Eight senators press regulators to implement strict rules on speculation
Eight senators are urging regulators to maintain strict rules against excessive speculation by investors in oil and commodities markets to avoid sudden price hikes.
The lawmakers cautioned the CFTC, charged with determining the limits on the amount of speculative investments in oil, wheat and other commodities under the Dodd-Frank Act, not to be swayed by arguments from the financial sector to delay or approve less restrictive rules.
"It has become increasingly clear that Wall Street seeks to use the rulemaking process to eviscerate the new position limits," the lawmakers wrote in a letter to the CFTC on Wednesday ahead of a Thursday CFTC meeting. "We urge you to reject calls to delay the new rules."
Publication
The Hill
Date
January 12, 2011
Cross References (links may require a Cabinet subscription)
Dodd-Frank Act, Title VII, Sec. 737