[Congressional Record Volume 154, Number 130 (Friday, August 1, 2008)]
[Extensions of Remarks]
[Pages E1645-E1646]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     COMMODITY MARKETS TRANSPARENCY AND ACCOUNTABILITY ACT OF 2008

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                        Wednesday, July 30, 2008

  Ms. McCOLLUM of Minnesota. Mr. Speaker, I rise today in support of 
the Commodity Markets Transparency and Accountability Act of 2008 (H.R. 
6604). I commend Chairman Peterson for his hard work on this 
legislation, which will help curtail the rising oil prices through 
curbing excessive speculation in commodity futures markets.
  High gasoline prices are burdening American families every day. The 
conversation on addressing our energy challenge has focused largely 
around factors of supply and demand. However, the rise in the price of 
oil cannot be attributed to any one factor. Burgeoning world oil 
demand, collusive practices of OPEC nations, the weakening dollar, and 
possible excessive speculation in the energy futures market are all 
potential contributors to the problem.
  Though we cannot say with certainty whether speculation is driving up 
the price of oil, Department of Energy officials have observed that the 
magnitude of price increases is unlikely to result from supply and 
demand forces alone. They have pointed to excessive speculation as a 
likely contributor to inflated oil prices. In the face of this 
possibility, Congress should act now, without disrupting healthy market 
activity, to close loopholes and prevent excessive speculation from 
driving up prices and increasing hardship for American families.
  The Commodity Markets Transparency and Accountability Act enhances 
the regulatory capacity of the Commodity Futures Trade Commission 
(CFTC). Through increased staffing, closing corporate loopholes, and 
setting position limits for individuals, CFTC will be better equipped 
to address the problem of high energy prices that are burdening 
American families. The Commodity Markets Transparency and 
Accountability Act also directs the Government Accountability Office to 
conduct a detailed study of speculators' effects on agriculture and 
energy futures markets and prices. Along with acting proactively to 
prevent potential excessive speculation today, this bill will allow for 
a better understanding of what the effects of speculation have actually 
been.

[[Page E1646]]

  The Commodity Markets Transparency and Accountability Act takes bold 
steps to curb excessive speculation that may be contributing to the 
hardships American families are facing today. I urge my colleagues to 
support this bill.

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