House Agriculture Chairman Collin Peterson, D-Minn., on Wednesday introduced the latest version of his bill, H.R. 977, to grant more power to the Commodity Futures Trading Commission to curb excessive speculation in the commodity markets and increase the transparency of over-the-counter transactions.
Peterson also said he had scheduled for Thursday a full committee markup of the bill, which includes a provision granting the CFTC authority to prosecute criminal violations of the Commodity Exchange Act. The authority to litigate such violations, if the attorney general has not pursued charges, was asked for by CFTC Commissioner Bart Chilton in a speech Tuesday.
The House passed a version of Peterson's bill last year, but the Senate never considered it. The outline of the chairman's draft and the formal bill language are online at: www.agriculture.house.gov. The markup is scheduled at 1 p.m. EST.
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