Commodity Markets Transparency and Accountability Act of 2008

COMMODITY MARKETS TRANSPARENCY AND ACCOUNTABILITY ACT OF 2008 -- (House of Representatives - July 30, 2008)

Ms. DeLAURO. I rise in support of this bill. It's an important first step to address the concerns of millions of Americans, families and farmers, who feel powerless at the gas station and in the grocery store, sensing that something more than supply and demand is going on, producing breathtakingly high prices.

It's a complex issue. Excessive speculation occurs when the market price for a given commodity no longer accurately reflects the forces of supply and demand. We can point to loopholes and exemptions today that have allowed interested parties and special interests access and information to improperly speculate on the price of energy without oversight.

This bill confronts that speculation. It says to the Commodity Futures Trading Commission this is new authority to gather the information from currently unregulated, over-the-counter energy transactions. If it's improper speculation which is driving up the prices, the agency has the authority to act to reduce that speculation. It's new, long overdue authority that will shed light on once hidden markets.

It makes sure we know who is participating in the markets, to what extent, by requiring detailed trading information from index traders and swap dealers. It works to make sure that only those who are legitimate hedgers can use them.

It brings relief and can bring relief to American families and says to the CFTC: Do your regulatory job.

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