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Commodity Prices Show Need for New Regs: Gensler

CFTC chairman cites Dodd-Frank derivatives rules' role in curbing speculation.

By Silla Brush, Bloomberg | Updated on May 25, 2011

Rising market prices underscore the need for Dodd-Frank Act derivatives rules to curb speculation in commodities such as oil, gold and natural gas, Commodity Futures Trading Commission Chairman Gary Gensler told lawmakers.

“Though the CFTC is not a price-setting agency, rising prices for basic commodities highlight the importance of having effective market oversight,” Gensler wrote in response to a May 11 letter from 17 senators seeking a CFTC plan for curbing crude-oil speculation. Gensler’s letter said he was writing on behalf of Commissioners Michael V. Dunn and Scott O’Malia.

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