Food, Conservation and Energy Act of 2008 Removes Enron Loophole and
Reforms Electronic Energy Markets, James Hamilton, J.D., LL.M., CCH Principal Analyst.
“A measure reauthorizing the CFTC and closing the Enron loophole is included in the massive Farm Bill that has been reported out of a House-Senate conference, passed by Congress, and awaits presidential action. Provisions in the Food, Conservation and Energy Act of 2008 (HR 2419) would end the Enron-inspired exemption from federal oversight now provided to electronic energy trading markets set up for large traders. It will ensure the ability of the CFTC to police all U.S. energy exchanges to prevent price manipulation and excessive speculation. These bipartisan provisions would give the CFTC the ability to scrutinize these transactions in energy commodities and prosecute traders that are manipulating energy prices. The House passed the bill by a 318-106 vote; the Senate vote was 81-15.”
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