Oversight of Speculation Prompts CFTC
May 29, 2008
03:15 PM
Today, Chairman Bingaman welcomed the news that the CFTC has responded to a series of concerns raised in a letter he sent to Acting Chairman Lukken about the reasons for soaring energy prices.
“I am pleased that the Energy Committee’s continued oversight of speculation in oil markets, and the gaps in information and regulatory enforcement that we have uncovered, are at last getting attention by the Commodity Futures Trading Commission. The steps announced today by the Commission should help it answer the detailed questions I sent to the Acting Chairman earlier this week on oil trading in dark markets, regulatory loopholes for swap dealers, and lack of transparency requirements. I look forward to receiving the Commission’s full response to my questions.
“I also look forward to inviting the Acting Chairman to testify before the Committee at a future hearing on how these announced steps will concretely address my concerns that the Commission lacks a robust understanding of the oil market. I will continue to press for the increased regulation and transparency needed to ensure that oil markets are functioning properly.”
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