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Gas Consumer Emergency Market Protection Act

12/30/2022, 7:34 AM

Summary of Bill HR 5749

Bill 117 HR 5749, also known as the Gas Consumer Emergency Market Protection Act, aims to protect consumers in the event of a gas market emergency. The bill was introduced in the US Congress to address concerns about potential disruptions in the gas market that could lead to price spikes and shortages for consumers.

The key provisions of the bill include measures to increase transparency in the gas market, improve coordination between federal and state agencies, and enhance consumer protections. The bill also seeks to prevent price gouging and ensure that consumers have access to affordable and reliable gas supplies during emergencies.

One of the main goals of the Gas Consumer Emergency Market Protection Act is to prevent market manipulation and ensure that gas prices remain fair and competitive. The bill includes provisions for increased monitoring and enforcement of gas market activities to prevent fraud and abuse. Overall, the Gas Consumer Emergency Market Protection Act is designed to safeguard consumers from potential disruptions in the gas market and ensure that they have access to affordable and reliable gas supplies during emergencies. The bill aims to promote transparency, fairness, and competition in the gas market to protect consumers from price spikes and shortages.

Congressional Summary of HR 5749

Gas Consumer Emergency Market Protection Act

This bill restricts natural gas trading during certain federal emergencies. Specifically, the Commodity Futures Trading Commission must require by rule that natural gas trading facilities impose limits to prevent market distortions in the spot market (i.e., commodities traded for immediate delivery) and the day-ahead market during such a period. Persons who violate this rule may be subject to a civil penalty of not more than $1 million per day.

Additionally, the commission must study who benefitted from natural gas price increases associated with Winter Storm Uri.

Current Status of Bill HR 5749

Bill HR 5749 is currently in the status of Bill Introduced since October 27, 2021. Bill HR 5749 was introduced during Congress 117 and was introduced to the House on October 27, 2021.  Bill HR 5749's most recent activity was Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. as of November 30, 2021

Bipartisan Support of Bill HR 5749

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
2
Democrat Cosponsors
2
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 5749

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 5749

Gas Consumer Emergency Market Protection Act
Gas Consumer Emergency Market Protection Act
To impose natural gas trading limits during emergencies.

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