WASHINGTON (MarketWatch) — A bill that would put new limits on speculative trading in energy commodities failed to get the required two-third majority of votes to pass the House on Wednesday.
The vote was 276 to 151. The Commodity Markets Transparency and Accountability Act would boost staffing at the Commodity Futures Trading Commission and require the agency to limit the positions of speculators in energy and agricultural commodities.
Most Republicans objected to the bill, preferring to pass legislation to open the outer continental shelf and other off-limits areas to energy exploration.
By Rex Nutting
July 30, 2008
Source: Market Watch
Tags: bill, Commodities, Economy, Futures, market, market manipulation, Politics, Republicans, Speculators
August 14th, 2008 at 8:35 am
[...] wellbeing of our citizenry and this is a case where the government should step in. Sadly, this bill did not pass and you can fully expect gas to start going back up in price in a few months [...]