President Obama Issues Statement on Regulatory Oversight of Oil Markets

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The President also called upon Congress to: (i) increase funding to provide additional staff and improved technology for energy market regulators; (ii) increase the civil and criminal penalties for market manipulation; and (iii) grant the Commodity Futures Trading Commission the authority to increase margin requirements for energy traders. The President’s proposal also calls for $52 million in additional funding for the CFTC and for an increase in financial penalties for violations by imposing fines on a per-day rather than per-occurrence basis.

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