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Energy Market Manipulation and Federal Enforcement Regimes

Author: Michael Greenberger
June 26, 2008

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Virtually all parties now agree the Enron Loophole must be repealed. The simplest way to repeal would be to add two words to the Act's definition of exempt commodity so it reads: an "exempt commodity" does "not include an agriculture or energy commodity;" and two words to 7 U.S.C. § 7 (e) to make clear that "agricultural and energy commodities" must trade on regulated markets. An "energy commodity" definition must be then be added to include crude oil, natural gas, heating oil, gasoline, heating oil, metals, etc.5 In the absence of quick CFTC action permitted by law, the statute should also be amended to forbid an exchange from being deemed an unregulated foreign entity if its trading affiliate or trading infrastructure is in the U.S.; or if it trades a U.S. delivered contract within the U.S. that significantly affects price discovery.

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