Commodity Markets

2014

August 4, 2014
IECA Comments on the Position Limits for Derivatives and Aggregation of Positions

February 10, 2014
IECA Comments on the CFTC Proposed Speculative Position Limits Rule

February 10, 2014
IECA and 35 Trade Associations Comment on the CFTC Proposed Speculative Position Limits Rule

January 27, 2014
Dodd-Frank: IECA Urges CFTC Rulemaking on Swap Dealer De-Minimis Level

2013

December 12, 2013
IECA Thanks Administration for Volcker Rule
“For industrial market-users (hedgers), excessive speculation increases price volatility and hedging costs, and diminishes confidence that commodity prices fairly reflect the actual supply and demand of the underlying commodity.”

November 25, 2013
IECA and 34 Trade Associations Send Letter to President Obama on CFTC Nominations
“As a coalition we favor policies that promote market stability and confidence, prevent fraud and manipulation, and preserve the interests of bona fide hedgers and American consumers.”

November 5, 2013
IECA Applauds the CFTC on Moving Forward with Speculative Position Rule
“For industrial market-users (hedgers), excessive speculation results in increased hedging costs and diminishes confidence that commodity prices fairly reflect actual supply and demand factors.”

September 25, 2013
IECA and 32 Trade Associations Send Letter to Congress Supporting Funding and Program Flexibility for the Commodity Futures Trading Commission

September 17, 2013
IECA Opposes H.R. 1003
“It appears to us the legislation would make it even more difficult for the CFTC to implement speculative position limits.”

September 9, 2013
IECA Supports Efforts to Require the CFTC and the FERC to Execute Memorandum of Understanding (MOU) to Ensure Complete Integration of Data to Monitor and Investigate Natural Gas and Electricity Market Trading (see letter to Senator Feinstein)

April 22, 2013
IECA Supports Amicus Brief in Support of CFTC Speculative Position Limits Rule (view press release)

April 9, 2013
IECA and 37 Trade Associations Support Re-nomination of CFTC Chairman Gary Gensler and Commissioner Bart Chilton

2012

October 18, 2012
IECA and 41 Trade Associations Support CFTC Efforts to Implement Speculative Position Limits

May 18, 2012
IECA Urges Changes to Proposed Federal Reserve Definition of “Predominantly Engaged In Financial Activities”

April 11, 2012
IECA and 38 Organizations Oppose Legislation Designed to Weaken Commodity Trading Transparency
“H.R.2779 and H.R.2682 would interfere with or delay pending rules and obstruct vital market reforms.”
(view press release)

February 2, 2012
IECA President Answers Senator Coburn’s Questions Regarding Excessive Speculation and Compliance with the Dodd-Frank Act

January 24, 2012
IECA Opposes HR 2586, the Swap Execution Facility Clarification Act

2011

November 3, 2011
IECA President Testifies Before Senate Subcommittee on Permanent Investigations on “Commodity Futures Trading Commission Proposal to Implement Speculative Position Limits for Futures”
(view written testimony)

October 18, 2011
IECA Disappointed with CFTC Speculative Position Limits
“The speculative limits are so large that they will not have any measurable positive impact reducing excessive speculation.”

July 11, 2011
IECA Comments on CFTC Proposed Rule: “Margin and Capital Requirements”

May 24, 2011
IECA Submits Comments to CFTC on Transparency Issues

May 4, 2011
IECA Supports Representative Courtney Amendment
“Commodity markets are being impacted by a massive wave of excessive speculation that is having the effect of driving up the price of commodities. As manufacturers who rely upon these markets, speculative position limits are needed now – and without delay.”

May 4, 2011
IECA Urges Changes to H.R. 1573, Title VII Derivatives
“As manufacturers who use substantial volumes of natural gas, we are very concerned about the excessive speculation that continues to swell.”

March 28, 2011
IECA Submits Comments to CFTC on Setting Speculative Position Limits
“The proposed speculative position limits are too large and are not a solution to excessive speculation.”

