There are five titles in the bill, the fifth is the one that affects oil traders. Scroll down to section 502 for margin requirements. I don't think the bill has a chance of passing but the senators obviously had advice from someone who understood markets. The NYMEX responded like a scalded cat.
From the Bill:
TITLE V--MARKET SPECULATION
SEC. 501. SPECULATIVE LIMITS AND TRANSPARENCY FOR OFF-SHORE OIL TRADING.
Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended by adding at the end the following:
SEC. 502. MARGIN LEVEL FOR CRUDE OIL.
(a) In General- Section 2(a)(1) of the Commodity Exchange Act (7 U.S.C. 2(a)(1)) is amended by adding at the end the following:
(1) STUDY RELATING TO EFFECT OF CERTAIN REGULATIONS- Not later than 1 year after the date of enactment of this Act, the Commodity Futures Trading Commission shall submit to the appropriate committees of Congress a report describing the effect of the amendment made by subsection (a) on any trading facilities and agreements, contracts, and transactions covered by the Commodity Exchange Act (7 U.S.C. 1 et seq.).
(2) STUDY RELATING TO EFFECTS OF CHANGES IN MARGIN LEVELS- Not later than 180 days after the date of enactment of this Act, the Comptroller General of the United States shall submit to the appropriate committees of Congress a report describing the effect (including any effect relating to trade volume or volatility) of any change of a margin level that occurred during the 10-year period ending on the date of enactment of this Act.
Calendar No. 728
To provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices, and for other purposes.