ATA commends CFTC for proposed commodities hearings.
Press Release Summary:
According to James C. May, ATA President and CEO, airline industry commends Commodity Futures Trading Commission for recognizing serious adverse effects of unchecked speculation on consumers and businesses. U.S. airline industry supports CFTC initiative to consider imposing position limits on commodity investments designed to prevent speculative investors from disproportionately controlling commodities markets.
Original Press Release:
Air Transport Association Commends CFTC for Proposed Commodities Speculation Hearings
WASHINGTON, July 7, 2009 - The Air Transport Association of America (ATA), the industry trade organization for the leading U.S. airlines, today commended the Commodity Futures Trading Commission (CFTC) for proposing hearings to examine measures to curb excessive speculation in the commodities futures markets.
"The airline industry commends the CFTC for recognizing the serious adverse effects of unchecked speculation on consumers and businesses," said ATA President and CEO James C. May. "The U.S. airline industry wholeheartedly supports the CFTC initiative to consider imposing position limits on commodity investments designed to prevent speculative investors from disproportionately controlling commodities markets.
"One year after oil prices hit record highs, consumers remain unprotected from extreme price volatility," continued May. "The CFTC must act now to prevent a new oil bubble from derailing America's economic recovery."
ATA airline members and their affiliates transport more than 90 percent of all U.S. airline passenger and cargo traffic. For additional industry information, visit www.airlines.org.
CONTACT:
Elizabeth Merida
202-626-4205
David Castelveter
202-626-4033
