House judiciary chairman rips CFTC, LME

Apr 10, 2014 | 10:58 AM | Michael Cowden

Tags  Rep. Bob Goodlatte, Judiciary Committee, Rep. Frank D. Lucas, Agriculture Committee, House, London Metal Exchange, LME, Commodity Futures Trading Commission CFTC

CHICAGO — U.S. House Judiciary Committee chairman Rep. Bob Goodlatte (R., Va.) ripped the U.S. Commodity Futures Trading Commission (CFTC) and the London Metal Exchange for what he said was a "slow" response to long waits for aluminum at exchange-listed warehouses.

End-users are concerned that "restrictive policies" by the LME, its trading members and exchange-listed warehouses have put the supply of aluminum "in jeopardy," Goodlatte said, noting that customers wait more than 600 days for aluminum at some locations, paying rent on the metal the entire time.

"I am greatly concerned that these warehousing practices may be driving up the price of aluminum," Goodlatte said during a House Agriculture Committee hearing April 9 on a bill to reauthorize the CFTC. ....

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