The United States House of Representatives has passed a bill that includes major reforms to the derivatives markets, according to statement by the American Trucking Associations.
The Wall Street Reform and Consumer Protection Act includes a provision to increase transparency by requiring previously unregulated over-the-counter trades to be exchanged publicly. The bill also requires the Commodity Futures Trading Commission to set aggregate speculative position limits, which the American Trucking Associations supports.
According to the ATA, the trucking industry has been negatively affected by volatile diesel prices, caused by excessive speculation in the oil derivatives markets. "Diesel fuel is the lifeblood of the trucking industry," said ATA vice president Rich Moskowitz. "Sudden fluctuations in operating expenses, especially fuel, can devastate trucking companies."
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