House judiciary chairman rips CFTC, LME
Apr 10, 2014 | 10:58 AM
| Michael Cowden
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. ....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.