H.R. 6279: Oil Speculation Reduction Act of 2008

110th Congress · introduced 2008-06-17 · Energy · Latest: Referred to the Subcommittee on General Farm Commodities and Risk Management.

federal

Follow this bill, step by step

Where it came from: introduced 2008-06-17 · official record
Who proposed it: Rep. Chabot, Steve [R-OH-1] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on General Farm Commodities and Risk Management. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Oil Speculation Reduction Act of 2008

Plain summary

Oil Speculation Reduction Act of 2008 - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC) from exempting a board of trade, exchange, or market located outside the United States from the requirement to become a designated contract market, derivatives transaction execution facility, or other registered entity, with respect to agreements, contracts, and transactions (transactions) in crude oil to be physically delivered in the United States, unless the CFTC makes certain determinations. Requires the CFTC to determine, in order to make such an exemption, that the board of trade, exchange, or market: (1) applies principles or requirements regarding the daily publication of trading information and position limits or accountability levels for speculators in such transactions comparable to those applied by a designated contract market, derivatives transaction execution facility, or other registered entity; (2) provides information to the CFTC regarding the extent of speculative and nonspeculative trading in transactions in crude oil comparable to the information the CFTC determines necessary to publish a Commitment of Traders report for a designated contract market, derivatives transaction execution facility, or other registered entity with respect to the trading; and (3) imposes margin requirements comparable to those imposed by a designated contract market, derivatives transaction execution facility, or other registered entity for commodities, and sufficient to reduce excessive speculation and protect consumers. Directs CFTC to determine whether to continue to grant any such exemption that was granted before the enactment of this Act to any board of trade, exchange, or market located outside the United States.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Oil Speculation Reduction Act of 2008

Source: Congressional Research Service summary (Introduced in House)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Chabot, Steve [R-OH-1] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hr6279.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>

Record fed-us-cong110-hr6279 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110