House to consider Etheridge's ideas

ryanteaguebeckwith — Thu, 24 Jul 2008 09:46:24 -0400

U.S. Rep. Bob Etheridge's suggestions to control excessive speculation on the oil futures market will be included in a bill being considered today in the House Agriculture Committee.

The Lillington Democrat had wanted to:

* require the government watchdog agency, the Commodities Futures Trading Commission, to hire 100 additional investigators,

* close the so-called "London loophole" that allows traders to operate on a foreign market with no United States oversight, and

* require more transparency and disclosure from speculative traders on the oil futures markets.

Many experts have blamed excessive speculation on the oil futures market for at least some of the run-up of oil prices in recent months, and Democrats are pushing to pass oversight legislation before the August recess, Barb Barrett reports.

The bill is expected to pass the Agriculture Committee today; it then goes to the full House.