Section 1 Short title
This Act may be cited as the “Ending Insider Trading in Commodities Act”.
Ending Insider Trading in Commodities Act
A BILL
To amend the Commodity Exchange Act to prevent manipulation of physical commodities prices, and for other purposes.
Sec. 2 Prohibition regarding manipulation and use of nonpublic information
In general— In section 6(c) of the Commodity Exchange Act (7 U.S.C. 9), strike paragraph (3) and insert the following:
“(3) Other manipulation—In addition to the prohibition under paragraph (1), it shall be unlawful—
“(A) for any person, directly or indirectly, to manipulate or attempt to manipulate the price of any swap, or of any commodity in interstate commerce, or of any contract for future delivery on or subject to the rules of any registered entity; and
“(B) for any large financial institution, directly or indirectly, to purchase or sell any swap, or any commodity in interstate commerce, or any contract for future delivery of any commodity, while in possession of material, nonpublic information related to the storage, shipment, or use of the commodity arising from the ownership or interest of the person in a business or facility used to store, ship, or use the commodity.”
Effectiveness— The amendment made by subsection (a)—
shall take effect on the date that is 30 days after the date of enactment of this Act; and
is not conditioned on the adoption of any rule or regulation by the Commodity Futures Trading Commission.