Futures Execs Urge Caution In Oil Price Debates

Law360, New York (July 10, 2008, 12:00 AM EDT) -- Commodity futures exchange executives urged congressional lawmakers Thursday to tread carefully in their attempts to craft legislation aimed at curbing excessive speculation in commodities markets.

In testimony presented to the U.S. House of Representatives Agriculture Committee Thursday, James Newsome, chief executive officer of the New York Mercantile Exchange Inc., and Charles Vice, president of Intercontinental Exchange Inc., both cautioned that some suggestions could have unintended consequences.

Congress is under significant pressure from constituents to take action against rising energy prices, as oil hit a record $145...
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