WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – today issued the following statement after an advisory committee of the Commodity Futures Trading Commission recommended that the agency abandon its plans to curb the number of futures contracts a trader can hold on certain commodities, including oil and natural gas. The CFTC’s Energy and Environmental Markets Advisory Committee, which issued the recommendation, is comprised almost entirely of representatives from the energy and trading industries.
“It is no surprise that a skulk of foxes has decided that chicken is delicious. What is surprising is that the CFTC would create a committee designed to undermine the law it’s charged with enforcing,” said Brown. “The CFTC’s leadership needs to take a hard look at how its advisory committees are formed, who serves on them, and how to ensure that consumers and the public have an adequate voice in the process.”