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CFTC nominee vows to press for curb in commodities speculation

Posted on 07 March 2014

Timothy Massad, President Barack Obama’s nominee to head the Commodity Futures Trading Commission, told lawmakers he would “make it a priority” to finalize a rule aimed at curbing speculation by Wall Street traders in certain commodity contracts.
At his confirmation hearing before the Senate Agriculture Committee, Mr. Massad gave assurances the CFTC would pass a “position limits” rule, which was included in the 2010 Dodd-Frank law. He also deflected CFTC responsibility for overseeing investments by Wall Street banks in physical commodities such as oil and aluminum, saying the issue is “largely outside the jurisdiction of the CFTC.”……………………………………….Full Article: Source


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