The financial industry continues to spend tens of millions of dollars in their attempt to stop the Commodity Futures Trading Commission (CFTC) from issuing rules that help protect our jobs and our industry from rampant speculation in the oil market. The financial industry is claiming that the CFTC does not have jurisdiction to issue such rules. Former House Financial Services Chairman, Congressman Barney Frank (D-MA) who co-wrote the law, along with all other members of Congress who signed the conference report on the law, filed a potent amicus brief to the court asserting that Congress did in fact give CFTC this authority.
Congressman Frank stated: “Industry claims that those of us who wrote the Wall Street Reform and Consumer Protect Act did not intend the regulators to restrict speculation. This brief is our answer – ‘yeah, we did.'”