telework in the areas of pay and leave, agency closure, performance management, official worksite, recruitment and retention, and accommodations for employees with disabilities; and

   Inserted: (2) consult with--

   Inserted: (A) the Federal Emergency Management Agency on policy and policy guidance for telework in the areas of continuation of operations and long-term emergencies; and

   Inserted: (B) the General Services Administration on policy and policy guidance for telework in the areas of telework centers, travel, technology, and equipment.

   Inserted: (c) Continuity of Operations Plans.--During any period that an agency is operating under a continuity of operations plan, that plan shall supersede any telework policy.

   Inserted: (d) Telework Website.--The Office of Personnel Management shall--

   Inserted: (1) maintain a central telework website; and

   Inserted: (2) include on that website related--

   Inserted: (A) telework links;

   Inserted: (B) announcements;

   Inserted: (C) guidance developed by the Office of Personnel Management; and

   Inserted: (D) guidance submitted by the Federal Emergency Management Agency, and the General Services Administration to the Office of Personnel Management not later than 10 business days after the date of submission.

   Inserted: SEC. 906. TELEWORK MANAGING OFFICER.

   (a) In General.--

   Struck: (1) Restriction of futures trading to contract markets or derivatives transaction execution facilities.--Section 4(b) of the Commodity Exchange Act (7 U.S.C. 6(b)) is amended by inserting after the first sentence the following: "The Commission may adopt rules and regulations requiring the maintenance of books and records by any person that is located within the United States (including the territories and possessions of the United States) or that enters trades directly into the trade matching system of a foreign board of trade from the United States (including the territories and possessions of the United States)." (2) Excessive speculation as a burden on interstate commerce.--Section 4a of the Commodity Exchange Act (7 U.S.C. 6a) is amended--

   Struck: (A) in subsection (e), in the second sentence--

   Struck: (i) by striking "this Act for any person" and inserting "this Act for (1) any person"; and

   Struck: (ii) by inserting after "to section 5c(c)(1)" the following: ", and (2) any person that is located within the United States (including the territories and possessions of the United States) or that enters trades directly into the trade matching system of a foreign board of trade from the United States (including the territories and possessions of the United States) to violate any bylaw, rule, regulation, or resolution of any foreign board of trade or foreign futures authority fixing limits on the amount of trading that may be carried out or positions that may be held under any contract of sale of an energy commodity for future delivery or under any option on such contract or energy commodity, that settles against any price (including the daily or final settlement price) of 1 or more contracts listed for trading on a registered entity"; and

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   Struck: (B) by adding at the end the following:

   Struck: "(f) Consultation.--Before taking any action under subsection (e), the Commission shall consult with the appropriate--

   Struck: "(1) foreign board of trade; and

   Struck: "(2) foreign futures authority.".

   Struck: (3) Violations.--Section 9(a) of the Commodity Exchange Act (7 U.S.C. 13(a)) is amended by inserting "(including any person trading on a foreign board of trade)" after "Any person" each place it appears.

   Struck: (4) Effect.--No amendment made by this subsection limits any of the otherwise applicable authorities of the Commodity Futures Trading Commission.

   Struck: SEC. 5. WORKING GROUP OF INTERNATIONAL REGULATORS.

   Struck: Section 4a of the Commodity Exchange Act (7 U.S.C. 6a) (as amended by section 4(a)(2)(B)) is amended by adding at the end the following:

   Struck: "(g) Working Group of International Regulators.--Not later than 90 days after the date of enactment of this subsection, the Commission shall convene a working group of international regulators to develop uniform international reporting and regulatory standards to ensure the protection of the energy futures markets from nonlegitimate hedge trading, excessive speculation, manipulation, location shopping, and lowest common dominator regulation, each of which pose systemic risks to all energy futures markets, countries, and consumers.".

   Struck: SEC. 6. ELIMINATION OF MANIPULATION AND EXCESSIVE SPECULATION AS CAUSE OF HIGH OIL, GAS, AND ENERGY PRICES.

   Struck: Section 4a of the Commodity Exchange Act (7 U.S.C. 6a) (as amended by section 5) is amended by adding at the end the following:

   Struck: "(h) Elimination of Excessive Speculation and Nonlegitimate Hedge Trading as a Cause of High Oil, Gas, and Energy Prices.--

   Struck: "(1) Definition of legitimate hedge trading.--

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

   Struck: "(B) Inclusion.--To the extent a commercial producer or purchaser of an actual physical energy 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--

   Struck: "(i) done proximate to the initial trade; and

   Struck: "(ii) in the aggregate, economically the same in size and substance as the initial trade.

