United States 112th Congress Status: Died 1 D cosponsors

HR 2328 — End Excessive Oil Speculation Now Act of 2011

Last action — Referred to the Subcommittee on General Farm Commodities and Risk Management.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

End Excessive Oil Speculation Now Act of 2011 - Directs the Chairman of the Commodity Futures Trading Commission (CFTC) to establish speculative position limits: (1) in any registered trading entity on or through which crude oil, gasoline, diesel fuel, jet fuel, or heating oil futures or swaps are traded that are equal to the position accountability levels or position limits established by the New York Mercantile Exchange (Exchange); and (2) that are equal to the position accountability levels or position limits established by such Exchange upon the aggregate number or amount of positions in contracts based upon the same underlying commodity that may be held by any person (including any group or class of traders) for each month across specified contracts, transactions, and swap contracts. Directs the Chairman to: (1) establish margin requirements of 12% for speculative swaps and futures trading in crude oil, gasoline, diesel fuel, jet fuel, and heating oil; (2) require each bank holding company, investment bank, hedge fund, or swaps dealer trading energy futures or swaps for its own benefit, or on behalf of, or as counterparty to, an index fund, exchange traded fund, or other noncommercial participant, to register with the CFTC as a noncommercial participant and be subject to position limits and margin requirements under this Act. Exempts bona-fide hedge trading from such position limits and margin requirements. Expresses the sense of Congress that, if finalized, the proposed position limits for derivatives that the CFTC included in a specified notice of proposed rulemaking do not fulfill the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act to diminish, eliminate, or prevent excessive speculation.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 2328 on the official United States source →

Action History

  1. Referred to the Subcommittee on General Farm Commodities and Risk Management.

  2. Referred to the House Committee on Agriculture.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance energy
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Frequently asked questions

What does HR 2328 do?
End Excessive Oil Speculation Now Act of 2011 - Directs the Chairman of the Commodity Futures Trading Commission (CFTC) to establish speculative position limits: (1) in any registered trading entity on or through which crude oil, gasoline, diesel fuel, jet fuel, or heating oil futures or swaps are traded that are equal to the position accountability levels or position limits established by the New York Mercantile Exchange (Exchange); and (2) that are equal to the position accountability levels or position limits established by such Exchange upon the aggregate number or amount of positions in contracts based upon the same underlying commodity that may be held by any person (including any group or class of traders) for each month across specified contracts, transactions, and swap contracts. Directs the Chairman to: (1) establish margin requirements of 12% for speculative swaps and futures trading in crude oil, gasoline, diesel fuel, jet fuel, and heating oil; (2) require each bank holding company, investment bank, hedge fund, or swaps dealer trading energy futures or swaps for its own benefit, or on behalf of, or as counterparty to, an index fund, exchange traded fund, or other noncommercial participant, to register with the CFTC as a noncommercial participant and be subject to position limits and margin requirements under this Act. Exempts bona-fide hedge trading from such position limits and margin requirements. Expresses the sense of Congress that, if finalized, the proposed position limits for derivatives that the CFTC included in a specified notice of proposed rulemaking do not fulfill the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act to diminish, eliminate, or prevent excessive speculation.
Who sponsors HR 2328?
HR 2328 is sponsored by Maurice Hinchey (Democrat).
What is the current status of HR 2328?
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 2328?
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