February 22, 2011
IECA Comments to the Commodity Futures Trading Commission on Proposed Rulemaking: End User Exception to Mandatory Clearing of Swaps

February 22, 2011
IECA Comments to the Commodity Futures Trading Commission on Proposed Rulemaking: Related to Definition of Swap Dealer Definitions

2010

December 22, 2010
IECA Encourages CFTC to Act on Proposed Speculative Position Limits

November 23, 2010
IECA urges Senate to remove Section 201 of S.3948, the Regulated Investment Company Modernization Act of 2010

June 16, 2010
IECA Letter to Financial Reform Conferees – Support for Senate Version of Systemic Risk Regulation

June 9, 2010
IECA and Main Street Coalition Letter to Financial Reform Conferees Supports Senate Version of H.R. 4173 That Define the Term “Nonbank Financial Company” to “prevent non financial businesses from becoming subject to Federal Reserve regulation”

May 18, 2010
IECA Supports Senator Bingaman Amendment to Maintain FERC Jurisdiction in Financial Reform Bill

April 27, 2010
Consumers Urge Senate to Not Regulate Mfg’ers Because of Definition of “Financial Activities”

April 26, 2010
IECA Encourages Banking Reform Bill to Not Change CFTC Jurisdiction for Natural Gas

April 22, 2010
IECA Congratulates Chairwoman Lincoln on passage of Wall Street Transparency and Accountability Act of 2010

April 21, 2010
IECA Comments on the Commodity Futures Trading Commission Proposed Rule on Speculative Position Limits

April 20, 2010
IECA Applauds Senator Lincoln for Derivatives Reform Legislation

March 18, 2010
IECA Asks Chairman Lincoln to Exempt Manufacturers from Clearing and Margin

March 17, 2010
IECA Urges Senator Dodd to Not Exempt “For-Profit” Traders from Clearing Requirements

February 3, 2010
IECA Joins Senator Cantwell – Encourages Senate to End Excessive Speculation and Index Funds in Commodity Markets

February 1, 2010
IECA “Commodity Trading and Financial Reform Workshop”

January 14, 2010
IECA Applauds CFTC Action to Set Speculative Position Limits
“Index funds will still need to be addressed.”

2009

December 16, 2009
IECA Thanks Chairman Collin Peterson for his leadership on H.R. 4173
“Without your leadership, increased market oversight provisions would not have been included.”

December 10, 2009
IECA Supports Commodity Markets Reforms in H.R. 4173
“The bill will give greater authority to the CFTC to reduce excessive speculation in commodity markets.”

October 13, 2009
IECA Congratulates The Honorable Bart Chilton on His Second Term Appointment to The CFTC

September 28, 2009
IECA Letter to CFTC Commissioner Sommers
“Consumer Representation is Needed on Global Markets Advisory Committee”

August 5, 2009
IECA President Paul Cicio Appeared on CNBC’s Closing Bell to Discuss Excessive Speculation in Natural Gas

August 5, 2009
IECA Verbal Testimony Before the CFTC on Excessive Speculation on the Natural Gas Market
“Funds like the United States Natural Gas Fund and ones like it should be banned from the futures markets.”

August 5, 2009
IECA President Paul Cicio Testifies Before the CFTC on Energy Position Limits and Hedge Exemptions
“The United States Natural Gas Fund undermines futures price formation.”

July 9, 2009
IECA Requests Opportunity to Testify Before CFTC on Speculative Position Limits

June 3, 2009
IECA and Diverse Coalition Urge Congress to Increase Commodity Trading Transparency and Prevent Excessive Speculation

May 20, 2009
IECA Congratulates Chairman Gary Gensler on His Appointment to the Commodities Futures Trading Commission
“We look forward to working with Chairman Gensler to increase market oversight.”

March 24, 2009
IECA Applauds Action by CFTC to Close Enron Loophole

February 12, 2009
IECA Urges Chairman Colin Peterson to Improve H.R. 977, The Derivatives Market Transparency and Accountability Act of 2009
“As written the legislation will not stop excessive speculation in energy commodity markets.”

February 4, 2009
IECA Verbal Testimony before the House Committee on Agriculture on the “Derivatives Markets and Transparency and Accountability Act of 2009″

February 2, 2009
IECA Testimony before the House Agriculture Committee – Legislation Address Excessive Energy Speculation (view invitation)

2008

September 24, 2008
IECA Urges Passage of Senate “Prevent Excessive Speculation Act”

September 17, 2008
Excessive Speculation Cost Natural Gas Consumers $40 Billion
“These facts prove that the price spike was not driven by supply versus demand fundamentals.”

July 16, 2008
IECA Raises Questions Regarding Potential Relationship of Banks Borrowing from Federal Reserve and Corresponding Raise in Energy Commodity Prices

July 10, 2008
IECA Testimony to the U.S. House Committee on Agriculture on Excessive Energy Speculation

July 3, 2008
IECA is Requested to Testify Before the Committee on Agriculture to Address Excessive Energy Speculation

June 24, 2008
IECA Urges House Agriculture Subcommittee Chairman Etheridge to Strengthen Legislation to Stop Excessive Speculation in Energy Markets
“H.R. 6334 is a step forward but does not go far enough. It will increase transparency but will not result in energy price reductions.”

