House Accepts Commerce Commitee language!

I just spoke to the House Agriculture Committee Senior Staff who told me that
the House will accept the Commerce Committee language. The Energy Group has
been very active in support of the Commerce language because it includes both
bilateral and multilateral exemptions for all non-agriculture commodities
(including metals). This is a siginificant development because the CFTC and
NYMEX have been opposed to the Commerce language especially as it applies to
metals and electronic trading.

The House leadership hopes to have the CEA Reauthorization bill on the floor
later this week or early next under the suspension calendar (which means that
the bill could be voice voted without amendment).

Next to the Senate... where the CFTC and NYMEX will be equally vigilant and
have good relations with Banking Committee Ranking member Harkin. We plan to
meet with the interested parties sometime this week at which time we hope to
debunk the myth that an unregulated OTC energy market could lead (or has led)
to high oil prices.

More to follow.

Thanks - Chris