Political Quotes

“Madam President, this amendment is cosponsored also by Senators Levin and Cantwell. The Dodd-Lincoln bill, as currently drafted, takes major steps to reform the $600 trillion derivatives market. I don't think people understand how big this market is. It would require every trade to be reported in real time to the Commodity Futures Trading Commission. It would require that all cleared contracts be traded on an exchange or on a swap execution facility, therefore, guaranteeing transparency. It would require that speculative position limits be set in aggregate for each commodity instead of contract by contract--to assure effectiveness. It would require foreign boards of trade to adhere to minimum standards comparable to those in the United States, including reporting requirements. The provision is designed to address the underlying problem of the so-called London loophole. I very much support these positions. However, I am very concerned that the bill doesn't go far enough to address the London loophole. This loophole has allowed for the trading of United States energy commodities, such as crude oil, on foreign exchanges, without oversight from the United States regulators. This means 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, such as commodities exchanges in London, Dubai, or Shanghai.…”