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CFTC nominees go to Senate for confirmation

Why does this matter? Because some in Congress are waking up to loopholes in oversight by the Commodities Future Trading Commission that have allowed rampant speculation to drive up the price of crude oil. The CFTC is supposed to prevent this type of manipulation, and instead, since 2006, it’s facilitated it.

It’s also interesting to note that the Senate Agriculture Committee’s vote on President Bush’s nominees was conducted in a closed-door session this morning, reportedly “due to the size of the room”.

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