Chairman Conaway Requests Public Release of CFTC Position Limits Draft Report

Press Release

Today, House Agriculture Committee Chairman K. Michael Conaway (R-TX) sent a letter to U.S. Commodity Futures Trading Commission (CFTC) Chairman Tim Massad requesting that the Chairman finalize and publicly release a draft report on position limits prepared by the CFTC's Office of the Chief Economist.

In the letter, Chairman Conaway writes, "I have reviewed the document, and I believe it presents a comprehensive overview of the current state of economic research on excessive speculation and an objective analysis of the potential utility of position limits. The report discusses in detail the ongoing and vigorous debate among economists about what constitutes excessive speculation and what, if any, impact it might have on prices and volatility in the commodity futures markets."

He continues, "I appreciate your work on the recent supplement to the proposed position limits rulemaking. Your proposal takes steps towards addressing several of the concerns that have been raised before both this Committee and your agency. As stakeholders and market participants review the new language and file their comments, this report, which puts the best economic literature in context, may help clarify what can and cannot be accomplished in the final rule."

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