S. 3013

Ending Insider Trading in Commodities Act

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II

113th CONGRESS

2d Session

S. 3013

IN THE SENATE OF THE UNITED STATES

December 12, 2014

Mr. Levin (for himself and Mr. McCain) 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 prevent manipulation of physical commodities prices, and for other purposes.

1.

Short title

This Act may be cited as the Ending Insider Trading in Commodities Act.

2.

Prohibition regarding manipulation and use of nonpublic information

(a)

In general

In section 6(c) of the Commodity Exchange Act (7 U.S.C. 9), strike paragraph (3) and insert the following:

(3)

Other manipulation

In addition to the prohibition under paragraph (1), it shall be unlawful—

(A)

for any person, directly or indirectly, to manipulate or attempt to manipulate the price of any swap, or of any commodity in interstate commerce, or of any contract for future delivery on or subject to the rules of any registered entity; and

(B)

for any large financial institution, directly or indirectly, to purchase or sell any swap, or any commodity in interstate commerce, or any contract for future delivery of any commodity, while in possession of material, nonpublic information related to the storage, shipment, or use of the commodity arising from the ownership or interest of the person in a business or facility used to store, ship, or use the commodity.

.

(b)

Effectiveness

The amendment made by subsection (a)—

(1)

shall take effect on the date that is 30 days after the date of enactment of this Act; and

(2)

is not conditioned on the adoption of any rule or regulation by the Commodity Futures Trading Commission.