Under the Dodd-Frank financial reform law of 2010, the Commodity Futures Trading Commission (CFTC) has a duty to curb excessive gambling in the markets for food, fuel, and other commodities. Wall Street speculators are fighting these efforts every step of the way.
Please take a few minutes to urge the CFTC to insist on strong rules against excessive gambling in the commodities markets. (You can be sure the commission has heard plenty from the gamblers!)
The CFTC’s rulemaking has already been delayed for two years by an industry lawsuit. Now the commission is once again working on “position limits” to curtail Wall Street commodities speculation. Done right, these rules would limit the size of the speculative positions that commodity traders could hold, prevent price manipulation by big banks, oil companies, and others, and reducing the risk of a speculative bubble in commodities. But Wall Street traders in these markets are pushing hard to delay and weaken the rules.
The CFTC needs to hear from everyday consumers, not just from Wall Street. Remind the commissioners that they have a responsibility to get this rule done and do it right.
Tell the CFTC to move ahead with strong position limits to curb excessive speculation.
According to Goldman Sachs, energy-market speculation increases the price of a gallon of gas by 65 to 70 cents – and if anyone would know it would be the people responsible.