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EDT June 24, 2008 SAN FRANCISCO (MarketWatch) -- U.S.
Sen.
Byron Dorgan, D-N.D., introduced legislation Tuesday to cut back energy trading speculation in an attempt to lower gasoline prices.
The legislation would require the Commodity Futures Trading Commission to classify trades as either legitimate hedge trading or non-legitimate hedge trading, increase margin requirements to 25% for non-legitimate trades, revoke "all prior actions or decisions" that keep the CFTC from discouraging speculative trades, and convene a group of regulators to keep petroleum futures safe from excessive speculation, according to a release from Dorgan's office.
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