,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #ghe  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #ae1 #bjac   
,mr4 ,m>key 7= himself1 ,ms4 ,de,lauro1 
,ms4 ,bordallo1 ,ms4 ,br[n ( ,florida1  
,mr4 ,capuano1 ,ms4 ,edw>ds1 ,mr4       
,grijalva1 ,mr4 ,holt1 ,ms4 ,lee (      
,cali=nia1 ,mr4 ,mi*aud1 ,mr4 ,moran1   
,mr4 ,pascrell1 ,ms4 ,s*ak[sky1 ,mr4    
,scott ( ,virg9ia1 ,ms4 ,slaught]1 ,ms4 
,spei]1 ,mr4 ,ti]ney1 & ,mr4 ,watt7     
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,agriculture  ,a ,,bill
  ,to prev5t excessive speculation 9    
en]gy commodities1 & = o!r purposes4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,halt ,index ,trad+ ( ,en]gy          
,commodities 7,,hitec7 ,act4  #b4 ,f9d+s
 ,! ,congress f9ds ! foll[+3  7#a7      
,inve/m5t 9 our commodities m>kets has  
gr[n dramatically 9 rec5t ye>s4 ,:ile ! 
volume ( futures contracts trad$ 9 !    
,unit$ ,/ates 0 only #fcj1jjj1jjj 9     
#aiih1 t volume balloon$ to ov]         
#c1bjj1jjj1jjj 9 #bjjg4  7#b7 ,accord+  

to te/imony provid$ to ! ,committee on  
,natural ,res\rces ( ! ,h\se (          
,repres5tatives1 ?is gr[? 9 volume has  
be5 accompani$ by a huge increase 9 !   
p]c5tage ( commodity futures contracts  
own$ by speculators4 ,:ile physical     
h$g]s us$ to acc\nt = #gj p]c5t (       
futures contracts & speculators acc\nt$ 
= j #cj p]c5t1 ^? numb]s h rev]s$1 &    
speculators n[ possess #gj p]c5t ( all  
op5 commodity futures contracts4  7#c7  
,almo/ all ( ?is increase 9 speculation 
has be5 caus$ by a surge 9 trad+ (      
commodity index funds4  7#d7 ,commodity 
index trad+ is inve/+ 9 funds or o!r    
f9ancial products :i* are index$ to     
*anges 9 value ( v>i\s commodities trad$
 on commodity m>kets 9 ! ,unit$ ,/ates4 
,^! funds c be ti$ to a basket ( diff]5t
 commodities or j to a s+le commodity4  
7#e7 ,inve/m5t 9 funds ti$ to ^! indexes
 has gr[n enorm\sly 9 ! la/ #b decades4 
,accord+ to ! ,commodity ,futures ,trad+
 ,commission1 a p>tial tally ( net long 
positions 9 ,unit$ ,/ates m>kets 9 ^!   

indexes rea*$ to ov] #afj1jjj1jjj1jjj 9 
,febru>y #bjab1 & net long positions 9  
,we/ ,texas ,int]m$iate ,crude ,oil     
rea*$ to ov] #ci1jjj1jjj1jjj4 ,_m ( !   
inve/ors 9 ^! funds are in/itutional    
cli5ts1 su* z p5sion funds &            
univ]sities4  7#f7 ,! va/ majority (    
inve/ors 9 commodity index funds d n use
 ! commodities involv$4 ,^! inve/ors are
 only int]e/$ 9 pr(it+ f a rise 9 value 
( ! commodities & mu/ sell _! int]e/s 9 
! commodities be=e ! futures contracts  
!y own close4 ,?is practice1 kn[n z     
roll+1 causes hundr$s ( billions (      
doll>s ( additional trad+ to fl[ ?r\gh  
our commodities m>kets ea* mon?1        
artificially increas+ ! volatility ( our
 m>kets & driv+ up prices = _m ( our    
commodities1 includ+ crude oil4  7#g7   
,because our commodities m>kets are ti$ 
to ! actual retail prices ( our         
commodities1 ! artificial & excessive   
levels ( speculation h significantly    
increas$ ! retail prices our citiz5s pay
 = _! commodities4 ,9 ! case ( oil1     

