Thursday, September 29, 2011

CFTC's Gensler to Face Congressional Hearing Oct 6th Over Failure to Implement Position Limits

Willing to bet that these Senators have absolutely no idea that the CFTC refuses to implement/ enforce the position limit rule to curb excessive speculation purely because the implications this has on the silver market. (and JP Morgan, etc)
It should be entertaining to watch Gensler face this Congressional panel (which includes Rand Paul) and attempt to give satisfactory answers without mentioning silver.

The U.S. Commodity Futures Trading Commission, which has yet to complete Dodd-Frank Act limits on excessive speculation, will face scrutiny about the trading curbs at an Oct. 6 hearing led by Senator Carl Levin.
CFTC chairman Gary Gensler will testify at the hearing of the Permanent Subcommittee on Investigations, according to a statement released by Levin’s office today.

The CFTC, after delaying consideration in September, delayed a final vote on the regulations until an Oct. 18 Washington meeting, Steve Adamske, the agency’s spokesman, said yesterday. The agency has come under pressure from lawmakers, including Levin, a Michigan Democrat, and Senators Maria Cantwell, a Washington Democrat, Bernie Sanders, a Vermont independent, and Bill Nelson, a Florida Democrat, to complete the speculation rule, originally proposed in January.
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