Energy and Water Dvelopment Appropriations Act, 2006--Continued
ENERGY AND WATER DEVELOPMENT APPROPRIATIONS ACT, 2006--Continued
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REGULATORY OVERSIGHT OF ENERGY FUTURES MARKETS
Ms. CANTWELL. Mr. President, I rise today to discuss regulatory oversight of energy futures markets. Would the distinguished chairman of Agriculture Committee engage me and the Senator from California, Mrs. FEINSTEIN, in a colloquy on this subject?
Mr. CHAMBLISS. I would be pleased to enter into such a colloquy.
Ms. CANTWELL. Senators FEINSTEIN, LEVIN, and I have raised serious concern about off exchange futures transactions in energy commodities under the jurisdiction of the Commodity Futures Trading Commission. In the wake of the Western energy crisis, we believe that there needs to be adequate Federal authority over these energy markets and that they be more transparent in order to prevent fraud and manipulation.
Mrs. FEINSTEIN. It is our understanding that the Agriculture Committee is considering a CFTC proposal to clarify that its antifraud authority in the Commodity Exchange Act clearly covers principal-to-principal off exchange transactions and a second CFTC proposal to clarify its existing authority to bring civil and administrative actions, including false reporting cases. We would also hope that the committee would add language to clarify that exempt energy transactions are subject to the CFTC's antimanipulation and false reporting authorities.
It is our hope that the Agriculture Committee will include these proposals in legislation when reauthorizing the CFTC this year. However, should the committee report a mark that does not include similar provisions when placed on the Senate Calendar, we would like assurances from the chairman of the Agriculture Committee that we will have the ability to offer an amendment to address these issues when this bill is considered by the full Senate.
Mr. CHAMBLISS. I am willing to consider your proposals as part of the reauthorization of the Commodity Exchange Act. In addition, you have my assurance that I will work with the leadership to accommodate the Senators' desire to address these issues when this matter comes before the full Senate.
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