Speculation in the commodity markets is preventing some agricultural producers from participating in the futures market and having a negative impact on rural America. Unfortunately, an effort to remedy the situation, the Commodity Markets Transparency and Accountability Act of 2008 (H.R. 6604) failed in the House of Representatives yesterday.

Without the adequate oversight and transparency this legislation would provide, we will only continue down this slippery slope, leaving America’s family farmers and ranchers in jeopardy.

The bill would also have addressed speculation in the energy futures markets. All Americans are being impacted by record high energy costs. Because agriculture’s input costs are directly related to energy prices, and unable to pass on these increased expenses, America’s farmers are in an even deeper bind.

Now is the time for Congress to act.

This entry was posted on Thursday, July 31st, 2008 at 1:25 pm and is filed under Politics, Labor .