Statement on H.R. 6604, the Commodity Markets Transparency & Accountability Act
U.S. Representative Tom Allen issued the statement below regarding H.R. 6604, the Commodity Markets Transparency & Accountability Act.
"I voted for this legislation to close a loophole that allows international speculators to evade regulation and drive up prices of commodities including oil. The spikes in oil prices this summer, the failures of financial institutions like Bear Stearns and Lehman Brothers and the recent taxpayer funded bailouts of FannieMae, FreddieMac and AIG have demonstrated how deregulation and lax oversight can result in economic havoc from Wall Street to Main Street. Families and small businesses in Maine and across America work hard, and they deserve leadership to change the policies of the last eight years that created these conditions. They demand that Congress protect them from greedy speculators whose actions send fuel prices soaring, put people's retirement savings at risk and otherwise seek short term profit by undermining our economic security."