CFTC, Congress Seek Answer To "Enron Loophole"

Law360, New York (September 19, 2007, 12:00 AM EDT) -- In the ongoing dialog over how to prevent energy price manipulation, the Commodity Futures Trading Commission heard testimony Tuesday on the heels of the introduction in the Senate of a bill that would boost the agency's oversight of unregulated exchanges.

Ever since 2000's passage of the Commodities Futures Modernization Act, electronic exchanges like the InterContinental Exchange Inc. have been left unregulated, thanks to the so-called Enron loophole, while exchanges like the New York Mercantile Exchange remain subject to oversight. The bill that Sen. Carl Levin (D-Mich.)...
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