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View Diary: Ending Government Subsidies for Big Oil (76 comments)

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  •  I couldn't find a bill #, though The bill has (2+ / 0-)
    Recommended by:
    cany, Amber6541

    a number of Senate sponsors and is being introduced in the House as well.

     Here are the provisions however:

      This legislation mandates that the Chairman of the CFTC take immediate actions to eliminate excessive oil speculation within two weeks.

    1) Our bill requires the Chairman of the CFTC to establish speculative oil position limits equal to the position accountability levels that have been in place at the New York Mercantile Exchange since 2001.

    2) Our bill requires the Chairman of the CFTC to double the margin requirements on speculative oil trading so that Wall Street investment banks back their bets with real capital.

    3) Under our bill, Goldman Sachs, Morgan Stanley, and other Wall Street investment banks engaged in proprietary oil trading would be classified as speculators, instead of bona-fide hedgers; and

    4) The Chairman of the CFTC would be required under this bill to take any other action necessary to eliminate excessive speculation and ensure that the price of oil accurately reflects the fundamentals of supply and demand.

       

    "We the People of the United States...." -U.S. Constitution

    by elwior on Sat Mar 24, 2012 at 03:57:24 PM PDT

    [ Parent ]

    •  Maybe I can find it on Thomas.org (1+ / 0-)
      Recommended by:
      elwior

      202-224-3121 to Congress in D.C. USE it! You can tell how big a person is by what it takes to discourage them. "We're not perfect, but they're nuts."--Barney Frank 01/02/2012

      by cany on Sat Mar 24, 2012 at 04:06:51 PM PDT

      [ Parent ]

      •  errrrr thomas.gov. (2+ / 0-)
        Recommended by:
        Amber6541, elwior

        202-224-3121 to Congress in D.C. USE it! You can tell how big a person is by what it takes to discourage them. "We're not perfect, but they're nuts."--Barney Frank 01/02/2012

        by cany on Sat Mar 24, 2012 at 04:07:28 PM PDT

        [ Parent ]

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