Hoyer Statement on Commodity Markets Transparency and Accountability Act

For Immediate Release:

September 18, 2008

Contact:Stacey Farnen Bernards
(202) 225 - 3130

WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today on the Commodity Markets Transparency and Accountability Act:

 
“While Republicans have voted against nearly every piece of energy legislation to come to the House floor, Democrats are busy putting together a 21st-century policy for energy independence. Today, the House took a significant step toward lower gas prices with the passage of the Commodity Markets Transparency and Accountability Act, a bill aimed to control the market speculation that is artificially inflating the price of fuel.
 
“Expert economists agree that unchecked speculation passes high costs directly to American consumers. The bill we have just passed increases market transparency and closes overseas loopholes that have allowed unregulated speculation to thrive. It also strengthens Americas commodities market referee, the Commodity Futures Trading Commission, which is operating at its lowest-ever staffing levels, even as trading volume has increased 8,000 times since it was created.
 
“This bill is just one part of a comprehensive Democratic energy plan, which includes steps to lower gas prices immediately, increased drilling for oil and natural gas, more fuel-efficient cars, and serious investment in the energy technologies of the future. I urge the Senate to take action, so that we can get vital energy legislation to the President’s desk as soon as possible.”

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