   Struck: "(2) Identification of legitimate hedge trading.--In carrying out this Act, the Commission shall distinguish between--

   Struck: "(A) legitimate hedge trading; and

   Struck: "(B) all other trading in energy commodities.

   Struck: "(3) Type of trading.--Notwithstanding any other provision of this Act, the Commission shall modify (or delegate any appropriate entity to modify) such definitions, classifications, and data collection under this Act as are necessary to ensure that all direct and indirect parties and counterparties to all trades in the energy commodities market are clearly identified for all purposes as engaging in--

   Struck: "(A) legitimate hedge trading; or

   Struck: "(B) any other type of trading.

   Struck: "(4) Elimination of excessive speculation.--

   Struck: "(A) In general.--Notwithstanding any other provision of this Act, the Commission shall review all regulations, rules, exemptions, exclusions, guidance, no action letters, orders, and other actions taken by or on behalf of the Commission (including any action or inaction taken pursuant to delegated authority by an exchange, self-regulatory organization, or any other entity) regarding all energy futures market participants or market activity (referred to in this subsection individually as a 'prior action') to ensure that--

   Struck: "(i) legitimate hedge trading is protected and promoted; and

   Struck: "(ii) excessive speculation is eliminated.

   Struck: "(B) Prior action.--

   Struck: "(i) In general.--The Commission shall consider modifying or revoking the application after the date of enactment of this subsection of any prior action taken by the Commission (including any prior action taken pursuant to delegated authority by any other entity) with respect to any trade on any market, exchange, foreign board of trade, swap or swap transaction, index or index market participant or trade, hedge fund, pension fund, and any other transaction, trade, trader, or petroleum or energy futures market activity unless the Commission affirmatively determines that such prior action will protect and promote legitimate hedge trading and does not permit or encourage excessive speculation.

   Struck: "(ii) Revocation.--In carrying out this subparagraph, the Commission shall consider modifying or revoking the results of each prior action that, in whole or in part, has the direct or indirect affect of limiting, reducing, or eliminating the filing of any report or data regarding any direct or indirect trade or trader, including the filing of large trader reports.

   Struck: "(C) Speculative position limits applicable to nonlegitimate hedge trading in energy commodities and derivatives.--

   Struck: "(i) Speculative position limits.--

   Struck: "(I) In general.--Not later than 30 days after the date of enactment of this subsection, the Commission shall impose, by rule, regulation, or order, speculative position limits on trading that is not legitimate hedge trading.

   Struck: "(II) Application.--The Commission shall apply the limits imposed under subclause (I) to any person who executes accounts, agreements, or transactions involving an energy commodity for the own account of the person and to any person for whom an agent in fact or substance executes accounts, agreements, or transactions involving an energy commodity, on a registered entity or in covered over- the-counter trading.

   Struck: "(ii) Advisory group.--

   Struck: "(I) In general.--Not later than 30 days after the date of enactment of this subsection, the Commission shall convene an advisory group primarily consisting of commercial producers and purchasers of actual physical energy commodities for future delivery.

   Struck: "(II) Recommendations.--Not later than 60 days after the date on which the advisory group is convened under subclause (I), and annually thereafter, the advisory group shall submit to the Commission recommendations regarding an appropriate level for position limits--

   Struck: "(aa) that are designed for traders or entities that are not legitimate hedge traders; and

   Struck: "(bb) to replace the position limits imposed by the Commission under clause (i)(I).

   Struck: "(III) Applicability of faca.--The advisory group shall be subject to the Federal Advisory Committee Act (5 U.S.C. App.).

   Struck: "(iii) Review of recommendations.--Not later than 270 days after the date of enactment of this subsection, the Commission shall--

   Struck: "(I) analyze and review the recommendations submitted by the advisory group under clause (ii)(II); and

   Struck: "(II) submit to the appropriate committees of Congress a report describing each recommendation (including each modification to the statutory authority of the Commission that the Commission determines to be necessary to effectuate each recommendation).

   Struck: "(iv) Rulemaking.--

   Struck: "(I) In general.--Not later than 18 months after the date of enactment of this subsection, the Commission shall promulgate a final rule that establishes speculative position limits--

   Struck: "(aa) for any person engaged in nonlegitimate hedge trading of an energy commodity; and

   Struck: "(bb) that are consistent with this Act.

   Struck: "(II) Effective date.--The final rule described in subclause (I) shall take effect on the date that is 30 days after the date on which the Commission promulgates the final rule.

