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NFU Statement: House Passes Speculation Bill

NFU Statement: House Passes Speculation Bill

Posted: Friday, September 19, 2008 9:15 pm

WASHINGTON (Sept. 18, 2008) – The U.S. House of Representatives today passed the Commodity Markets Transparency and Accountability Act.

National Farmers Union President Tom Buis made the following statement:

"We have known for some time that the markets are not functioning as they should. In fact, last spring Farmers Union called on Congress to address volatility in the marketplace. Without adequate oversight and transparency we will only continue down this slippery slope, leaving America’s family farmers and ranchers in jeopardy.

"This legislation will provide the adequate oversight and transparency the Commodities Futures Trading Commission needs to function properly and ensure the markets operate in a fair and open manner.

"This legislation also addresses the concerns producers have about speculation in the energy futures markets, a particular concern for agriculture producers whose input costs are directly related to U.S. and world energy prices.

"There are many reasons for high energy prices; this bill does not and cannot address all of them. However, it is a good step to addressing our concerns in the markets. I urge the Senate to act quickly on similar legislation."
Posted 9.19.08

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