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Increase spending on technology to provide better oversight and surveillance of energy markets. Increase civil and criminal penalties against firms that engage in market manipulation from $1 million to $10 million. Give the Commodity Futures Trading Commission authority to increase the amount of money that a trader must put up to back a trading position. The administration officials said such authority could help limit disruptions in energy markets. In addition, the Obama administration, on its own, will increase access to the commission's data so the White House Council of Economic Advisers can examine and analyze trading information.
The White House effort comes at the same time that Republicans have been pushing Obama with their own energy proposals. House Speaker John Boehner, R-Ohio, wants to seek votes on more domestic oil and natural gas exploration, a freeze on regulations on refineries and approval of construction of the Keystone XL pipeline from Canada to Texas, a project Obama has blocked. Republicans are also trying to place limits on the financial regulation legislation Congress passed in 2010 over Republican objections. Though the House Republican budget, which calls for sharp reductions in government programs, does not specify reduction in spending by the trading commission, the administration officials said that if the cuts were applied the commission would lose more than five times what it spends on regulating energy markets. The debate will pit Republicans who blame Obama for high gasoline prices against a White House that blames Republicans for coddling Wall Street.
[Associated
Press;
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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