   Struck: "(v) Development of methodology.--

   Struck: "(I) In general.--Not later than 180 days after the date of enactment of this subsection, the Commission shall propose a methodology to determine and set aggregate speculative position limits at the control entity level for all nonlegitimate traders of energy commodities--

   Struck: "(aa) on designated contract markets;

   Struck: "(bb) on derivatives transaction execution facilities; and

   Struck: "(cc) in over-the-counter commodity derivatives.

   Struck: "(II) Report.--Not later than 180 days after the date of enactment of this subsection, the Commission shall submit to the appropriate committees of Congress a report that contains--

   Struck: "(aa) any recommendations regarding any additional statutory authority that the Commission determines to be necessary for the imposition of the speculative position limits described in subclause (I); and

   Struck: "(bb) a description of the resources that the Commission considers to be necessary to implement the speculative position limits.

   Struck: "(D) Maximum level of speculative position limits.--

   Struck: "(i) In general.--In establishing speculative position limits under this section (including subparagraph (C)(iv)), the Commission shall set the limits at the maximum level practicable--

   Struck: "(I) to ensure sufficient market liquidity for the conduct of legitimate hedging activities;

   Struck: "(II) to ensure that price discovery is not disrupted;

   Struck: "(III) to protect and promote legitimate hedge trading;

   Struck: "(IV) to minimize nonlegitimate hedge trading; and

   Struck: "(V) to eliminate excess speculation.

   Struck: "(ii) Effect.--

   Struck: "(I) In general.--Nothing in this subparagraph modifies the spot month position limitation of 3,000 contracts that is designed to prevent a corner or squeeze at the delivery date.

   Struck: "(II) Commission action.--If the Commission sets position limits under clause (i) that are different from the spot month position limit described in subclause (I), the Commission shall include in the report required under subparagraph (C)(v)(II) an analysis describing the reasons for the position limits.".

   Struck: SEC. 7. LARGE OVER-THE-COUNTER TRANSACTIONS.

   Struck: Section 2 of the Commodity Exchange Act (7 U.S.C. 2) is amended by adding at the end the following:

   Struck: "(j) Over-the-Counter Transactions.--

   Struck: "(1) Definitions.--In this subsection:

   Struck: "(A) Covered over-the-counter transaction.--The term 'covered over-the-counter transaction' means an over-the-counter transaction the reporting of which is required by the Commission as the result of a determination made under paragraph (3)(C).

   Struck: "(B) Covered person.--The term 'covered person' means a person that enters into a covered over-the- counter transaction.

   Struck: "(C) Major market disturbance.--The term 'major market disturbance' means any disturbance in a commodity market that disrupts the liquidity and price discovery function of that market from accurately reflecting the forces of supply and demand for a commodity, including--

   Struck: "(i) a threatened or actual market manipulation or corner;

   Struck: "(ii) excessive speculation;

   Struck: "(iii) nonlegitimate hedge trading; and

   Struck: "(iv) any action of the United States or a foreign government that affects a commodity.

   Struck: "(D) Market disturbance.--The term 'market disturbance' shall be interpreted in accordance with section 8a(9)).

   Struck: "(E) Over-the-counter transaction.--The term 'over-the-counter transaction' means a contract, agreement, or transaction in a petroleum or energy commodity that is--

   Struck: "(i) entered into only between persons that are eligible contract participants at the time the persons enter into the agreement, contract, or transaction;

   Struck: "(ii) not entered into on a trading facility; and

   Struck: "(iii) not a sale of any cash commodity for deferred shipment or delivery.

   Struck: "(2) Commission oversight authority.--

   Struck: "(A) In general.--In the case of a major market disturbance, as determined by the Commission, the Commission may require any trader subject to the reporting requirements described in paragraph (3) to take such action as the Commission considers to be necessary to maintain or restore orderly trading in any contract listed for trading on a registered entity, including--

   Struck: "(i) the liquidation of any over-the- counter transaction; and

   Struck: "(ii) the fixing of any limit that may apply to a market position involving any over- the-counter transaction acquired in good faith before the date of the determination of the Commission.

   Struck: "(B) Judicial review.--Any action taken by the Commission under subparagraph (A) shall be subject to judicial review carried out in accordance with section 8a(9).

   Struck: "(3) Reporting; recordkeeping.--

   Struck: "(A) In general.--The Commission shall require each covered person to submit to the Commission a report--

   Struck: "(i) at such time and in such manner as the Commission determines to be appropriate; and

   Struck: "(ii) containing the information required under subparagraph (B) to assist the Commission in detecting and preventing potential price manipulation of, or excessive speculation in, any contract listed for trading on a registered entity.

