Letter to Senators In Support Of the Oil and Gas Traders Oversight Act of 2006
September 29, 2006
The Feinstein proposal would grant the Commodity Futures Trading Commission (CFTC) oversight authority over unregulated futures markets by requiring U.S. energy traders to keep records and report large trades to the CFTC. The CFTC currently has no authority to oversee the trading of energy futures on over-the-counter exchanges, a large and growing market. Legislation bringing transparency and surveillance to the trading of these commodities is critical to the integrity of our price discovery markets.