Commodity Markets Transparency and Accountability Act of 2008

COMMODITY MARKETS TRANSPARENCY AND ACCOUNTABILITY ACT OF 2008 -- (House of Representatives - July 30, 2008)

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Mr. WELCH of Vermont. Mr. Speaker, I want to congratulate the chairman, Mr. Peterson, and the ranking member, Mr. Goodlatte, for doing the usual bipartisan work to address a problem in a practical way.

The question that they faced is this: Will the futures market be one that is dedicated to price efficiency or will it be hijacked for speculative market manipulation? Will the futures markets serve the needs of those who need it--airliners, fuel dealers, truckers--or will it be in service of financial speculators who, moment to moment, are trying to take advantage of the volatility at the expense of the American consumer?

This legislation strikes a balance. It sends a clear message that the markets should be about price efficiency, not short-term momentary advantage when the consequence is inflicting damage on the American family, the American small business, the American economy.

There are practical steps in here--overseeing offshore trading, position limits, over-the-counter trading regulations. These are things that should be done and are being done.

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