   Struck: "(B) Contents of report.--A report required under subparagraph (A) shall contain--

   Struck: "(i) information describing large trading positions of the covered person obtained through 1 or more over-the-counter transactions that involve--

   Struck: "(I) substantial quantities of a commodity in the cash market; or

   Struck: "(II) substantial positions, investments, or trades in agreements or contracts relating to the commodity;

   Struck: "(ii) any other information relating to each covered over-the-counter transaction carried out by the covered person that the Commission determines to be necessary to accomplish the purposes described in subparagraph (A); and

   Struck: "(iii) information distinguishing legitimate hedge trading from nonlegitimate hedge trading.

   Struck: "(C) Determination of covered over-the-counter transactions.--

   Struck: "(i) In general.--The Commission shall identify each large over-the-counter transaction or class of large over-the-counter transactions the reporting of which the Commission determines to be appropriate to assist the Commission in detecting and preventing potential price manipulation of, or excessive speculation in, any contract listed for trading on a registered entity.

   Struck: "(ii) Mandatory factors for determinations.--

   Struck: "(I) In general.--In carrying out a determination under clause (i), the Commission shall consider the extent to which each factor described in subclause (II) applies.

   Struck: "(II) Factors.--The factors required for carrying out a determination under clause (i) include whether--

   Struck: "(aa) a standardized agreement is used to execute the over-the-counter transaction;

   Struck: "(bb) the over-the-counter transaction settles against any price (including the daily or final settlement price) of 1 or more contracts listed for trading on a registered entity;

   Struck: "(cc) the price of the over-the-counter transaction is reported to a third party, published, or otherwise disseminated;

   Struck: "(dd) the price of the over-the-counter transaction is referenced in any other transaction;

   Struck: "(ee) there is a significant volume of the over- the-counter transaction or class of over-the-counter transactions; and

   Struck: "(ff) there is any other factor that the Commission determines to be appropriate.

   Struck: "(D) Recordkeeping.--The Commission, by rule, shall require each covered person--

   Struck: "(i) in accordance with section 4i, to maintain such records as directed by the Commission for a period of 5 years, or longer, if directed by the Commission; and

   Struck: "(ii) to provide such records upon request to the Commission or the Department of Justice.

   Struck: "(4) Protection of proprietary information.--In carrying out this subsection, the Commission may not--

   Struck: "(A) require the real-time publication of any proprietary information;

   Struck: "(B) prohibit the commercial sale or licensing of any real-time proprietary information; and

   Struck: "(C) except as provided in section 8, publicly disclose any information relating to any market position, business transaction, trade secret, or name of any customer of a covered person.

   Struck: "(5) Applicability.--Notwithstanding subsections (g) and (h), and any exemption issued by the Commission for any energy commodity, each over-the-counter transaction shall be subject to this subsection.

   Struck: "(6) Savings clause.--Nothing in this subsection modifies or alters--

   Struck: "(A) the guidance of the Commission; or

   Struck: "(B) any applicable requirements with respect the disclosure of proprietary information.".

   Struck: SEC. 8. INDEX TRADERS AND SWAP DEALERS.

   Struck: Section 4 of the Commodity Exchange Act (7 U.S.C. 6) (as amended by section 3) is amended by adding at the end the following:

   Struck: "(f) Index Traders and Swap Dealers.--Not later than 60 days after the date of enactment of this subsection, the Commission shall--

   Struck: "(1) routinely require detailed reporting from index traders and swap dealers in markets under the jurisdiction of the Commission;

   Struck: "(2) reclassify the types of traders for regulatory and reporting purposes to distinguish between index traders and swaps dealers;

   Struck: "(3) review the trading practices for index traders in markets under the jurisdiction of the Commission--

   Struck: "(A) to ensure that index trading is not adversely impacting the price discovery process; and

   Struck: "(B) to determine whether different practices or regulations should be implemented; and

   Struck: "(4) ensure, to the maximum extent practicable, that the reports required under this subsection distinguish between legitimate and nonlegitimate hedge trading.".

   Struck: SEC. 9. DISAGGREGATION OF INDEX FUNDS AND OTHER DATA IN ENERGY MARKETS.

   Struck: Section 4 of the Commodity Exchange Act (7 U.S.C. 6) (as amended by section 8) is amended by adding at the end the following:

   Struck: "(g) Disaggregation of Index Funds and Other Data in Energy Markets.--The Commission shall disaggregate and make public monthly--

   Struck: "(1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and

   Struck: "(2) data on speculative positions relative to bona fide physical hedgers in those markets.".

   Struck: SEC. 10. ADDITIONAL COMMODITY FUTURES TRADING COMMISSION EMPLOYEES FOR IMPROVED ENFORCEMENT.

