A bill to amend the Commodity Exchange Act to provide for the oversight of large trades of over-the-counter energy and agricultural contracts to prevent price manipulation and excessive speculation, and for other purposes.
Over-the-Counter Speculation Act - Amends the Commodity Exchange Act to authorize the Commodity Futures Trading Commission (CFTC), in the case of a major market disturbance, to require any trader required to report under this Act to take action to maintain or restore orderly trading in any contract listed for trading on a registered entity, including: (1) liquidation of any over-the-counter transaction; and (2) fixing of any limit that may apply to a market position involving any over-the-counter transaction acquired in good faith before the date of the CFTC's determination of a major market disturbance.
Defines "major market disturbance" and "over-the-counter transaction."
Sets forth reporting and recordkeeping requirements.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S6607-6608)
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
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