CFTC chairman Gary Gensler was scheduled to appear today before Carl Levin and Rand Paul before a Senate hearing on the CFTC's failure to implement position limits in commodities required by law under the Frank-Dodd legislation.
Surprise, surprise, hearing canceled.
Per Senator Levin, the hearing has been cancelled as Gensler has PROMISED a vote on Oct 18th (perhaps simply takes a subpoena to get the CFTC to finally do its job??).
Will we actually see the long awaited vote on position limits in commodities (SILVER) on Oct 18th?
If so, don't be surprised to see The Morgue launch one final massive paper attack on silver in attempts to extricate itself from its massive short silver position prior to implementation of said limits.
WASHINGTON, Oct. 4 (Reuters) - A U.S. Senate watchdog has
canceled an Oct. 6 hearing focused on excessive speculation
after the futures regulator said it would finalize new trading
curbs later this month, the head of the panel told reporters on
The U.S. Commodity Futures Trading Commission has set "a
fixed date" of Oct. 18 to vote on a measure that would limit
the number of contracts any one speculative trader could hold
in commodity markets, said Senator Carl Levin, head of the
Senate's Permanent Subcommittee on Investigations.
"We think it's better (our hearing) come after their vote,"
said Levin. "We're trying to get them to vote, that's our goal,
but we're not using a hearing to try to influence the substance
of their decision."
Gary Gensler, the chairman of the CFTC, has been criticized
by lawmakers concerned the agency is not moving fast enough to
take steps that could moderate volatile oil and gasoline prices
blamed for slowing the country's economic recovery.
Gensler had been expected to testify on Thursday at the
hearing, which also was going to address the agency's
compliance with the Dodd-Frank Act.
The CFTC already has postponed two meetings where a vote on
position limits was scheduled, with the most recent coming
because it lacked the three votes needed for approval.