excessive speculation may h add$ ne>ly  
#a4jj to ! p] gallon price ( gasol9e4   
7#h7 ,z %>p increases 9 en]gy co/s r$uce
 economic gr[?1 ^! commodity index funds
 are creat+ a weight on ! ov]all        
economy1 ?reat5+ to delay our ,nation's 
full recov]y f ! #bjjh f9ancial crisis &
 recession4  7#i7 ,?us1 commodity index 
funds hurt economic gr[? & consum]'s    
wallets4  7#aj7 ,9 ! ,dodd-,frank ,wall 
,/reet ,re=m ,act1 ,congress ord]$ !    
,commodity ,futures ,trad+ ,commission  
to limit ! numb] ( positions t a p]son  
or a class ( p]sons may hold 9 !        
commodities m>kets4 ,congress has tak5  
initial /eps to set b\nd>ies on         
commodity trad+1 b m mu/ be done to     
address ! role ( commodity index funds 9
 ! en]gy commodity m>kets4  7#aa7       
,because oil prices h be5 at elevat$    
levels = mu* ( ! la/ ye>1 ,congress     
believes ! situation is an em]g5cy &    
w>rants imm$iate action to ban commodity
 index trad+ 9 en]gy commodities4  #c4  
,prev5tion ( excessive speculation 9    

en]gy commodities ,section #d;c ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;c7 is am5d$ by add+ at ! end !       
foll[+3  7h7 7#a7 7,a7 ,x %all be       
unlawful = a commodity index fund to    
engage 9 a transaction involv+ an en]gy 
commodity if any p]son inve/+ 9 ! fund  
is an exclud$ inve/or4  7,b7 ,x %all be 
unlawful = an en]gy commodity index fund
 to accept an inve/m5t f a p]son :o is  
an exclud$ inve/or4  7,c7 ,beg9n+ #b    
ye>s aft] ! date ( ! enactm5t ( ?is     
subsection1 x %all be unlawful = a      
commodity index fund to hold an inve/m5t
 9 an en]gy commodity if any p]son      
inve/+ 9 ! fund is an exclud$ inve/or4  
7#b7 ,9 ?is subsection3  7,a7 ,! t]m    
commodity index fund means a fund t     
consi/s pr9cipally ( swaps involv+1 or  
contracts ( sale = future deliv]y (1 m  
?an #a commodity1 ! value or level ( :i*
 is bas$1 9 :ole or 9 "p1 on ! value or 
level ( m ?an #a commodity1 & t         
transf]s1 z betwe5 ! p>ties to !        
transaction1 9 :ole or 9 "p1 ! f9ancial 

risk associat$ ) a future *ange 9 any   
su* value or level4  7,b7 ,! t]m en]gy  
commodity index fund means a commodity  
index fund t consi/s pr9cipally ( swaps 
involv+1 or contracts ( sale = future   
deliv]y (1 m ?an #a en]gy commodity4    
7,c7 ,! t]m en]gy commodity means crude 
oil1 natural gas1 or any o!r product    
7o!r ?an an agricultural commodity7 t is
 produc$ or ref9$1 9 :ole or 9 "p1 f    
crude oil or natural gas & t may be us$ 
z fuel = a p[] s\rce ( any k9d1 b does n
 include electricity4  7,d7 ,! t]m      
exclud$ inve/or means a p]son ) respect 
to :om !re is no position 9 at lea/ #a  
en]gy commodity :i*1 if held by ! p]son1
 w\ld be consid]$ a bona fide h$g+      
position 7)9 ! mean+ ( section          
#d;a7c77#a774  7,e7 ,! t]m swap %all h !
 mean+ ! t]m w\ld h if ! provisions (   
title ,,vii ( ! ,dodd-,frank ,wall      
,/reet ,re=m & ,consum] ,protection ,act
 def9+1 & au?oriz+ fur!r def9ition (1 ! 
t]m 7 9 effect4  4