Republicans blocked a measure in the Senate Monday that would have given the Commodity Futures Trading Commission (CFTC) the authority to invoke its emergency powers to immediately curb excessive speculation in any contract market that is “within the jurisdiction and control of the commission; and on or through which energy futures or swaps are traded.”

Sen. Bernie Sanders of Vermont, an independent who routinely caucuses with the Democrats, sought to attach the measure to a bill promoting U.S. tourism, but Republicans blocked it from coming up for a vote. The tourism bill was subsequently derailed.

The Sanders measure also would have subjected each bank holding company that engages in energy futures trading to strict position limits, and would have required hedge funds that are engaged in energy futures trading to register with the CFTC as a noncommercial participant.

Cosponsoring the measure were Sens. Bill Nelson (D-FL) and Mark Begich (D-AK). The House passed an identical bill last July, according to Sanders.

Senate Majority Leader Harry Reid (D-NV) was unsuccessful in his efforts to reach a compromise with Republicans, offering them as many as five amendments if they agreed to a single roll call vote on the Sanders amendment.

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