U.S. Rep. Bob Etheridge (D-Lillington) will hold a press conference at a Raleigh gas station today (The Pantry at 2506 S. Sanders Street and I-40) at 10:00 a.m. to announce legislation he has authored that aims to prevent manipulation and excessive speculation in energy markets.
Etheridge is the Chair of the Subcommittee on General Farm Commodities and Risk Management of the House Agriculture Committee, which oversees the Commodity Futures Trading Commission. The CFTC oversees futures trading on U.S. exchanges.
The CFTC is currently investigating whether market manipulation is causing the recent dramatic increase in energy prices. However, the CFTC is severely understaffed. Etheridge’s bill would provide the CFTC with more resources and staff. It would also give the CFTC greater authority over trading in overseas futures markets and would require more transparency from investors.