   Struck: Section 2(a)(7) of the Commodity Exchange Act (7 U.S.C. 2(a)(7)) is amended by adding at the end the following:

   Struck: "(D) Additional employees.--As soon as practicable after the date of enactment of this subparagraph, the Commission shall appoint at least 100 full-time employees (in addition to the employees employed by the Commission as of the date of enactment of this subparagraph)--

   Struck: "(i) to increase the public transparency of operations in energy futures markets;

   Struck: "(ii) to improve the enforcement of this Act in those markets; and

   Struck: "(iii) to carry out such other duties as are prescribed by the Commission.".

   Struck: SEC. 11. WORKING GROUP ON ENERGY MARKETS.

   Struck: (a) Establishment.--There is established a Working Group on Energy Markets.

   Struck: (b) Composition.--The Working Group shall be composed of--

   Struck: (1) the Secretary of Energy (referred to in this section as the "Secretary");

   Struck: (2) the Secretary of the Treasury;

   Struck: (3) the Chairman of the Federal Energy Regulatory Commission;

   Struck: (4) the Chairman of Federal Trade Commission;

   Struck: (5) the Chairman of the Securities and Exchange Commission;

   Struck: (6) the Chairman of the Commodity Futures Trading Commission; and

   Struck: (7) the Administrator of the Energy Information Administration.

   Struck: (c) Chairperson.--

   Struck: (1) Initial chairperson.--The Secretary shall serve as the Chairperson of the Working Group for the 1-year period beginning on the date of enactment of this Act.

   Struck: (2) Rotation of chairpersons.--For each 1-year period following the period described in paragraph (1), each individual described in subsection (b) shall serve as the Chairperson of the Working Group in the order corresponding to which the individual is described in that subsection.

   Struck: (d) Purpose and Function.--The Working Group shall--

   Struck: (1) investigate the effect of speculation in energy commodities on energy prices and the energy security of the United States;

   Struck: (2) recommend to the President and Congress laws (including regulations) that may be needed to prevent excessive speculation in energy commodities to prevent or minimize the adverse impact of high energy prices on consumers and the economy of the United States; and

   Struck: (3) review energy security considerations posed by developments in international energy markets.

   Struck: (e) Administration.--The Secretary shall provide the Working Group with such administrative and support services as may be necessary for the performance of the functions of the Working Group.

   Struck: (f) Cooperation of Other Agencies.--The heads of Executive departments, agencies, and independent instrumentalities shall, to the extent permitted by law, provide the Working Group with such information as the Working Group requires to carry out this section.

   Struck: (g) Consultation.--The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self- regulatory bodies, other major market participants, consumers, and the general public.

   Struck: SEC. 12. STUDY OF REGULATORY FRAMEWORK FOR ENERGY MARKETS.

   Struck: (a) Study.--The Working Group established under section 11(a) shall conduct a study to--

   Struck: (1) identify the factors that affect the pricing of crude oil and refined petroleum products, including an examination of the effects of market speculation on prices; and

   Struck: (2) review and assess the roles, missions, and structures of relevant Federal agencies, examine interagency coordination, and identify and assess the gaps that need to be filled for the Federal Government to effectively oversee and regulate markets critical to the energy security of the United States.

   Struck: (b) Elements of Study.--The study shall include--

   Struck: (1) an examination of price formation with respect to crude oil and refined petroleum products;

   Struck: (2) an examination of relevant international regulatory regimes; and

   Struck: (3) an examination of the degree to which changes in energy market transparency, liquidity, and structure have influenced or driven abuse, manipulation, excessive speculation, or inefficient price formation.

   Struck: (c) Report and Recommendations.--Not later than 1 year after the date of enactment of this Act, the Secretary of Energy shall submit to the appropriate committees of Congress a report that--

   Struck: (1) describes the results of the study; and

   Struck: (2) provides options and the recommendations of the Working Group for appropriate Federal coordination of oversight and regulatory actions to ensure transparency of crude oil and refined petroleum product pricing and the elimination of excessive speculation.

   Struck: (d) Authorization of Appropriations.--There are authorized to be appropriated such sums as are necessary to carry out this section.

   Struck: SEC. 13. COLLECTION AND ANALYSIS OF INFORMATION ON ENERGY COMMODITIES.

   Struck: (a) Accurate and Complete Information on Energy Producing Companies.--Section 205(h)(1) of the Department of Energy Organization Act (42 U.S.C. 7135(h)(1)) is amended by adding at the end the following:

   Struck: "(C) Information on energy-producing companies.-- Notwithstanding any other provision of law, the head of each Federal department or agency shall provide to the Administrator, on the request of the Administrator, such information as the Administrator may require to identify each energy-producing company.".

