October 22, 2007
Snowe calls for stricter energy trading oversight
A federal Government Accountability Office study released Friday and commissioned by Senator Olympia Snowe found that increased market speculation and a lack of governmental oversight contributed to recent record-high energy costs.
Snowe has submitted legislation to address oversight inequities cited in the study, including requiring electronic traders to retain records and supply them to the federal government upon request, according to a press release. The report, "Commodity Futures Trading Commission: Trends in Energy Derivatives Markets Raise Questions about CFTC's Oversight," was released on Friday and is available here.
"As we approach the winter months and families are already struggling to heat their homes, it is incumbent on this Congress to heed the GAO's call to consider whether the current regulatory structure provides adequately for fair trading and accurate pricing of energy commodities," Snowe said in the press release.
Snowe has submitted legislation to address oversight inequities cited in the study, including requiring electronic traders to retain records and supply them to the federal government upon request, according to a press release. The report, "Commodity Futures Trading Commission: Trends in Energy Derivatives Markets Raise Questions about CFTC's Oversight," was released on Friday and is available here.
"As we approach the winter months and families are already struggling to heat their homes, it is incumbent on this Congress to heed the GAO's call to consider whether the current regulatory structure provides adequately for fair trading and accurate pricing of energy commodities," Snowe said in the press release.
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