,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #diif  ,,in ,,the ,,house ,,of  
,,representatives  ,june #bf1 #bjad ,ms4
 ,de,lauro 7for herself1 ,mr4           
,cicilline1 ,mr4 ,grijalva1 and ,mr4    
,welch7 introduced the following bill2  
which was referred to the ,committee on 
,agriculture  ,a ,,bill  ,to require the
 ,commodity ,futures ,trading           
,commission to take certain emergency   
action to eliminate excessive           
speculation in energy markets4  #a4     
,short title ,this ,act may be cited as 
the ,energy ,markets ,emergency ,act4   
#b4 ,energy markets  7a7 ,findings      
,congress finds that--  7#a7 the        
,commodity ,futures ,trading ,commission
 was created as an independent agency1  
in #aigd1 with a mandate--  7,a7 to     
enforce and administer the ,commodity   
,exchange ,act 7#g ,u4,s4,c4 #a et      
seq472  7,b7 to ensure commodities      
market integrity2  7,c7 to protect      
commodities market users from fraud and 
abusive trading practices2 and  7,d7 to 

prevent and prosecute manipulation of   
the price of any commodity in interstate
 commerce2  7#b7 ,congress has given the
 ,commodity ,futures ,trading           
,commission authority under the         
,commodity ,exchange ,act 7#g ,u4,s4,c4 
#a et seq47 to take necessary actions to
 address market emergencies2  7#c7 the  
,commodity ,futures ,trading ,commission
 may use the emergency authority of the 
,commission with respect to any major   
market disturbance that prevents the    
market from accurately reflecting the   
forces of supply and demand for a       
commodity2  7#d7 ,congress declared in  
section #d;a of the ,commodity ,exchange
 ,act 7#g ,u4,s4,c4 #f;a7 that excessive
 speculation imposes an undue and       
unnecessary burden on interstate        
commerce2  7#e7 according to an article 
published in ,forbes magazine on        
,february #bg1 #bjab1 excessive oil     
speculation translates out into a       
premium for gasoline at the pump of 4#ef
 a gallon based on a recent report from 

,goldman ,sachs2  7#f7 on ,june #ac1    
#bjad--  7,a7 the supply of motor       
gasoline was higher than the supply was 
on ,june #ab1 #bjji1 when the national  
average price for a gallon of regular   
unleaded gasoline was just #b4fd2 and   
7,b7 demand for gasoline in the ,united 
,states was lower than demand was on    
,june #ab1 #bjji2  7#g7 on ,june #bc1   
#bjad1 the national average price of    
regular unleaded gasoline was over #c4fh
 a gallon1 the highest price for this   
time of year since #bjjh1 the year      
gasoline prices hit an all-time high2   
7#h7 excessive oil and gasoline         
speculation is creating major market    
disturbances that prevent the market    
from accurately reflecting the forces of
 supply and demand2 and  7#i7 the       
,commodity ,futures ,trading ,commission
 has a responsibility--  7,a7 to ensure 
that the price discovery for oil and    
gasoline accurately reflects the        
fundamentals of supply and demand2 and  
7,b7 to take immediate action to        

implement strong and meaningful position
 limits in regulated exchange markets to
 eliminate excessive oil speculation4   
7b7 ,actions ,not later than #ad days   
after the date of enactment of this     
,act1 the ,commodity ,futures ,trading  
,commission shall use the authority of  
the ,commission 7including emergency    
powers7--  7#a7 to curb immediately the 
role of excessive speculation in any    
contract market within the jurisdiction 
of the ,commission1 on or through which 
energy futures or swaps are traded2 and 
7#b7 to eliminate excessive speculation1
 price distortion1 sudden or            
unreasonable fluctuations1 or           
unwarranted changes in prices1 or other 
unlawful activity that is causing major 
market disturbances that prevent the    
market from accurately reflecting the   
forces of supply and demand for energy  
commodities4