   Struck: (b) Enhanced Data on Ownership of Critical Energy Commodities.-- Section 205 of the Department of Energy Organization Act (42 U.S.C. 7135) is amended by adding at the end the following:

   Struck: "(n) Collection of Information on Ownership of Energy Commodities.--

   Struck: "(1) In general.--To ensure transparency of information with respect to critical energy infrastructure and product ownership in the United States, the Administrator shall collect on a weekly basis information identifying the ownership of all commercially held oil and natural gas inventories in the United States.

   Struck: "(2) Company-specific data.--The information shall include company-specific data, including--

   Struck: "(A) volumes of product under ownership; and

   Struck: "(B) storage and transportation capacity (including owned and leased capacity).

   Struck: "(3) Protection of proprietary information.--Section 11(d) of the Energy Supply and Environmental Coordination Act of 1974 (15 U.S.C. 796(d)) shall apply to information collected under this section.

   Struck: "(o) Monthly Reporting on Energy Commodity Transactions.--

   Struck: "(1) In general.--In accordance with paragraph (2), to improve the ability to evaluate the energy security of the United States, any person holding or controlling energy futures contracts or energy commodity swaps (as defined in section 202 of the Energy Policy and Conservation Act) at a level to be determined by the Secretary for which the underlying energy commodity is physically delivered within the United States shall report on a monthly basis, with respect to the energy commodities and the byproducts of the energy commodities--

   Struck: "(A) the quantity of physical stocks owned;

   Struck: "(B) the quantity of fixed price purchase commitments open;

   Struck: "(C) the quantity of fixed price sales commitments open;

   Struck: "(D) the physical storage capacity owned or leased; and

   Struck: "(E) such other information as the Secretary determines is necessary to provide adequate transparency with respect to entities that control critical energy assets in the United States.

   Struck: "(2) Use of data.--Any data collected under paragraph (1) shall not be made public in a manner that is inconsistent with this Act.

   Struck: "(p) Financial Market Analysis Office.--

   Struck: "(1) Establishment.--There shall be within the Energy Information Administration a Financial Market Analysis Office, headed by a director, who shall report directly to the Administrator of the Energy Information Administration.

   Struck: "(2) Duties.--The Office shall be responsible for analysis of the financial aspects of energy markets.

   Struck: "(3) Analyses.--The Administrator of the Energy Information Administration shall take analyses by the Office into account in conducting analyses and forecasting of energy prices.".

   Struck: (c) Conforming Amendment.--Section 645 of the Department of Energy Organization Act (42 U.S.C. 7255) is amended by inserting "(15 U.S.C. 3301 et seq.) and the Natural Gas Act (15 U.S.C. 717 et seq.)" after "Natural Gas Policy Act of 1978".

   Struck: SEC. 14. NATIONAL NATURAL GAS MARKET INVESTIGATION.

   Struck: (a) In General.--Not later than 30 days after the date of enactment of this Act, in order to ensure the integrity of natural gas markets, the Federal Energy Regulatory Commission (referred to in this section as the "Commission") shall commence an investigation into the role of financial institutions in natural gas markets, including--

   Struck: (1) trends in investment in natural gas storage, transportation capacity, and pipeline infrastructure;

   Struck: (2) factors contributing to potential effects on wholesale natural gas prices, including the mechanisms covered by physical natural gas supply contracts;

   Struck: (3) the character and number of positions held in related financial markets; and

   Struck: (4) any international considerations the Commission considers relevant.

   Struck: (b) Assessment.--The Commission may include in the investigation an assessment of real-time market dynamics during the 2008 winter heating season.

   Struck: (c) Required Data.--Each Federal department and agency shall comply with any request from the Commission for records, papers, and information in the possession of the department or agency relating to any agreement, contract, or transaction for the sale of an energy commodity for future delivery in interstate or foreign commerce, or any energy commodity swap.

   Struck: (d) Reports.--Not later than 270 days after the date of enactment of this Act, the Commission shall submit to the Committee on Energy and Natural Resources of the Senate and the Committee on Energy and Commerce of the House of Representatives a report on the findings, conclusions, and recommendations of the investigation conducted under this section.

   Struck: (e) Additional Investigations.--On an annual basis and during any other period the Commission determines necessary, the Commission shall--

   Struck: (1) conduct an investigation that is similar to the investigation required under subsections (a) through (c); and

   Struck: (2) submit to the Committee on Energy and Natural Resources of the Senate and the Committee on Energy and Commerce of the House of Representatives a report on the findings, conclusions, and recommendations of the investigation.

