House approves anti-oil speculation measures

The White House said President Bush likely would veto the bill if it gets to his desk.

The Associated Press

9/18/2008

WASHINGTON — The House has approved measures to curb speculation in oil and other commodity markets, ignoring a White House veto threat. Lawmakers said federal regulators now don't currently have the necessary tools or manpower to track trading abuses.

The bill, passed Thursday 283-133. It is aimed at certain hedge fund and large institutional traders and would give the Commodity Futures Trading Commission more staff and authority to limit the stake traders hold in certain markets. It also would require new reporting and other limits on traders including foreign trading boards that operate electronically in the United States.

The White House said President Bush likely would veto the bill if it gets to his desk. It said there is "no verifiable evidence" market speculators caused oil prices to soar. The bill now goes to the Senate.