Sen. Richard Durbin, D-Ill., recently introduced legislation that gives the Commodity Futures Trading Commission the authority to regulate trading of crude-oil contracts on London's IntercontinentalExchange. As the price of fuel soars, Bart Chilton, a CFTC commissioner, argues why the so-called "London Loophole" needs to be closed. "(T)his proposed legislation and relatively modest regulatory action is a model for the kind of coordination that will be necessary in our international marketplace," Chilton writes.
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