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New CFTC chief supports commodity speculation limits
Massad Pledges Support for Commodity Speculation Limits
By Silla Brush
Thursday, March 6, 2014
WASHINGTON -- Timothy Massad, the Treasury Department official named to head the U.S. Commodity Futures Trading Commission, said he would work to approve speculation limits in oil, natural gas, and other commodities that have been resisted by banks and parts of the energy industry.
Massad and commission nominees Sharon Y. Bowen and J. Christopher Giancarlo told Senate Agriculture Committee lawmakers at a confirmation hearing today that they would look to review data and public comments on a current CFTC proposal to set limits on how large a position a trader can have in commodity markets.
"It is very important that we work to finalize that rule," Massad, 57, said at the hearing in Washington. "They are a very important tool in the toolkit, and Congress obviously has directed us to take action in this regard. I will make that a priority." ...
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