July 29, 2009

Testimony of Tyson Slocum, Director
Public Citizen’s Energy Program

Before the U.S. Commodity Futures Trading Commission
Energy Position Limits and Hedge Exemptions

My testimony today will describe how recent legislative and regulatory actions deregulated energy trading markets, which removed transparency and allowed powerful financial corporations to engage in harmful levels of speculation, resulting in higher and more volatile energy prices for families. Section 4(a) of the Commodity Exchange Act requires the CFTC to establish and maintain “position limits” on traders to prevent “sudden or unreasonable fluctuations or unwarranted changes” in commodity prices as a result of excessive speculation.

FULL TESTIMONY by Public Citizen.

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