TV News LIES

Monday, Aug 20th

Last update05:20:13 AM GMT

You are here News Energy A Win for Wall St.: Rule Restraining Speculation Rejected by U.S. Judge

A Win for Wall St.: Rule Restraining Speculation Rejected by U.S. Judge

E-mail Print PDF

Oil speculationThe U.S. Commodity Futures Trading Commission rule restraining speculation was rejected by a federal judge, handing a victory to two Wall Street groups that challenged the constraints.

U.S. District Judge Robert Wilkins in Washington today ruled that the 2010 Dodd-Frank Act is unclear as to whether the agency was ordered by Congress to cap the number of contracts a trader can have in oil, natural gas and other commodities without first assessing whether the rule was necessary and appropriate.

“Although the court does not foreclose the possibility that the CFTC could, in the exercise of its discretion, determine that it should impose position limits without a finding of necessity and appropriateness, it is not plain and clear that the statute requires this result,” the judge said in his 43-page ruling.

The International Swaps and Derivatives Association Inc. and the Securities Industry and Financial Markets Association sued the commission, arguing that the CFTC never studied whether the regulation was “necessary and appropriate” or quantified the costs tied to implementing the rule. The groups represent banks and asset managers including JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Morgan Stanley. (MS)

More...


Most Recent Related Stories...


Scientists at a company part-owned by Bill Gates say they've found a cheap way to convert CO2 into gasoline

Scieentists find a way to convert CO2 to gasoline A team of scientists claims to have discovered a cheaper way to extract carbon dioxide from...

Nuclear reactor at Indian Point plant in N.Y. shut down again after leak found

Indian Point reactor leakOne of two reactor units at a nuclear power plant near New York City has been...

Wholesale energy prices dip below zero because of California’s solar power

Solar power in CaliforniaSolar power shines bright in California, and wholesale energy prices prove it. Last winter and early...

Portugal runs for four days straight on renewable energy alone

Portugal runs four days on renewable energyPortugal kept its lights on with renewable energy alone for four consecutive days last week in...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!