House Bill Directs CFTC To Use Emergency Powers

Law360, New York (June 27, 2008, 12:00 AM EDT) -- The U.S. House of Representatives passed legislation Thursday directing regulators of U.S. commodity markets to employ their emergency authority to investigate and curb excessive speculation in the energy markets, which some have blamed for skyrocketing oil prices.

H.R. 6377, the Energy Markets Emergency Act, passed by a vote of 402-19, directs the Commodity Futures Trading Commission to take the necessary steps to stop excessive speculation, which could include imposing new position limits, increasing margin requirements or other corrective action.

“Excessive speculation is driving up energy costs...
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