Repeal the "Commodities Futures Modernization Act of 2000"
This petition had 4 supporters
Just about everything disastrous that has happened to the economy in the past decade can be traced back to this sweeping Wall Street Deregulation bill singed into law by President Clinton as he headed out the door in December of 2000. Deregulation of Commodities such as Derivatives and Oil have turned these markets into a casino. People looking to make a quick profit off a rise in oil prices threatens to crash the Global economy and costs us all hundreds of billions of dollars just so a few people can turn a quick profit.
The CFMA is also behind the infamous "Enron Loophole" that exempts "electronic trading" from existing government regulations.
The entire bill needs to be repealed. Some 19 year old kid in his mothers' basement should not be able to push up the global price of oil buying hundreds of barrels of oil that they have no way of taking delivery. A Hedge-Fund manger in Manhattan should not be allowed to drive up world food prices by driving up the price of corn or soybeans.
Since this law has passed, the price of oil has gone from $28/barrel to $149/barrel in July of 2008 (prices have since settled back slightly with the Global Recession, but are still nearly TRIPLE where they were before the Act), while food prices have nearly doubled in just the past five years. And every dollar shifted from the economy to lining the pockets of Commodity Traders on Wall Streets is a dollar not going to buy products that create jobs.
The entire law needs to be scrapped, with authority to regulate these trades be returned to the SEC. Sign if you agree.
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