PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Congressional Research Service
Version 36 · Passed House amended · Sep 18, 2008
Commodity Markets Transparency and Accountability Act of 2008 - (Sec. 3) Amends the Commodity Exchange Act to define "energy commodity" as (1) coal; (2) crude oil, gasoline, diesel fuel, jet fuel, heating oil, and propane; (3) electricity; (4) natural gas; and (5) any other substance that is used as an energy source as determined by the Commodity Futures Trading Commission (CFTC).
(Sec. 4) Prohibits CFTC from permitting a foreign board of trade (FBOT) providing its U.S-located members with access to the CFTC electronic trading system and order matching system for energy or agricultural commodities, unless such board meets requirements similar to those imposed upon U.S. exchanges. Subjects to such provision 180 days after enactment of this Act FBOTs which had previously been granted direct access.
States that: (1) a person registered with CFTC or exempt from registration shall not be in violation of the exchange-trading requirement if such person had reason to believe that the futures contract in question was traded on a foreign-regulated FBOT that had not been determined by CFTC to be operating in violation of futures trading provisions; and (2) a futures contract executed through an FBOT that is not in compliance with this Act shall be enforceable.
Showing the opening paragraphs of the official summary.
(Sec. 5) Directs CFTC to disaggregate and publicly provide within 30 days of a final rule: (1) the number of positions and total value of index funds in the energy and agriculture markets; and (2) data on speculative positions relative to their bona fide physical hedgers.
(Sec. 6) Subjects index traders, swap dealers, transactions for agricultural and energy commodities, and large traders in over-the-counter contracts to reporting and recordkeeping requirements.
(Sec. 8) Directs CFTC to: (1) set position limits for any one person with respect to designated contract markets, derivative transaction execution facilities, and electronic trading facilities; (2) convene a Position Limit Agricultural Advisory Group and a Position Limit Energy Group.
(Sec. 9) Revises the core principles applicable to position limits for contracts in agricultural and energy commodities to require position limits for speculators.
(Sec. 10) Directs CFTC to appoint at least 100 new full-time employees to increase agriculture and energy market transparency and improve enforcement.
(Sec. 11) Directs CFTC to review: (1) prior actions to ensure compliance with this Act; and (2) over-the-counter markets.
(Sec. 12) Directs: (1) CFTC to study the efficacy, practicality, and consequences of establishing position limits, other than bona fide hedge positions, that may be held by any person with respect to certain agreements, contracts, or transactions involving an agricultural or energy commodity; (2) the Government Accountability Office (GAO) to study the international regime for regulating the trading of energy commodity futures and derivatives; and (3) CFTC to study speculators' effects on agriculture and energy futures markets and prices.
(Sec. 14) Directs CFTC to: (1) require regular reporting of fungible over-the-counter agricultural and energy transactions; and (2) determine if such transactions have the potential to disrupt market liquidity or cause market or price disturbances, and if so, to use its discretion to impose position limits.
(Sec. 15) Authorizes CFTC to use expedited procedures to carry out this Act.
People & committees
Rep. Peterson, Collin C. [D-MN-7] · D–MN
Legislative record
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Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Received in the Senate.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by recorded vote: 283 - 133 (Roll no. 608). (text: CR H8413-8419)
House roll call 608 · Individual votesPassed/agreed to in House: On passage Passed by recorded vote: 283 - 133 (Roll no. 608).(text: CR H8413-8419)
House roll call 608 · Individual votesOn motion to recommit with instructions Failed by the Yeas and Nays: 196 - 221 (Roll no. 607).
House roll call 607 · Individual votesThe previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H8427)
DEBATE - The House proceeded with ten minutes of debate on the Moran (KS) motion to recommit. The instructions contained in the motion seek to add an amendment stating when the provisions of the bill shall become effective.
Mr. Moran (KS) moved to recommit with instructions to Agriculture. (consideration: CR H827-8429; text: CR H8427)
DEBATE - The House proceeded with one hour of debate on H.R. 6604.
Rule provides for consideration of H.R. 6604 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute printed in the report of the Committee on Rules accompanying this resolution shall be considered as adopted.
Considered under the provisions of rule H. Res. 1449. (consideration: CR H8413-8429; text of measure as introduced: CR H8413-8416)
Rule H. Res. 1449 passed House.
Rules Committee Resolution H. Res. 1449 Reported to House. Rule provides for consideration of H.R. 6604 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute printed in the report of the Committee on Rules accompanying this resolution shall be considered as adopted.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 276 - 151 (Roll no. 540).
House roll call 540 · Individual votesFailed of passage/not agreed to in House: On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 276 - 151 (Roll no. 540).
House roll call 540 · Individual votesDEBATE - The House proceeded with forty minutes of debate on H.R. 6604.
Considered under suspension of the rules. (consideration: CR H7519-7530; text of measure as introduced: CR H7519-7522)
Mr. Peterson (MN) moved to suspend the rules and pass the bill, as amended.
Referred to the House Committee on Agriculture.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.
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