Washington—Senator Dianne Feinstein (D-Calif.) today welcomed the announcement by the U.S. Commodity Futures Trading Commission (CFTC) Commissioner Giancarlo that the Energy and Environmental Markets Advisory Committee will withdraw its report released on February 25, 2016.
The report had recommended that the CFTC weaken or refrain from finalizing its proposed rule on position limits. Feinstein publicly opposed that recommendation, arguing that the Advisory Committee was interfering with the full implementation of the Dodd-Frank financial reform bill.
Feinstein released the following statement:
“The withdrawal of the Advisory Committee’s report was appropriate and should be considered a victory for those of us who want to see commonsense regulations in our commodity markets.
“Today, I renew my call for the CFTC to finalize the rule it proposed to limit speculation in 28 different commodity contracts. The CFTC has a responsibility to prevent manipulation in our markets and fulfill the requirements of Dodd-Frank. With today’s announcement, an obstacle has been removed to achieving that goal.”