S. 3248: Commodity Speculation Reform Act of 2008

110th Congress · introduced 2008-07-10 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S6568-6569)

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Follow this bill, step by step

Where it came from: introduced 2008-07-10 · official record
Who proposed it: Sen. Lieberman, Joseph I. [ID-CT] · 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 S6568-6569) 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

Commodity Speculation Reform Act of 2008

Plain summary

Commodity Speculation Reform Act of 2008 - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC) from issuing a no action letter to any foreign board of trade that lists a contract whose price settles on the price of a contract traded on an exchange regulated by the CFTC, unless the foreign board provides the CFTC with information and data accessibility comparable to those provided the CFTC by entities under its jurisdiction. Directs the CFTC to: (1) promulgate regulations to establish and enforce speculative position limits for qualifying commodities, a methodology for aggregating specified positions, and information reporting rules to facilitate monitoring and enforcement of speculative position limits and over-the-counter commodity derivatives; and (2) appoint at least 100 additional full-time employees to assist in carrying out such requirements. Prohibits a person from holding or controlling a position, separately or in combination, net long or net short, for the purchase or sale of a commodity for future delivery or, on a futures-equivalent basis, any option, or an over-the-counter commodity derivative that exceeds CFTC speculative position limits. Instructs the CFTC to study and report to certain congressional committees regarding: (1) trends in speculative activity relating to metals; and (2) possible extension of CFTC authority to cover trading of metals.

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

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What does this mean? (plain words)

Official text

Commodity Speculation Reform 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. Lieberman, Joseph I. [ID-CT] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Susan M. Collins (R-ME), Maria Cantwell (D-WA)

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-110s3248.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s3248 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110