DELAURO APPLAUDS PRESIDENT’S CALL TO FULLY FUND CFTC’S OVERSIGHT OF SPECULATION IN OIL MARKETS

Washington, DC — Congresswoman Rosa DeLauro (D-CT), today applauded President Obama's call to fully fund the Commodity Futures Trading Commission (CFTC) so that it can provide effective market oversight and curb excessive speculation and manipulation in the oil and gas markets.

"The cost of gas is undoubtedly inflated by rampant speculation in the oil market," said Congresswoman DeLauro. "The Dodd-Frank Wall Street reform bill gave the CFTC broad new authorities to investigate manipulation in the market, but we need to ensure the CFTC has the resources it needs to do its job. Unfortunately, the House Republican Majority has recently worked to undermine the CFTC's oversight by providing inadequate funding. Until we control rampant speculation, Wall Street will continue to profit at the expense of the American consumer. We are here to represent American consumers, not oil speculators."

The Agriculture Appropriations bill passed last year by the House Republican Majority provided only $172 million in funding for the CFTC – 44% below the president's request. The final 2012 budget funded the CFTC at only $205 million, still well below the requested amount.

In December 2011, Congresswoman DeLauro, along with Congressman Peter Welch (D-VT) and Congressman Leonard Boswell (D-IA), introduced legislation to provide the CFTC with a reliable source of funding—the Wall Street Accountability through Sustainable Funding Act. The legislation would bring the CFTC in line with all other Federal financial regulators by authorizing the collection of user fees to offset the cost of their operations. Other federal regulatory agencies funded through such user fees include: The Securities and Exchange Commission, Federal Energy Regulatory Commission, US Patent and Trademark Office, Federal Communications Commission, Nuclear Regulatory Commission, National Credit Union Association, Federal Housing Finance Agency and Federal Deposit Insurance Corporation.