Senator Brown Pushes CFTC Nominees On Commodity Storage, Trading by Banks

Bloomberg

The Commodity Futures Trading Commission should move to ease bottlenecks at aluminum warehouses as it bolsters oversight of banks' trading and storage of commodities, Sen. Sherrod Brown (D-Ohio) said Feb. 25.

The CFTC “must take a more aggressive stance” to rein in banks' role in the markets, Brown said in a statement after meeting with Sharon Y. Bowen and J. Christopher Giancarlo, who are awaiting Senate confirmation to serve on the commission.

“There seems to be no clear benefit to the economy from banks owning assets like warehouses, tankers, pipelines, and coal mines,” said Brown, an Ohio Democrat who has held hearings on the issue.

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