On the Issues
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ENERGY DERIVATIVES Senator Levin has co-sponsored bipartisan legislation to remove the so-called "Enron exemption" and prohibit fraud and manipulation in over-the-counter energy markets. This legislation would also give the federal government the tools to monitor these markets to prevent fraud and manipulation. Recent federal investigations into western power markets uncovered pervasive fraud and manipulation in energy markets. A yearlong investigation by the Senate Permanent Subcommittee on Investigations, under Senator Levin’s direction, found that manipulation in unregulated over-the-counter crude oil markets is difficult to detect because of inadequate disclosure and oversight. The legislation Senator Levin is co-sponsoring would close the loopholes that enable some traders to manipulate the energy markets without detection. |
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