“An advisory committee stacked with industry representatives has issued a report advising the Commodities Futures Trading Commission (CFTC) to drop its plans for position limits on commodities.”
“Dennis Kelleher of Better Markets said that “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,” Kelleher said. “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.”
Read the full Corporate Crime Reporter article here.