   Struck: (f) Authorization of Appropriations.--There are authorized to be appropriated such sums as are necessary to carry out this section.

   Struck: SEC. 15. STUDIES; REPORTS.

   Struck: (a) Study Relating to International Regulation of Energy Commodity Markets.--

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

   Struck: (2) Analysis.--The study shall include an analysis of, at a minimum--

   Struck: (A) key common features and differences among countries in the regulation of energy commodity trading, including with respect to market oversight and enforcement standards and activities;

   Struck: (B) variations among countries with respect to the use of position limits, accountability limits, or other thresholds to detect and prevent price manipulation, excessive speculation, or other unfair trading practices;

   Struck: (C) variations in practices regarding the differentiation of commercial and noncommercial trading;

   Struck: (D) agreements and practices for sharing market and trading data among regulatory bodies and among individual regulators and the entities that the bodies and regulators oversee; and

   Struck: (E) agreements and practices for facilitating international cooperation on market oversight, compliance, and enforcement.

   Struck: (3) Report.--Not later than 1 year after the date of enactment of this Act, the Comptroller General shall submit to the appropriate committees of Congress a report that--

   Struck: (A) describes the results of the study;

   Struck: (B) addresses the effects of excessive speculation and energy price volatility on energy futures; and

   Struck: (C) provides recommendations to improve openness, transparency, and other necessary elements of a properly functioning market in a manner that protects consumers in the United States.

   Struck: (b) Study Relating to Effects of Noncommercial Speculators on Energy Futures Markets and Energy Prices.--

   Struck: (1) Study.--The Comptroller General of the United States shall conduct a study of the effects of noncommercial speculators on energy futures markets and energy prices.

   Struck: (2) Analysis.--The study shall include an analysis of, at a minimum--

   Struck: (A) the effect of increased amounts of capital in energy futures markets;

   Struck: (B) the impact of the roll-over of positions by index fund traders and swap dealers on energy futures markets and energy prices; and

   Struck: (C) the extent to which each factor described in subparagraphs (A) and (B) and noncommercial speculators--

   Struck: (i) affect--

   Struck: (I) the pricing of energy commodities; and

   Struck: (II) risk management functions; and

   Struck: (ii) contribute to economically efficient price discovery.

   Struck: (3) Report.--Not later than 2 years after the date of enactment of this Act, the Comptroller General shall submit to the appropriate committees of Congress a report that describes the results of the study.

   Struck: (c) Reports of Commodity Futures Trading Commission.--

   Struck: (1) In general.--The Commission shall submit to Congress--

   Struck: (A) not later than 60 days after the date of enactment of this Act, a report that describes in detail the actions the Commission has taken, is taking, and intends to take to carry out this subsection (including any recommended legislative changes that are necessary to carry out this subsection); and

   Struck: (B) not later than 45 days after the date described in subparagraph (A) and every 45 days thereafter until the date of implementation of this subsection, an update on the report required under subparagraph (A).

   Struck: (2) Additional employees or resources.--Not later than 60 days after the date of enactment of this Act, the Commission shall submit to Congress a report that describes the number of additional positions and resources that the Commission determines to be necessary to carry out this subsection (including the specific duty of each additional employee).

   Struck: SEC. 16. EXPEDITED PROCEDURES.

   Struck: (a) In General.--Subject to subsection (b), the Commodity Futures Trading Commission (referred to in this section as the "Commission") shall use emergency and expedited procedures (including any administrative or other procedure as appropriate) to carry out this Act (including the amendments made by this Act).

   Struck: (b) Report.--If the Commission decides not to use the procedures described in subsection (a) in a specific instance, not later than 30 days after the date of the decision, the Commission shall submit to Congress a detailed report that describes in each instance the reasons for not using the procedures.

   Inserted: (1) Appointment.--The head of each executive agency shall appoint an employee of the agency as the Telework Managing Officer. The Telework Managing Officer shall be established within the Office of the Chief Human Capital Officer or a comparable office with similar functions.

   Inserted: (2) Telework coordinators.--

   Inserted: (A) Appropriations act, 2004.--Section 627 of the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 2004 (Public Law 108-199; 118 Stat. 99) is amended by striking "designate a 'Telework Coordinator' to be" and inserting "appoint a Telework Managing Officer to be".

   Inserted: (B) Appropriations act, 2005.--Section 622 of the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 2005 (Public Law 108-447; 118 Stat. 2919) is amended by striking "designate a 'Telework Coordinator' to be" and inserting "appoint a Telework Managing Officer to be".

