Tom Harkin: “This bill includes reauthorization of the Commodity Exchange Act. One of the issues addressed in the reauthorization is…”

“This bill includes reauthorization of the Commodity Exchange Act. One of the issues addressed in the reauthorization is the problem of so-called ``rolling spot'' contracts, a type of contract that unscrupulous criminals use to defraud retail customers while avoiding the jurisdiction of the Commission. Because of several adverse court decisions addressing rolling spot contracts used in retail foreign exchange fraud, the Commission has been severely hampered in its efforts to protect consumers. This reauthorization clarifies the jurisdiction of the Commission over these ``rolling spot'' contracts. In addition, because these ``rolling spot'' contracts have begun to be used in other commodities such as metals, this reauthorization clarifies the Commission's authority to address ``rolling spot'' contracts should they spread to other agricultural or exempt commodities.”