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SENATORS PRESS CFTC TO CURB EXCESSIVE SPECULATION

Senators Bill Nelson (D-FL) and Maria Cantwell (D-WA), along with six other Senators, sent a letter to Commodity Futures Trading Commission Chair Gary Gensler earlier this week, urging the agency to “quickly and aggressively enact regulations aimed at curbing excessive speculation in commodity markets.”  They specifically implored Gensler to “reject requests to exempt broad categories of derivatives, or to broaden the definition of bona fide hedging to include investment-related hedging.”  The Senators would like the CFTC to set position limits for commodity derivatives, but Chairman Gensler has said in the past that the CFTC “does not set or regulate prices,” but rather is charged with ensuring that commodity markets are “fair and orderly to protect the American public.”  The CFTC will be holding its next meeting (the ninth) to discuss crafting Dodd-Frank regulations on Thursday, January 20th.

The six other signatories to the Nelson/Cantwell letter were Sen. Bernard Sanders (I-VT), Sen. Carl Levin (D-MI), Sen. Robert Menendez (D-NJ), Sen. Patty Murray (D-WA), Sen. Sheldon Whitehouse (D-RI), and Sen. Ron Wyden (D-OR).

Topics From Full Report Include:
CHAMBER SEEKS TAX REFORM, DELAYED IMPLEMENTATION OF REG REFORM
IMPACT OF VOLCKER CONTINEUS TO BE FELT WELL IN ADVANCE OF THE IMPLEMENTATION OF THE RULE
SEC BEGINS LARGE PROBE INTO PRIVATE PLACEMENTS
SENATORS PRESS CFTC TO CURB EXCESSIVE SPECULATION
LEVIN URGES CFTC TO FOCUS ON TRADING ORDERS AND CLARIFY ITS AUTHORITY
SEC WHISTLEBLOWER PROGRAM VULNERABLE TO BUDGET CUTS
MASSACHUSETTS COURT ISSUES IMPORTANT FORECLOSURE RULING
MUTUAL FUNDS MONEY FUND INDUSTRY REMAINS OPPOSED TO FLOATING NAV; SUPPORTS LIQUIDITY FACILITY
UPCOMING HEARINGS

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