|
|||||
Date: September 18, 2008
|
NEWS RELEASE... |
||||
Rep. Baca Votes to Strengthen Oversight of Oil Futures Markets |
|
|
|||
|
|
Bi-Partisan Bill Strengthens Transparency, Anti-Manipulation Measures Washington, DC – Congressman Joe Baca (D-Rialto) today joined a bipartisan majority in the House of Representatives in passing H.R. 6604, the Commodity Market Transparency and Accountability Act. H.R. 6604 is designed to bring fluctuating commodity and oil trading prices in the futures market under control, and passed the House with a 283 – 133 vote. H.R. 6604 includes the necessary measures for the Commodity futures Trading Commission (CFTC), the governing body that regulates futures trading, to increase transparency, oversight, and anti-manipulation authority over futures and options markets. Provisions included in the legislation would:
“With Californians paying over $3.80 per gallon of gas, Congress must take all steps necessary to curb excessive speculation and lower oil trading prices,” concluded Rep. Baca. “Today’s legislation moves us away from the Bush-Cheney-McCain energy policies of record prices at the pump and record profits for big oil companies, and brings us one step closer to a responsible energy future.” # # # |
|||