* Senators want quicker action on oil position limits
* Lawmakers want more on CFTC efforts to stop manipulation
By Tom Doggett
WASHINGTON, May 26 (Reuters) – U.S. senators on Thursday will press the chief futures market regulator to impose position limits on some commodities, especially oil, to help rein in speculation blamed for high crude and gasoline prices.
Gary Gensler, the chairman of the Commodity Futures Trading Commission, disappointed lawmakers earlier this week when he failed to move ahead on a plan to quickly limit the number of contracts a market participant can control.
Although the agency is expected to push ahead with so-called position limits as part of its mandate to step up and expand policing of derivative markets under the biggest financial reforms in generations, it has conceded that it will miss a July deadline to impose the measures.
With nearly $4 a gallon gasoline prices threatening to stall a U.S. economic recovery, however, a group of 17 U.S. senators urged the CFTC two weeks ago to unveil its final plan by May 23. The agency made an initial proposal for the rules earlier this year, but has not set a vote to finalize them.
Keep reading here: Senators to press CFTC on oil limits, manipulation | Energy & Oil | Reuters.
