Markey: Speculation Bill Sends Wall Street Cops Back on the Beat
FOR IMMEDIATE RELEASE
Contact: Select Committee, 202-225-4081
Markey: Speculation Bill Sends Wall Street Cops Back on the Beat
WASHINGTON (September 18, 2008) – Chairman Edward J. Markey (D-Mass.) of the Select Committee on Energy Independence and Global Warming issued the following statement on the House passage of the Commodity Markets Transparency and Accountability Act by a vote of 283 to 133:
“Whether it’s the housing market, AIG, or oil traders run amok, Wall Street has lost its direction, and so has our economy. This legislation puts the financial cops back on the beat on Wall Street, which will help bring economic security back to Main Street.
“Just today, we saw how speculation can toy with markets. Oil spiked above $100, and then fell again, as traders moved in massive, collective swings. When speculation in commodities like oil can have very real effects on American consumers at the pump, it is essential that we make the markets fair and transparent.
“Today’s legislation moves America towards a more fair and transparent market system, and will provide relief to families, truckers, airlines and anyone who pumps gas into a tank.”
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The House Select Committee on Energy Independence and Global Warming was formed by House Speaker Nancy Pelosi (D-CA) to increase the visibility and priority given to America's oil dependence and global warming challenges. It is chaired by Rep. Edward J. Markey (D-MA) and will actively explore the solutions, science and progress on these pressing issues during the 110th Congress.
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