Written on: July 17, 2013 by ICM
The NEFI-led Commodity Markets Oversight Coalition (CMOC) will testify before a powerful Senate committee at 2:30pm ET today (Wednesday, July 17th) on the need for greater oversight of commodity futures & swaps markets and for greater protections for commodity hedgers.
The Senate Agriculture Committee is holding the hearing to solicit input from stakeholders as it drafts new legislation to reauthorize the Commodity Futures Trading Commission (CFTC). The committee has jurisdiction over all issues relating to commodities trading including the futures, options and swaps markets for oil, gasoline, diesel fuel, heating oil and natural gas. Commodity trading rules & regulations secured as part of the 2010 Dodd-Frank Act could be modified by Congress in the forthcoming CFTC Reauthorization Act.
In its testimony, the CMOC will reiterate the need for transparent, stable and accountable commodity markets. It will urge Congress to strengthen (not weaken) reforms secured in the Dodd-Frank Act, many of which are in the final stages of implementation. The coalition will also press for (1) robust new prohibitions on and penalties for fraud and manipulation; (2) stronger limits on excessive speculation and (3) greater protections for commodity hedgers. It will also argue that energy prices continue to be disconnected from supply and demand fundamentals and that the federal government must get to the bottom of this problem and take immediate action.
Mr. Gene Guilford will represent the coalition before the committee. Guilford is a member of the NEFI Board of Directors, serves as Federal Policy Counsel for the Connecticut Energy Marketers Association and has been active in CMOC since its inception. Last year, Guilford delievered similar testimony before the Democratic Caucus in the House of Representatives.
Hearing details, a complete list of witnesses and testimony, and streaming video can be found online here.
