Legislative Call to Action from NEFI

BIODIESEL TAX CREDIT AT STAKE Take Action!

With only weeks left for Congress, fate of key legislation hangs in the balance

As we alerted NEFI members, the House of Representatives on September 18th approved the “Commodity Markets Transparency and Accountability Act of 2008” (H.R.6604) by a vote of 283 to 133…

In the past three years that we have been fighting this issue, this legislation is the strongest we’ve seen and its passage marks a significant victory for our cause.  The bill would impose critical position limits (how many contracts a trader can buy) on non-commercial (or ‘non-physical”) market traders, or those traders that have no direct connection to the physical product.  It would close the ‘Foreign Markets” loophole.  It would also increase transparency on over-the-counter (or OTC) markets, require studies into the roll of pension funds, strengthen the CFTC through new staff resources, and help return some of the decision making on regulations to ‘physical” players.

Again, while the legislation is not perfect (does not require position limits on OTC markets, for example) it is a major victory and would go along way to restoring fundimentals to the market.

But the legislation has not yet been taken up in the Senate and President Bush has promised to veto the bill.  We need your help!!!  Congress is taking up consideration of a ‘$700 billion Wall Street bailout package” that is, basically, must pass legislation.  Allies on Capitol Hill are trying to get the anti-speculation bill (S.3268/H.R.6604) included in this major bill.

There is no reason it should not be included