Senator Elizabeth Warren wrote to CFTC Commissioner J. Christopher Giancarlo asking that he withdraw the Energy and Environmental Markets Advisory Committee ("EEMAC") report on the CFTC's proposed rule on position limits for commodities futures and swaps until the CFTC reconvenes a committee that "complies with the law and that addresses both the procedural and factual errors in the present product."
Senator Warren cited three principal problems with the EEMAC's report:
She also specifically expressed concern about the decision to include two witnesses at the EEMAC's hearing: 1) a representative from the CME Group, “an energy derivatives exchange,” and 2) Dr. Craig Pirrong.
Senator Warren concluded that the report is "nothing more than a recitation of industry talking points, and should be treated as such."
The CFTC Energy and Environmental Markets Advisory Committee met to consider (i) an exemptive order for a regional transmission organizations, (ii) a Report on the swap dealer de minimis exception and (iii) recommendations on position limits.
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