Bilbray Votes to Increase Transparency in Energy Markets

(Washington D.C.)- Rep. Brian Bilbray today joined with 215 Democrats and 61 Republicans in supporting H.R. 6604, the Commodity Markets Transparency and Accountability Act.  The bipartisan measure, which sought to increase transparency, oversight, and anti-manipulation authority over our energy markets, fell 15 votes shy of the 291-vote threshold needed to pass the House of Representatives.

“During a time when the rising cost of gas prices is having a significant effect on our pocketbooks, Congress needs to take immediate action to ensure speculation is not driving up America’s fuel costs,” said Congressman Bilbray.  “Moving forward, Congress needs to put politics aside and work together to support innovative energy resources, bolster our domestic energy supply and renew critical energy tax credits set to expire at the end of the year.”

Provisions included in The Commodity Markets Transparency and Accountability Act would:

• Require foreign boards of trade to share trading data and adopt speculative position limits on contracts that trade U.S. commodities similar to U.S.-regulated exchanges. 
   
• Require the Commodity Futures Trading Commission (CFTC) to set trading limits for all agricultural and energy commodities, in order to prevent excessive speculation. 
   
• Limit eligibility for hedge exemptions to bona-fide hedgers. 
   
• Codify CFTC recommendations to improve transparency in dark markets by disaggregating index fund and other data in energy and agricultural markets as well as requiring detailed reporting from index traders and swap dealers. 
   
• Call for a minimum of 100 full-time CFTC employees to enforce manipulation and prevent fraud. Despite record trading volume in the futures and options markets, CFTC staffing is at its lowest level since the agency was created in 1974. 
   
• Authorize CFTC to take action if it finds disruption in over-the-counter markets for energy and gas. 
   
  

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