130th Ohio General Assembly
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S. C. R. No. 10  As Introduced
As Introduced

129th General Assembly
Regular Session
2011-2012
S. C. R. No. 10


Senator Turner 

Cosponsors: Senators Cafaro, Skindell, Tavares 



A CONCURRENT RESOLUTION
To request the Commissioners of the United States Commodity Futures Trading Commission act with all possible, yet prudent, haste to develop and implement the uniform transparency rules and speculative trading limits authorized under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.


BE IT RESOLVED BY THE SENATE OF THE STATE OF OHIO
(THE HOUSE OF REPRESENTATIVES CONCURRING):


       WHEREAS, The price of oil has soared over the past year, rising to $111 per barrel of West Texas Intermediate crude oil as of April 20, 2011, and the average price of a gallon of regular gasoline in the state of Ohio was $3.81 as of April 20, 2011; and

       WHEREAS, Ohioans spend an average of 7.43% of their incomes on gasoline purchases; and

        WHEREAS, 8.9% of Ohioans were unemployed as of March 2011, a rate that was above the national average of 8.8% during the same month; and

        WHEREAS, Levels of speculation in energy markets have risen to unprecedented levels according to data gathered by the United States Commodity Futures Trading Commission (CFTC); and

        WHEREAS, Speculation has been shown to have made a significant contribution to past spikes in energy prices according to a 2009 study completed by the Peterson Institute of International Economics; and

        WHEREAS, Rising fuel prices place Ohio's burgeoning recovery in jeopardy due to resulting increases in prices of essential items and increased cost for small businesses that hamper job creation and prolong economic hardship for Ohioans; and

        WHEREAS, The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 granted powers to the CFTC to reign in excessive energy speculation through the development of uniform transparency rules and speculative trading limits; and

        WHEREAS, Those rules were required to be in place by January 21, 2011, under the Wall Street Reform and Consumer Protection Act but have not yet been implemented; now therefore be it

        RESOLVED, that we, the members of the 129th General Assembly of the State of Ohio, hereby request that the Commissioners of the CFTC act with all possible, yet prudent, haste to develop and implement the uniform transparency rules and speculative trading limits authorized under the Wall Street Reform and Consumer Protection Act; and be it further

        RESOLVED, That the Clerk of the Senate transmit duly authenticated copies of this resolution to the Chairperson of the CFTC, the President of the United States, the Secretary of the United States Senate, the Clerk of the United States House of Representatives, and the news media of Ohio.

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