Congresswoman Tammy Baldwin is calling on federal regulators to do their job and protect consumers from those on Wall Street who are selfishly driving up the price of gasoline.
On Monday, Baldwin joined more than 60 Members of Congress, Senators and Representatives, in a letter to the members of the Commodity Futures Trading Commission (CFTC) calling for their immediate action to curb excessive speculation in the oil futures market that has driven up the cost of fuel at the pump. The CFTC has yet to implement strict speculation limits to eliminate, prevent or diminish excessive oil speculation as required by the Wall Street Reform and Consumer Protection Act.
"The same Wall Street speculators who helped drive our economy into a ditch are now at work in the energy sector," said Baldwin. "Their actions hit middle class families hard at a time when they can least afford it. It's the CFTC's job to protect the public from high rollers who think they're above the law. Thanks to Democrats in Congress, we have regulations in place to end excessive speculation. The CFTC must enforce them, period," Baldwin said.
Baldwin blasted Republicans for refusing to fight for middle class consumers, caring more about their friends on Wall Street and supporters in Big Oil. Just today, House Republicans voted down a measure that would empower the Federal Trade Commission and state attorneys general to institute penalties for fuel price gouging.