Van Hollen, DeLauro Introduce Legislation to Curtail Energy Market Manipulation and Outrageous Gas Prices

Press Release

Congressman Chris Van Hollen (D-MD) and Congresswoman Rosa DeLauro, chairwoman of the Agriculture-FDA Appropriations Subcommittee, today introduced a bill that would squelch the rampant speculation contributing to skyrocketing oil and gas prices. The Energy Markets Anti-Manipulation and Integrity Restoration Act would curtail the explosion of unregulated trading activity currently distorting today's energy markets.

Van Hollen and DeLauro's legislation follows recent congressional testimony linking excessive speculation and possible manipulation in the energy futures market to the recent increase in gas prices that consumers pay at the pump.

"This bill is designed to limit rampant speculation in the energy futures market that is artificially boosting gas prices," Van Hollen said. "We must prevent the kind of market manipulation we saw in the Enron fiasco."

"Everyday at the gas pump A mericans are paying the price for what may be the improper manipulation of today's energy and agricultural futures markets. With the Energy Markets A nti-Manipulation and Integrity Restoration A ct, we will restore balance to the energy marketplace by closing the Enron and Foreign Board of Trade loopholes," said DeLauro, who will be holding an oversight hearing following the 4th of July district work period on the Commodities Future Trading Commission, which is under the jurisdiction of the A griculture A ppropriations Subcommittee, to look at the role commodities traders are playing in rising energy prices."

The Energy Markets Anti-Manipulation and Integrity Restoration Act would:

- Close the so-called Enron loophole by adding energy commodities to the list of items that
cannot be traded on deregulated "exempt commercial markets."

- Close the Foreign Board of Trade (FBOT) loophole by forbidding an exchange from being
deemed an unregulated foreign entity if its trading affiliate or trading infrastructure is in the
U.S. , and it trades a U.S.-delivered contract that significantly affects price discovery.

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