Joint hearing of two Senate committees will focus on the CFTC

June 17: The Senate Agriculture, Nutrition and Forestry Committee and the Appropriations Committee's Financial Services and General Services Subcommittee will hold a joint session to discuss the role, responsibilities and resource needs of the Commodity Futures Trading Commission in overseeing energy and agricultural futures and derivatives at 10:30 a.m. in Dirksen Senate Office Building Room 192.

Why it matters: It will provide another indication of Senate sentiment toward Acting CFTC Chairman Walter L. Lukken, who has been nominated to be chairman and will be the first witness. Although ostensibly about agriculture as well, four of the second panel's five witnesses are related to energy. They include James E. Newsome, president of the New York Mercantile Exchange, and Charles A. Vice, who holds the same position at the InterContinental Exchange.

Committee members such as Amy Klobuchar (D-Minn.) of Agriculture and Richard J. Durbin (D-Ill.), who chairs the Appropriations subcommittee, will likely press Lukken to act more aggressively in getting ICE to disclose more information about transactions. Byron L. Dorgan (D-N.D.), who has said he does not support Lukken's nomination, also could be on hand as an Appropriations Committee member, even though he's not part of the subcommittee holding this joint hearing.

Two other senators, Maria Cantwell (D-Wash.) and Olympia J. Snowe (R-Me.), urged the CFTC on June 12 to begin using authority contained in its original 1999 no-action letter to the International Petroleum Exchange, ICE's predecessor, to begin collecting information directly from ICE about all oil and gas transactions on that exchange instead of settling for indirect data filtered through Britain's Financial Services Authority. "It's time for ICE to name names. The CFTC has the legal authority to find out who these large traders are and whether as few as three to four organizations are driving the market," Cantwell said.

Contact Nick Snow at

Related Articles

Western Australia taps Kimberley site for LNG hub

12/29/2008 Western Australia has chosen a site called James Price Point about 60 km north of Broome on the Kimberley coast to establish a proposed LNG hub for...

MMS chief hopes next president, Congress won't reinstate OCS bans

12/19/2008 US Minerals Management Service Director Randall B. Luthi said on Dec. 9 that he hopes the Obama administration and Congress seriously consider expa...

Pakistan plans $1 billion TAPI, IPI gas storage

12/17/2008 Pakistan says it will require $1 billion to build underground storage for gas to be imported from Iran and Turkmenistan, according to the country's...

MMS OCS Policy Committee plans first post-moratorium meeting

12/12/2008 The US Minerals Management Service's Outer Continental Shelf Policy Committee will hold its next meeting Dec. 9-10 at the Washington Dulles Crowne ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected