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Public Statements

Energy Policy Act of 2005

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Date:
Location: Washington, DC


ENERGY POLICY ACT OF 2005 -- (House of Representatives - April 21, 2005)

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Mr. GOODLATTE. Mr. Chairman, I rise to congratulate my good friend, the gentleman from Texas (Mr. Barton), the chairman of the Committee on Energy and Commerce, for his leadership in forging a comprehensive, cohesive energy policy for our Nation. I also applaud the chairman for his attempts to ensure a reliable, efficient, and affordable energy supply. We all can agree that a transparent energy market is essential to achieving the overall goals of this bill.

I am concerned, however, Mr. Chairman, that the current language in title 12, specifically section 1281, weakens the protections afforded the sensitive and proprietary information used to determine energy prices.

Mr. Chairman, I seek the assurance of the gentleman from Texas (Mr. Barton) that he will work with me and concerned others on language that clarifies the Commodity Futures Trading Commission's exclusive jurisdiction with respect to accounts, agreements, and transactions involving commodity futures and options.

The CFTC has a long history of sharing futures and options trading data with other Federal and State regulators that agree to abide by the public disclosure restrictions found in section 8 of the Commodity Exchange Act.

Mr. BARTON of Texas. Mr. Chairman, I thank the gentleman for raising these concerns and agree with the gentleman that market transparency is an absolute need for an affordable energy supply and that the protection of proprietary data is a must for the efficient and effective use of U.S. futures markets. Regulation of United States futures exchanges is certainly within the jurisdiction of the CFTC. I give the gentleman my assurances I will work with him on language that reflects the Commodity Futures Trading Corporation's jurisdiction in its vital role in market transparency.

Mr. GOODLATTE. Mr. Chairman, I thank the gentleman from Texas.

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