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S. C. R. No. 10 As IntroducedAs Introduced
| 129th General Assembly | | Regular Session | | 2011-2012 |
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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.
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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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