S. 3131: Oil Speculation Control Act of 2008

110th Congress · introduced 2008-06-12 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S5630-5631)

federal

Follow this bill, step by step

Where it came from: introduced 2008-06-12 · official record
Who proposed it: Sen. Feinstein, Dianne [D-CA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S5630-5631) 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 Control Act of 2008

Plain summary

Oil Speculation Control Act of 2008 - Amends the Commodity Exchange Act to define "institutional investor" as a long-term investor in financial markets (including pension funds, endowments, and foundations) that invests in energy commodities as an asset class in a portfolio of financial investments and does not take or make physical delivery of energy commodities on a frequent basis. Establishes in the Commodity Futures Trading Commission (CFTC) an Office of the Inspector General. Directs the CFTC to carry out a review of the trading practices of index traders, swap dealers, and institutional investors in markets under the CFTC's jurisdiction to: (1) ensure that index trading is not adversely impacting the price discovery process; (2) determine whether different practices or regulations should be implemented; and (3) gather data for use in proposing regulations to limit the size and influence of the institutional investor positions in commodity markets. Directs the CFTC to exercise emergency authority to prevent institutional investors from increasing their positions in energy commodity futures and commodity future index funds. Defines: (1) "bona fide hedging transaction or position" as a transaction or position that represents a hedge against price risk exposure relating to physical transactions involving an energy commodity and (2) "speculator" as any institutional investor or investor of an investment fund that holds a position through an intermediary broker or dealer. Directs the CFTC to enforce speculation limits with respect to speculators in energy markets. Set forth recordkeeping and reporting requirements relating to large trader transactions and positions applicable to index traders, swaps dealers, and institutional investors in markets under the CFTC's jurisdiction. Requires the CFTC to promulgate regulations to establish separate classifications for index traders, swap dealers, and institutional investors to enforce recordkeeping and reporting requirements and to enforce position limits and position accountability levels with respect to energy commodities. Imposes certain institutional investor speculation limits with respect to energy commodities.

Congressional Research Service summary (Introduced in Senate), 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.

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What does this mean? (plain words)

Official text

Oil Speculation Control Act of 2008

Source: Congressional Research Service summary (Introduced in Senate)

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

Officials and money

Sponsor: Sen. Feinstein, Dianne [D-CA] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Ron Wyden (D-OR)

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 (2)

Jurisdiction: The area or the matters a government or court has authority over.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s3131.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s3131 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110