FOR IMMEDIATE RELEASE
Thursday, February 25, 2016
Contact: Shanessa Bryant, 202-618-6433 or email@example.com
Biased Industry-stacked CFTC Advisory Committee Should Be Ignored
Washington, DC — Better Markets President and CEO Dennis Kelleher released the following statement regarding today’s meeting of the CFTC’s Energy and Environmental Markets Advisory Committee and its report on position limits to rein in excessive speculation:
“Every American pays more for gas, heating oil and cereal than they have to due to unregulated excessive speculation in the commodities markets. That’s why the law requires the CFTC to stop it. But, the CFTC has let the industry fox into the public interest henhouse in the CFTC’s Energy and Environmental Markets Advisory Committee where 90% of the membership is industry representatives. Unsurprisingly, a report being released today by that industry-dominated Committee recommends that the CFTC act in a way that maximizes their lucrative commodities businesses rather stopping excessive speculation as the public interest requires. For the reasons detailed in a minority report by the lone pubic interest representative on the Committee, such a biased industry-stacked Committee should be ignored and the CFTC should do what the law requires and what American consumers need and deserve: stopping excessive speculation now.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.