Political winds have been swirling in Washington as a host
of issues, from OTC regulation of energy markets and funding to
filling vacant seats at Commodity Futures Trading Commission
(CFTC), have become prioritised for 2007. This has led
observers to express doubt over the agency's ability to keep
pace with the ever expanding futures market.
Such unresolved issues have left the agency somewhat in
financial as well as regulatory limbo as CFTC continues to wait
for reauthorisation. The new Congress, now majority ruled in
both the US House of Representatives and Senate, is honing in
on several key items relating to CFTC.
Senetor Dianne Feinstein has once again resurrected her bill
to add further oversight of the OTC energy markets by CFTC. The
bill has called for more trading information to be reported to
the agency. Feinstein's bill has been complemented in large by
a house bill developed by representative Bart Stupak. Stupak's
bill is also focused on OTC energy, manipulation and greater
reporting of positions on such markets.
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