FOR IMMEDIATE RELEASE: May 29, 2008
Congressman Larson said,
“I’m glad the CFTC is
finally stepping up to its responsibilities and taking action to regulate and
monitor the energy markets. In Congress,
I, along with my Democratic colleagues, have been calling for the CFTC to
prevent and prosecute abuses in the markets.
I’ve seen the impact that manipulation in the futures markets is having
on the prices we pay at the pump. The
CFTC must do its part to protect the American consumer. I am glad it is beginning to heed this call.
“The CFTC’s
announcement today is part of the solution, but not the whole solution. While
this announcement today means the CFTC will finally start to share trading
information with other agencies regulating world markets, it is still not clear
that CFTC is willing to look into the massive amounts of over-the-counter
trades or other transactions that are currently exempted or excluded from their
oversight. I will continue to move forward with my legislation that will take the
speculators out of the markets that the CFTC does not have the authority to
regulate. It is those markets where
trades happen without any oversight, where regulators have no power and where
speculators are going wild driving up costs.
My legislation would require anyone who invests in energy futures in over-the-counter
trades be able to take inventory of the product.
“I heard executives
from the big oil companies admit before a hearing of the House Select Committee
on Energy
For more information on Congressman Larson’s legislation please see the New York Times article here:
http://www.nytimes.com/2008/05/25/business/25maker.html?_r=1&ref=business&oref=slogin
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