Dianne Feinstein: “This amendment closes a major loophole which allows energy trades to take place electronically, in private, with no…”

“This amendment closes a major loophole which allows energy trades to take place electronically, in private, with no transparency, no record, no audit trail, or any oversight to guard against fraud and manipulation. This amendment will close a loophole created in 2000 when Congress passed the Commodity Futures Modernization Act which exempted energy and metals trading from regulatory oversight and excluded them completely if the trade was done electronically. Today, if there is no delivery of physical energy, there is no price transparency.”