House Passes CFTC Oversight Bill

Commission asked to curb excessive speculation.

Before the House of Representatives adjourned for the Fourth of July holiday it passed a bill that requires the Commodity Futures Trading Commission to utilize all its authority, including emergency powers, to curb excessive speculation in the energy futures markets. H.R. 6377, the Energy Markets Emergency Act, passed the House by an overwhelming vote of 402-19.

During floor debate, House Ag Committee Chairman Collin Peterson, D-Minn., said the CFTC must take immediate steps to ensure that index and hedge fund money is not the cause for price manipulation and should take any necessary action to curb excessive speculation in the markets. According to Peterson these steps will help restore consumer confidence and reassure the American taxpayer that the futures markets are functioning properly.

H.R. 6377 directs CFTC to take corrective actions as necessary to eliminate any market disturbance that prevents energy markets from accurately reflecting the forces of supply and demand. When Congress returns, the House Agriculture Committee will examine legislative proposals that would affect CFTC's authority over energy futures and swaps markets.

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