   Inserted: (b) Duties.--The Telework Managing Officer shall--

   Inserted: (1) be devoted to policy development and implementation related to agency telework programs;

   Inserted: (2) serve as--

   Inserted: (A) an advisor for agency leadership, including the Chief Human Capital Officer;

   Inserted: (B) a resource for managers and employees; and

   Inserted: (C) a primary agency point of contact for the Office of Personnel Management on telework matters; and

   Inserted: (3) perform other duties as the applicable appointing authority may assign.

   Inserted: SEC. 907. ANNUAL REPORT TO CONGRESS.

   Show 35 more inserted paragraphsShow less

   Inserted: (a) Submission of Reports.--Not later than 18 months after the date of enactment of this Act and on an annual basis thereafter, the Director of the Office of Personnel Management shall--

   Inserted: (1) submit a report addressing the telework programs of each executive agency to--

   Inserted: (A) the Committee on Homeland Security and Governmental Affairs of the Senate; and

   Inserted: (B) the Committee on Oversight and Government Reform of the House of Representatives; and

   Inserted: (2) transmit a copy of the report to the Comptroller General and the Office of Management and Budget.

   Inserted: (b) Contents.--Each report submitted under this section shall include--

   Inserted: (1) the telework policy, the measures in place to carry out the policy, and an analysis of employee telework participation during the preceding 12-month period provided by each executive agency;

   Inserted: (2) an assessment of the progress of each agency in maximizing telework opportunities for employees of that agency without diminishing employee performance or agency operations;

   Inserted: (3) the definition of telework and telework policies and any modifications to such definitions;

   Inserted: (4) the degree of participation by employees of each agency in teleworking during the period covered by the evaluation, including--

   Inserted: (A) the number and percent of the employees in the agency who are eligible to telework;

   Inserted: (B) the number and percent of employees who engage in telework;

   Inserted: (C) the number and percent of eligible employees in each agency who have declined the opportunity to telework; and

   Inserted: (D) the number of employees who were not authorized, willing, or able to telework and the reason;

   Inserted: (5) the extent to which barriers to maximize telework opportunities have been identified and eliminated; and

   Inserted: (6) best practices in agency telework programs.

   Inserted: SEC. 908. COMPLIANCE OF EXECUTIVE AGENCIES.

   Inserted: (a) Executive Agencies.--An executive agency shall be in compliance with this title if each employee of that agency participating in telework regularly performs officially assigned duties at home or other worksites geographically convenient to the residence of the employee during at least 20 percent of each pay period that the employee is performing officially assigned duties.

   Inserted: (b) Agency Manager Reports.--Not later than 180 days after the establishment of a policy described under section 903, and annually thereafter, each agency manager shall submit a report to the Chief Human Capital Officer and Telework Managing Officer of that agency that contains a summary of--

   Inserted: (1) efforts to promote telework opportunities for employees supervised by that manager; and

   Inserted: (2) any obstacles which hinder the ability of that manager to promote telework opportunities.

   Inserted: (c) Chief Human Capital Officer Reports.--

   Inserted: (1) In general.--Each year the Chief Human Capital Officer of each agency, in consultation with the Telework Managing Officer of that agency, shall submit a report to the Chair and Vice Chair of the Chief Human Capital Offices Council on agency management efforts to promote telework.

   Inserted: (2) Review and inclusion of relevant information.--The Chair and Vice Chair of the Chief Human Capital Offices Council shall--

   Inserted: (A) review the reports submitted under paragraph (1);

   Inserted: (B) include relevant information from the submitted reports in the annual report to Congress required under section 907(b)(2); and

   Inserted: (C) use that relevant information for other purposes related to the strategic management of human capital.

   Inserted: (d) Compliance Reports.--Not later than 90 days after the date of submission of each report under section 907, the Office of Management and Budget shall submit a report to Congress that--

   Inserted: (1) identifies and recommends corrective actions and time frames for each executive agency that the Office of Management and Budget determines is noncompliant; and

   Inserted: (2) describes progress of noncompliant executive agencies, justifications of any continuing noncompliance, and any recommendations for corrective actions planned by the Office of Management and Budget or the executive agency to eliminate noncompliance.

   Inserted: SEC. 909. EXTENSION OF TRAVEL EXPENSES TEST PROGRAMS.

   Inserted: (a) In General.--Section 5710 of title 5, United States Code, is amended--

   Inserted: (1) in subsection (a)(1), by striking "for a period not to exceed 24 months"; and

   Inserted: (2) in subsection (e), by striking "7 years" and inserting "16 years".

   Inserted: (b) Effective Date.--The amendments made by this section shall take effect as though enacted as part of the Travel and Transportation Reform Act of 1998 (Public Law 105-264; 112 Stat. 2350).

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