washington / chicago / reuters The top U.S. futures regulator says he would support appealing a court ruling last month that struck down his agency’s attempt to place limits on speculation in commodity markets.
Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, said his agency drafted the original rule at the direction of U.S. Congress. The rule, which was to have taken effect this month, limited the number of contracts traders can hold in 28 commodities, including oil, coffee and gold. However, critics, including Wall Street banks and Republican lawmakers, said the law did not clearly order the CFTC to impose those limits.
U.S. District Court Judge Robert Wilkins threw out the tough new rules last month, saying the CFTC needed to prove the curbs were necessary to rein in excessive speculation.
“Congress mandated us to do this,” said Gensler. “I’m looking with my fellow commissioners and the lawyers at all of our options of appeal.”
But four leading Republican lawmakers say the court’s decision raised serious questions about the agency’s rule-writing process.
Province and co-ops fund chair
The Government of Manitoba in partnership with Manitoba co-operatives and credit unions have announced funding to create a chair in co-operative enterprises to support a co-operative business program at the University of Winnipeg.
Housing and Community Development Minister Kerri Irvin-Ross, minister responsible for co-operative development, announced the funding during Co-op Week Oct. 18.
The budget includes the province’s contribution of $250,000, with the co-operative sector contributing $75,000 per year over five years. Co-operative sector partners include Federated Co-operatives Ltd., The Co-operators Group, Credit Union Central of Manitoba, Assiniboine Credit Union, Arctic Co-operatives Ltd. and Red River Co-operative Ltd. The University of Winnipeg will also provide $25,000 annually for five years to cover the expense of developing and delivering the academic program.