Amendment to fund CFTC fails in House

Today, Congresswoman Rosa DeLauro (D-CT) offered an amendment to energy legislation on the House floor to provide the Commodity Futures Trading Commission (CFTC) with the funds necessary to comply with their increased oversight of the derivatives markets.  Under the Wall Street Reform and Consumer Protection Act (Dodd Frank), the CFTC is required to provide more oversight of the derivatives market and implement rules to ensure adequate market transparency and reporting requirements.  The unregulated derivatives market is where market manipulators and Wall Street gamblers successfully drove the price of oil up to $140 per barrel in 2008.  Oil speculation has been an important issue for pilots and our employers for years and we continue to push back against the efforts of multinational banks to weaken the Wall Street Reform and Consumer Protection Act and the CFTC.  Unfortunately, the amendment failed – you can see how your member of Congress voted here http://clerk.house.gov/evs/2012/roll408.xml

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