Congress Asked to Do Their Part to Give CFTC Authority to Close Loopholes
WASHINGTON, Jan. 14 /PRNewswire-USNewswire/ -- The Air Transport Association of America (ATA), the industry trade organization for the leading U.S. airlines and the organizer of the multi-industry Stop Oil Speculation Now (S.O.S. Now) campaign, today applauded the Commodity Futures Trading Commission (CFTC) on the proposed rule to limit excessive speculation in the oil market.
The CFTC statutory authority directs it to promote and protect fair and orderly markets, and to protect against manipulation and excessive speculation. For trades that occur on regulated exchanges, the CFTC proposed rule will establish the same oil-speculation position limits that currently apply to agricultural commodities while ensuring that bona fide hedge exemptions are not exploited by big banks.
"Unnecessary speculation is adversely affecting the nation's economy and the airlines' recovery. Today's announcement takes an important step to drive excessive speculation out of the marketplace," said ATA President and CEO James C. May. "We applaud the CFTC for its action to protect consumers and the fragile economy from reckless oil speculation. Adoption of the CFTC rule coupled with congressional action to remove loopholes will comprehensively address the problem."
ATA is the lead organizer of the multi-industry coalition, Stop Oil Speculation Now. This coalition consists of nearly 100 associations, businesses and labor groups united in support of responsible energy policies and prices. Concerned citizens around the country have sent more than two million e-mails to members of Congress through the campaign Web site (www.StopOilSpeculationNow.com) demanding an end to oil speculation. ATA is nationally recognized for its media, grassroots and government relations advocacy on this issue.
Annually, commercial aviation helps drive more than $1 trillion in U.S. economic activity and nearly 11 million U.S. jobs. ATA airline members and their affiliates transport more than 90 percent of all U.S. airline passenger and cargo traffic. For more information about the industry, visit www.airlines.org.
SOURCE Air Transport Association