Tom Harkin: “I join Senator Feinstein as a cosponsor of her amendment to strengthen Federal oversight of energy markets. I strongly…”

“I join Senator Feinstein as a cosponsor of her amendment to strengthen Federal oversight of energy markets. I strongly support the amendment's provisions enhancing the ability of the Commodity Futures Trading Commission to investigate and punish fraud and manipulation in over-the-counter markets in energy derivatives and derivatives based on other "exempt commodities" under the Commodity Exchange Act. As chairman of the Committee on Agriculture, Nutrition and Forestry during the last Congress, I held a hearing on the scope of the CFTC's authority to insure market transparency and prevent fraud and manipulation in markets in OTC derivatives based on "exempt commodities," such as energy and metals, following passage of the CFMA. Following that hearing, Senator Lugar and I worked closely with Senator Feinstein on an earlier version of this amendment to improve it. At the beginning of the 108th Congress, Senator Feinstein introduced S. 509, incorporating the work we did within the Agriculture Committee last summer and fall.”