CFTC Speculation Limit Called Wasteful

Lawmakers ask agency to detail time spent on rule and cost of defending it.

Speculation limits for oil, natural gas and other commodities that were blocked by a federal judge Sept. 28 reflect wasteful spending by the U.S. Commodity Futures Trading Commission, according to four House Republicans.

“The commission’s limited financial resources spent promulgating and defending the position limits rule demonstrates a serious mismanagement of the agency’s priorities,” Representatives Scott Garrett of New Jersey, Spencer Bachus of Alabama, and Jeb Hensarling and Randy Neugebauer, both of Texas, wrote in a letter to CFTC Chairman Gary Gensler today seeking an accounting of the costs.

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