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GOP admits speculation is helping boost oil prices, moves to gut speculation watchdog anyway
The Commodity Futures Trading Commission (CFTC) “” which is charged with policing the country’s futures markets “” said last week that speculation on energy futures, including oil, is at an all-time high. The Dodd-Frank financial reform law gave the CFTC the ability to issue limits on oil speculation, but agency missed the deadline for implementing the new rules, partly due to reluctance from conservative members of the CFTC board (which is a problem President Obama can address in June).
But even if the CFTC were stepping up, budget cuts favored by House Republicans would render market oversight vastly more difficult, as WonkRoom explains.
