Political Quotes

“I rise to speak in support of an amendment I am offering to the Wall Street reform bill. The Dodd-Lincoln bill, as currently drafted, takes major steps to reform the $900 trillion derivative markets. It would require every trade to be reported in real time to the CFTC; require all cleared contracts to be traded on an exchange or on a swap execution facility; require speculative position limits set in ``aggregate'' for each commodity, instead of contract by contract; and require foreign boards of trade to adhere to minimum standards comparable to those in the United States, including reporting requirements--this provision is designed to address the underlying problem of the so-called London Loophole. I very much support these provisions. However, I am concerned that the bill doesn't go far enough to address the London loophole. This loophole has allowed for the trading of U.S. energy commodities--such as crude oil--on foreign exchanges without strong oversight from U.S. regulators. This means that there is no cop on the beat to shield U.S. oil prices from manipulation or excessive speculation when they are traded in foreign markets, like commodities exchanges in London or Shanghai. The amendment I am proposing would allow CFTC to require foreign boards of trade to register with CFTC, which would give CFTC the enforcement authority it needs.”