CONGRESSMEN LARSON INTRODUCES LEGISLATION TO CREATE INDEPENDENT INSPECTOR GENERAL AT TRADING COMMISION

July 2, 2008

FOR IMMEDIATE RELEASE: June 30, 2008

CONTACT: Emily Barocas/202-225-2265

CONGRESSMEN LARSON INTRODUCES LEGISLATION TO CREATE INDEPENDENTINSPECTOR GENERAL AT TRADING COMMISION

Hartford, CT – Congressman John B. Larson (CT-01), Vice Chair of the DemocraticCaucus, announced today that he introduced legislation (H.R. 6406) that would elevate the Inspector General of theCommodity Futures Trading Commission (CFTC) to give him or her independence andgreater authority to oversee the Commission’s activities. According to a GAO report Congressman Larsonrequested, the CFTC has not been actively monitoring or investigating cases ofabuse in the energy futures market. Thishas allowed rampant speculation to drive up the cost of oil completelyunchecked.

Congressman Larson said, “The CFTC has abdicated its responsibilities in monitoring andregulating the energy futures market. AnInspector General who has the necessary independence and resources to make surethe CFTC goes back to work will go a long way towards putting our broken energymarkets back on track. For too long, theCFTC has answered to Wall Street and KStreet. Now, they must answer to Main Street. ”

This simple legislation would broaden the powers of theexisting inspector general by taking them out from the traditional hierarchy ofthe CFTC and giving him or her the independence to do the job properly.

Congressman Larson has been actively pursuing ways to reinin the speculation in the energy markets that has driven the cost of a barrelof oil to record heights. Earlier thisyear he introduced legislation that would take speculators out of the “dark”markets for energy futures. Thatlegislation would require anyone investing in these markets be able to takereceipt of the product in which they are investing. He also supported legislation on the floor ofthe House of Representatives last week that would direct the CFTC to invoke itsemergency powers to oversee and regulate the “dark” markets.

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