Evidence. What a Concept
Economist Craig Pirrong says the most newsworthy aspect of yesterday's CFTC meeting: Commissioner Michael Dunn expressed skepticism about the need for position limits.
"This is newsworthy because Dunn is a Democrat who is widely viewed as a swing vote on the Commission . . . Dunn has a very, very solid basis for his skepticism. Indeed, he echoed a theme I have hammered on for a long time: the lack of any evidence that speculation has actually distorted prices . . . So it's encouraging to see Commissioner Dunn see that the lack of evidence is indeed a problem. It's particularly encouraging to see him do so on a day when a group of eight senators put out an evidence-free statement demanding that the commission act to impose limits."
Publication
Streetwise Professor
Date
January 12, 2011
Cross References (links may require a Cabinet subscription)
Dodd-Frank Act, Title VII, Sec. 735
CEA Secs. 2(h)(8) 5
17 CFR Parts 1, 16, and 38