S. 3134

A bill to amend the Commodity Exchange Act to require energy commodities to be traded only on regulated markets, and for other purposes.

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II

110th CONGRESS

2d Session

S. 3134

IN THE SENATE OF THE UNITED STATES

June 12, 2008

Mr. Nelson of Florida introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

A BILL

To amend the Commodity Exchange Act to require energy commodities to be traded only on regulated markets, and for other purposes.

1.

Regulation of energy commodities

(a)

Definitions

Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) is amended—

(1)

by redesignating paragraphs (13) through (34) as paragraphs (14) through (35), respectively;

(2)

by inserting after paragraph (12) the following:

(13)

Energy commodity

The term energy commodity includes—

(A)

crude oil;

(B)

natural gas;

(C)

heating oil;

(D)

gasoline;

(E)

metals;

(F)

construction materials;

(G)

propane; and

(H)

other fuel oils.

; and

(3)

by striking paragraph (15) (as redesignated by paragraph (1)) and inserting the following:

(15)

Exempt commodity

The term exempt commodity means a commodity that is not—

(A)

an agricultural commodity;

(B)

an energy commodity; or

(C)

an excluded commodity.

.

(b)

Current Agricultural Commodities

Section 5(e)(1) of the Commodity Exchange Act (7 U.S.C. 7(e)(1)) is amended by striking agricultural commodity enumerated in section 1a(4) and inserting agricultural commodity or an energy commodity.

(c)

Conforming amendments

(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—

(A)

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

(B)

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

(2)

Section 13106(b)(1) of the Food, Conservation, and Energy Act of 2008 is amended by striking section 1a(32) and inserting section 1a.

(3)

Section 402 of the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27) is amended—

(A)

in subsection (a)(7), by striking section 1a(20) and inserting section 1a; and

(B)

in subsection (d)—

(i)

in paragraph (1)(B), by striking section 1a(33) and inserting section 1a; and

(ii)

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