Bill Number: S. 1951
Short Title: (No short title)
Introduced: February 14, 2002
Sponsor: Senator Dianne Feinstein (D-CA)

Purpose: To provide regulatory oversight over energy trading markets, and for other purposes.

Summary: Amends the Commodity Exchange Act to repeal: (1) the definition of "exempt commodity"; and (2) the guidelines governing transactions in exempt commodities (thus subjecting to CFTC regulatory oversight formerly exempt commodity transactions). Directs the Commodity Futures Trading Commission (CFTC) to maintain a liaison with the Federal Energy Regulatory Commission (FERC). Subjects formerly exempt swap transactions to: (1) CFTC enforcement jurisdiction; and (2) CFTC proscriptions against manipulation of commodity market prices. Requires eligible trading facilities and systems to comply with CFTC regulations pertaining to: registration, reporting, recordkeeping, and net capital reserves. Expands the prohibition against fraudulent or misleading contracts to include any member of a contract market (currently any member of a registered entity). Amends the Department of Energy Organization Act with respect to the recruitment and retention of qualified personnel at FERC. Grants FERC jurisdiction over: (1) energy trading markets; (2) derivatives transactions reflecting electric energy or natural gas prices (including futures, options, forwards and swaps); (3) any person that makes a derivatives transaction; and (4) any operator of an electronic forum in which derivatives transaction are made.