Daniel Reilly, 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today on President Obama's plan to to crack down on price manipulation and to increase oversight of the oil market:
“In announcing new steps today to crack down on price manipulation and to increase oversight of the oil market, President Obama is continuing his pursuit of an all-of-the-above strategy to combat rising gasoline prices. Among the steps laid out by the President this morning is ensuring that the Commodity Futures Trading Commission (CFTC) has all the resources it needs to prevent illegal market manipulation. Doing so will contribute to our long-term energy security and help reduce costs to consumers. Yet, House Republicans passed a budget that slashes funding for the CFTC.
“The President’s announcement builds on the landmark Dodd-Frank Wall Street reform legislation, which includes provisions to help prevent individual traders from singlehandedly manipulating the oil market. Congress ought to provide the funds the President has requested so the CFTC can properly oversee oil trading and act to impose tougher civil and criminal penalties for those who break the law. Democrats will continue to work with the President to address this important issue.
“President Obama and Democrats in Congress remain committed to a comprehensive energy strategy that includes greater domestic production, stronger market oversight, and investments in energy efficient technologies. I continue to call on Republicans to work with us on an all-of-the-above approach as the summer approaches, rather than their drill-only strategy that does not address our problems in a serious way.”