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House approves Agriculture Appropriations Bill, slashes CFTC funding

16 Jun 2011  |   Emma Brown

Tags: Congress, House

The House approved Thursday the Agriculture Appropriations Bill, including a measure that slashed the Commodity Futures Trading Commission’s budget by $30 million. 

The spending cuts—which limit the CFTC’s ability to monitor and curb Wall Street speculation on oil prices—come at a particularly fragile time as gas prices remain high and speculation continues to add $20-$30 dollars in additional cost on each barrel of oil. 

The CFTC currently has multiple oil-speculation investigations underway. In May, the agency charged five oil speculators with manipulating crude oil prices, a scheme which netted more the $50 million in profits. 

The bill passed 217-203, with Representatives voting largely along party lines.

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