S.Amdt. 1330
What it does: Inserts new text wherever appropriate
Sen. Bernard Sanders (I-VT)What it changes
1 change to S. 1023
Inserts new text wherever appropriate
InsertsInserted: SEC._. ENERGY MARKET MANIPULATION PREVENTION.
Inserted: (a) Finding.--The Congress finds as follows:
Inserted: (1) The Commodity Futures Trading Commission was created as an independent agency, in 1974, with the mandate to enforce and administer the Commodity Exchange Act, to ensure market integrity, to protect market users from fraud and abusive trading practices, and to prevent and prosecute manipulation of the price of any commodity in interstate commerce.
Inserted: (2) Congress has given the Commodity Futures Trading Commission authority under the Commodity Exchange Act to take necessary actions to address market emergencies.
Inserted: (3) The Commodity Futures Trading Commission may use its emergency authority with respect to any major market disturbance which prevents the market from accurately reflecting the forces of supply and demand for a commodity.
Inserted: (4) Congress has declared, in section 4a of the Commodity Exchange Act, that excessive speculation imposes an undue and unnecessary burden on interstate commerce.
Inserted: (5) In May of 2009, crude oil inventories in the United States were at their highest level in 20 years.
Inserted: (6) In May of 2009, demand for oil in the United States dropped to its lowest level in more than a decade.
Inserted: (7) As of June 17, 2009, average retail gasoline prices have risen for 50 consecutive days, the longest streak on record.
Inserted: (8) The national average price of a gallon of gasoline has jumped from $1.61 a gallon in late December of 2008 to over $2.67 as of June 17, 2009.
Inserted: (9) The Energy Information Administration reported on June 17, 2009 that U.S. gasoline stocks rose by 3.4 million barrels last week.
Inserted: (10) As of June 17, 2009, crude oil prices have more than doubled since February of 2009.
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Inserted: (11) The International Energy Agency predicted in June of 2009 that global oil demand will go down in 2009 by 2.47 million barrels per day, including a one million barrel per day reduction in oil demand in the United States.
Inserted: (b) Direction From Congress.--The Commodity Futures Trading Commission shall utilize all its authority, including its emergency powers, to--
Inserted: (1) curb immediately the role of excessive speculation in any contract market within the jurisdiction and control of the Commodity Futures Trading Commission, on or through which energy futures or swaps are traded; and (2) eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations or unwarranted changes in prices, or other unlawful activity that is causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities.
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Original wording
At the appropriate place, insert the following:
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As printed
SA 1330. Mr. SANDERS submitted an amendment intended to be proposed by him to the bill S. 1023, to establish a non-profit corporation to communicate United States entry policies and otherwise promote leisure, business, and scholarly travel to the United States; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC._. ENERGY MARKET MANIPULATION PREVENTION.
(a) Finding.--The Congress finds as follows:
(1) The Commodity Futures Trading Commission was created as an independent agency, in 1974, with the mandate to enforce and administer the Commodity Exchange Act, to ensure market integrity, to protect market users from fraud and abusive trading practices, and to prevent and prosecute manipulation of the price of any commodity in interstate commerce.
(2) Congress has given the Commodity Futures Trading Commission authority under the Commodity Exchange Act to take necessary actions to address market emergencies.
(3) The Commodity Futures Trading Commission may use its emergency authority with respect to any major market disturbance which prevents the market from accurately reflecting the forces of supply and demand for a commodity.
(4) Congress has declared, in section 4a of the Commodity Exchange Act, that excessive speculation imposes an undue and unnecessary burden on interstate commerce.
(5) In May of 2009, crude oil inventories in the United States were at their highest level in 20 years.
(6) In May of 2009, demand for oil in the United States dropped to its lowest level in more than a decade.
(7) As of June 17, 2009, average retail gasoline prices have risen for 50 consecutive days, the longest streak on record.
(8) The national average price of a gallon of gasoline has jumped from $1.61 a gallon in late December of 2008 to over $2.67 as of June 17, 2009.
(9) The Energy Information Administration reported on June 17, 2009 that U.S. gasoline stocks rose by 3.4 million barrels last week.
(10) As of June 17, 2009, crude oil prices have more than doubled since February of 2009.
(11) The International Energy Agency predicted in June of 2009 that global oil demand will go down in 2009 by 2.47 million barrels per day, including a one million barrel per day reduction in oil demand in the United States.
(b) Direction From Congress.--The Commodity Futures Trading Commission shall utilize all its authority, including its emergency powers, to--
(1) curb immediately the role of excessive speculation in any contract market within the jurisdiction and control of the Commodity Futures Trading Commission, on or through which energy futures or swaps are traded; and (2) eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations or unwarranted changes in prices, or other unlawful activity that is causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities.
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Senate amendment submitted
June 17, 2009