Authority

Three House lawmakers have introduced legislation to block the Environmental Protection Agency (EPA) from regulating greenhouse gas (GHG) emissions under the authority of the Clean Air Act (CAA) and to strengthen the U.S. renewable fuels industry.

Three House lawmakers have introduced legislation to block the Environmental Protection Agency (EPA) from regulating greenhouse gas (GHG) emissions under the authority of the Clean Air Act (CAA) and to strengthen the U.S. renewable fuels industry.

After FERC Thursday rebuffed challenges to its rule asserting authority over major noninterstate pipelines (intrastates) for the first time, an attorney for a major intrastate pipeline group said the case was likely headed to appellate court.

After FERC Thursday rebuffed challenges to its rule asserting authority over major noninterstate pipelines (intrastates) for the first time, an attorney for a major intrastate pipeline group said the case was likely headed to appellate court.

The Commodity Futures Trading Commission (CFTC) would acquire new oversight authority of over-the-counter (OTC) commodity swaps, as well as derivatives traded on foreign exchanges under draft legislation released Friday by Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee.

The Commodity Futures Trading Commission (CFTC) and its United Kingdom counterpart, the Financial Services Authority (FSA), have begun to work “to enhance cooperation and the exchange of information” to supervise cross-border clearinghouses. A memorandum of understanding (MOU) signed Monday by CFTC Chairman Gary Gensler and FSA CEO Hector Sants took effect immediately. According to the CFTC, the MOU “is an important step in ensuring the sound oversight of clearing houses providing services in both the United States and the United Kingdom and will help promote market integrity and appropriate customer protection in the global derivatives markets.”

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.”

While saying he favors limiting excess commodities market speculation through position-limit authority, new Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler declined to attribute the recent rise in oil prices to a return of speculative fever. Responding to questions before a Senate Appropriations subcommittee Tuesday, he said “part of what we’re seeing is confidence coming back into the market.”

Sen. Bill Nelson (D-FL) has blasted a bill pending in the Florida House of Representatives that would give Gov. Charlie Crist and the cabinet the authority to consider and accept bids to explore for oil and natural gas in state waters.