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U.S. House Democrats Back Position Limits

Reuters – Barney Frank and 16 other Democrats in the House of Representatives have filed a friend-of-the-court brief in defense of a new rule curbing speculation in the commodities market that has been challenged by a financial industry lawsuit.

The U.S. Commodity Futures Trading Commission in October finalized the rule that it says fulfils a mandate under the 2010 Dodd-Frank financial oversight law to limit the number of contracts any trader can hold in certain commodities like gold and oil.

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