Lawmakers Urge U.S. Court to Uphold CFTC Speculation Limits

Wall Street’s challenge to U.S. regulations limiting speculation in commodities including oil and natural gas should be dismissed because Congress required the rules under the Dodd-Frank Act, 35 Democratic Senators and Representatives said in briefs submitted to a federal judge.

The 2010 Dodd-Frank law “was designed and intended to make those position limits mandatory,” 18 Democratic and one Independent senator said in a friend of the court brief submitted to the court. In a separate brief scheduled to be filed, 17 Democratic House members said the law didn’t require an analysis prior to completion.