Dept of Agriculture and Industries: Sparks Urges President and Senate to Act on HR 6377

FROM THE DEPT OF AGRICULTURE AND INDUSTRIES

June 27, 2008

MONTGOMERY – Agriculture & Industries Commissioner Ron Sparks urges President George W. Bush and the US Senate to act on HR 6377. This bill directs the Commodity Futures Trading Commission to take steps to curtail excessive speculation in the commodities futures markets.

“A growing number of people believe a flood of speculative money into energy futures is driving the record prices in crude oil,” said House Agriculture Committee Chairman Collin C. Peterson of Minnesota during floor debate on the bill. “CFTC must take immediate steps to ensure that index and hedge fund money is not the cause for price manipulation and should take any necessary action to curb excessive speculation in the markets. These steps will help restore consumer confidence and reassure the American taxpayer that the futures markets are functioning properly.”

“This bill could help provide some relief to consumers in the United States who have been struggling with soaring gas prices,” said Sparks. “It is the government’s responsibility to continue to fight to protect and expand our fuel supply, our food sources, and our water resources. We must continue to be vigilant in looking for solutions because all three of these are vital to protecting our nation’s future.”

For the text of HR 6377, please visit http://agriculture.house.gov/inside/legislation.html.