June 20, 2008
IECA and 14 Other Trade Organizations Pledge Support for H.R.6330 “Prevent Unfair Manipulation of Prices Act of 2008”
“Sophisticated paper speculators who never intend to use oil are driving up costs for consumers and making huge profits with little to no risk.”

June 11, 2008
IECA Urges Congressional Leadership to Stop Excessive Speculation in Energy Markets

April 10, 2008
IECA President Paul N. Cicio – Nominated by the Commodities Futures Trading Commission to Serve on the Newly Created Energy Markets Advisory Committee

February 19, 2008
IECA Urges Farm Bill Conferees to Include Senate CFTC Natural Gas Market Oversight Provisions

2007

December 11, 2007
IECA Supports Bipartisan House Agriculture CFTC Reauthorization Bill
“We urge the committee to act quickly on this legislation to close the oversight gap and protect consumers.”

September 27, 2007
IECA Supports Acting Chairman Walter Lukken as Chairman of the Commodity Futures Trading Commission

September 4, 2007
IECA Supports Energy Market Oversight Coalition’s Call for Greater Accountability in Energy Commodity Markets

August 1, 2007
IECA Encourages House Appropriations Committee to Increase CFTC Funding for Greater Market Oversight

July 23, 2007
IECA Comments on CFTC Proposed Rules – Maintenance of Books and Records

July 12, 2007
IECA Testifies Before the House Agriculture Subcommittee on General Farm Commodities and Risk Management on “Trading of Energy Based Derivatives”
“Amaranth completely dispels the Wall Street myth that the market is too large for any one company to manipulate.”

July 2, 2007
IECA Invited to Testify Before House Agriculture Subcommittee on the Trading of Energy-Based Derivatives

June 27, 2007
Senate Permanent Subcommittee on Investigations Report, “The Role of Market Speculation in Rising Oil and Gas Prices: A Need to Put the Cop Back on the Beat”

June 14, 2007
Senate Permanent Subcommittee on Investigations Invites IECA to Testify on Excessive Speculation in the Natural Gas Market

February 7, 2007
IECA Thanks Senator Bingaman, Chairman, Senate Energy and Natural Resources Committee for his Letter to CFTC and FERC that Makes Inquiry Regarding Potential Natural Gas Market Manipulation

2006

October 19, 2006
IECA Asks CFTC and FERC to Investigate Amaranth Advisors Hedge Fund for Natural Gas Manipulation
“The WSJ reports that Amaranth controlled 1 trillion cubic feet of natural gas, an equivalent of 54 percent of our country’s monthly demand. This looks like an attempt to manipulate the market to consumers.”

October 13, 2006
IECA Testifies at FERC on Need for Natural Gas Transparency
“Key points: Natural gas price indices are not working. Support CFTC oversight of OTC market. IECA requests FERC subpoena Amaranth records and investigate for price manipulation.”

September 25, 2006
IECA Encourages Senator Chambliss to add Feinstein Legislation S. 2642, the Oil and Gas Traders Oversight Act of 2006 to CFTC Reauthorization Bill
“This legislation closes a substantial part of the oversight gap in the over-the-counter energy electronic trading market.”

August 1, 2006
IECA Files Comments to the Commodity Futures Trading Commission
“IECA supports action that would extend CFTC’s oversight beyond NYMEX to include Intercontinental Exchange (ICE)”

June 8, 2006
IECA Requests to Testify at Commodity Futures Trading Commission Hearing
“All market inefficiencies are paid for by us, the consumer. As a result, consumers have a vested interest in the outcome of this hearing.”

April 5, 2006
Senate CFTC Reauthorization Legislation Fails to Close the Natural Gas Market Oversight Gap and Protect Consumers
CFTC’s jurisdictional natural gas market oversight applies only to the NYMEX leaving about two-thirds of the trading volume with no jurisdictional oversight leaving consumers and the market vulnerable to manipulation.

2005

December 5, 2005
IECA Letter to Representative Goodlatte, Chairman, Committee on Agriculture on Pending CFTC Natural Gas Legislation
“We strongly encourage adding provisions to the Commodity Futures Trading Commission Reauthorization Act that significantly increase penalties, transparency and market surveillance.”

April 18, 2005
IECA Congratulates Rep. Graves for Introduction of “Commodity Exchange Improvement Act of 2005”
“The solution to reducing un-necessary price volatility is restoring much of the market oversight the CFTC had prior to enactment of CFMA and reasonable trading limits.”

April 5, 2005
“Commodities Exchange Improvement Act of 2005” H.R. 1638, as Introduced by Representatives Graves and Barrow-Supported by IECA
The bill reinstates government oversight of futures contracts, swaps and hybrid instruments involving natural gas, among other things.

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