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Bill would rein in trading in energy futures
|As gas prices continue to soar, Congress is preparing to rein in speculative trading in energy futures markets by major institutional investors and hedge funds, which is seen as a key factor in driving up oil prices.|
Legislation introduced Friday by Sens. Dianne Feinstein, D-Calif., and Ted Stevens, R-Alaska, would require the Commodity Futures Trading Commission to set limits on how much these investors - including pension and retirements funds - can invest in certain commodity markets.
The commission already sets limits on the holdings any one investor can have in a commodity to prevent speculation. But many larger institutional investors have exploited an exemption that allows them to bypass those limits if they make the trades through dealers or brokers.
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