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House Passes Commodity Oversight Bill

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Anonymous

Guest
FOR IMMEDIATE RELEASE Media Contact:
Thursday, September 18, 2008 Scott Kuschmider (202) 225-1496
[email protected]

House of Representatives Approves Bill to Strengthen Oversight of Futures Markets

Bipartisan Measure Increasing Market Transparency Passes 283-133


WASHINGTON - Today, the House of Representatives voted to approve a bipartisan bill to increase the transparency, oversight, and
anti-manipulation authority over commodity futures and options markets. The House overwhelmingly passed H.R. 6604, the Commodity
Markets Transparency and Accountability Act of 2008, a bill sponsored by House Agriculture Committee Chairman Collin C. Peterson of
Minnesota, by a vote of 283-133.


H.R. 6604 strengthens trader position limits on oil and other futures markets as a way to prevent potential price distortions caused
by excessive speculative trading. It directs the CFTC to get a clearer picture of the over-the-counter (OTC) markets, and it calls
for new full-time CFTC staff to improve enforcement, prevent manipulation, and prosecute fraud.

"Commodities markets have seen significant changes in recent years," Chairman Peterson said. Trading volume is at record levels,
tradable products are more complex, and an unexplained lack of convergence between futures and cash prices in some contracts has
called into question the effectiveness of these markets as a source of price discovery and risk management. I am proud that we could
work across party lines today to pass this bill which will bring much-needed transparency to commodities and futures markets for the
benefit of producers, processors and consumers."

Provisions included in the Commodity Markets Transparency and Accountability Act would:

. Require foreign boards of trade to share trading data and adopt speculative position limits on contracts that trade U.S.
commodities similar to U.S.-regulated exchanges.
. Require the CFTC to set trading limits for all agricultural and energy commodities, in order to prevent excessive speculation.
. Limit eligibility for hedge exemptions to bona-fide hedgers.
. Codify CFTC recommendations to improve transparency in dark markets by disaggregating index fund and other data in energy and
agricultural markets as well as requiring detailed reporting from index traders and swap dealers.
. Call for a minimum of 100 full-time CFTC employees to enforce manipulation and prevent fraud. Despite record trading volume in the
futures and options markets, CFTC staffing is at its lowest level since the agency was created in 1974.
. Authorize CFTC to take action if it finds disruption in over-the-counter markets for energy and gas.
. Require the CFTC to study the effectiveness of establishing position limits in over-the-counter markets.

Congressional oversight of commodity futures trading is under the jurisdiction of the House Agriculture Committee, chaired by
Congressman Peterson. The Committee approved H.R. 6604 by voice vote on July 24, 2008. It was brought to the House floor on July
30 under suspension of House rules, but it did not receive the two-thirds majority needed to pass.

Previous Committee action on H.R. 6604 and a summary of the bill's provisions can be found on the House Agriculture Committee
website at http://agriculture.house.gov/inside/legislation.html.
 
A

Anonymous

Guest
Looks like the Repub Congressmen are telling Bush where to stick it :wink: :D

Maybe they went home and caught some heat from the folks at home for doing nothing...And I'm sure the implosion of our economy has shown everyone how crooked, corrupt, and incompetent this Administration is/has been.... :(

This is the same Speculation bill they tried to pass before in July- but all the Repubs changed their vote after the leadership got a call from Bush....
 

Sandhusker

Well-known member
Oldtimer said:
Looks like the Repub Congressmen are telling Bush where to stick it :wink: :D

Maybe they went home and caught some heat from the folks at home for doing nothing...And I'm sure the implosion of our economy has shown everyone how crooked, corrupt, and incompetent this Administration is/has been.... :(

This is the same Speculation bill they tried to pass before in July- but all the Repubs changed their vote after the leadership got a call from Bush....

I'm glad they're addressing the problem. The markets are supposed to bring order, not disorder, and that is what was happening.
 
A

Anonymous

Guest
.Frankie said:
Oldtimer said:
Looks like the Repub Congressmen are telling Bush where to stick it :wink: :D

Maybe they went home and caught some heat from the folks at home for doing nothing...And I'm sure the implosion of our economy has shown everyone how crooked, corrupt, and incompetent this Administration is/has been.... :(

This is the same Speculation bill they tried to pass before in July- but all the Repubs changed their vote after the leadership got a call from Bush....[/quote]

For the heck of it back it up. Or is this just your liberal biased lying ways?

Well heres the e-mail I received (and posted on here and the Bull Sessions) on July 30th....

I received this e-mail from the House Ag committee on the status of H.R. 6604, the Commodity Markets Transparency and Accountability Act of 2008......

House Agriculture Committee Chairman Collin C. Peterson of Minnesota released the following statement today regarding the floor vote
on H.R. 6604, the Commodity Markets Transparency and Accountability Act of 2008:

"With the support of more than 290 Members of Congress, including more than 75 Republicans, H.R. 6604 was well on its way to being
passed over the two-thirds vote requirement, sending a clear signal that transparency and enforcement would return to the
commodities and futures markets. Then Republican leadership demanded that Members change their votes in order to protect President
Bush
.


H.R. 6604 is a bipartisan bill that passed the Agriculture Committee by voice vote. It is the product of a comprehensive series of
hearings to examine the issues surrounding futures trading from all sides. And it clearly has enough support to pass this House.
We will continue to pursue meaningful steps to address the conditions that have thrown some futures markets into disorder and hope
that Members will have the courage of their convictions to join us."


The U.S. House Committee on Agriculture web site http://agriculture.house.gov has additional information on this and other subjects.

Here is the bill:
http://www.washingtonwatch.com/bills/show/110_HR_6604.html
 

Texan

Well-known member
So you're passing off a statement from a Democrat Congressman as being factually correct? Like it's some kind of unbiased news report?

And even if we assume that the statement is true - and I don't - where does it say anything about a "call from Bush"?

Oldtimer said:
...all the Repubs changed their vote after the leadership got a call from Bush....
 
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