Political Quotes

“Mr. Chair, I rise in support of the DeLauro amendment. The underlying bill slashes Commodity Futures Trading Commission funding to levels well below what is needed to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank will ensure the CFTC receives information on swap trading and it also directs the CFTC to set position limits on swaps and futures. These provisions are crucial to monitoring and understanding the role of speculation in the energy commodity markets. Oil rose above $140 per barrel in the summer of 2008, only to fall below $40 per barrel six months later. The prices of commodities rise and fall; however, it is difficult to explain a 70 percent price drop without wondering about the role of speculators. Just 10 years prior to that oil shock, in 1998, hedgers--producers or commercial users of commodities who use the markets to offset price risk--outnumbered speculators by a ratio of three to one. Now speculators outnumber hedgers by a ratio of four to one. CFTC Commissioner Barton Chilton feels that the increased amount of speculation in the market is a reason to put limits on speculation.…”