Cantor promises oil speculators Republicans will look out for their interests

Here's House Majority Leader Rep. Eric Cantor (R-VA), telling oil speculators that Republicans will stand in the way of financial regulation.

He was speaking at the Chicago headquarters of the CME Group, "'the world?s largest owner and operator' of private exchanges for derivatives products. CME Group specializes in a number of markets, including trading futures contracts for various blends of crude oil and food commodities."

Cantor told the audience of speculators that his Republican caucus would ?do our part? to block the implementation of financial reforms passed last year as part of the sweeping Dodd-Frank law. He even called out the Commodity Futures Trading Commission, the regulators in charge of overseeing derivatives and energy speculation, and promised to stop regulations from going online:

CANTOR: And you?ve managed to be able to serve that function in the CME Group for so much of this country and the world, and you?ve also managed to position as a true world leader.  We want that in every arena. We want to help you continue to lead for America, that means we gotta do our part when you see the implementation of Dodd-Frank coming at you like a barreling train. We want to help control that so that we can get some sensible, sensible follow up to that legislation. [...] Whether it?s the EPA, the FDA, the FCC, the SEC, the CFTC, you name it, there is an acronym for a federal agency causing harm right now. We?re trying to pull that in.

These are energy speculators who are currently driving the cost of oil up, and the cost at the gas pump up. "While Goldman Sachs has claimed that at least $25 of the current price of crude oil is due to speculation, financial experts contacted by ThinkProgress say the Goldman Sachs number is probably very conservative."

Federal regulators are currently writing the regulations for Dodd-Frank, the Wall Street reform law, which attempted to curb oil speculation. Republicans, as Lee Fang describes in this piece, are fighting it every way they can, including by pushing massive budget cuts to the regulatory body that would oversee oil speculators, the Commodity Futures Trading Commission.

Here's something that will shock you not at all?where Cantor's campaign and leadership PAC funding comes from:

Source: http://feeds.dailykos.com/~r/dailykos/index/~3/wQvUQubo1NE/-Cantor-promises-oil-speculators-Republicans-will-look-out-for-theirinterests

political unrest arizona senators political campaign ads times newspaper