Information about http://www.futuresindustry.org/downloads/Joint%20trade%20letter%20072508.pdf

ISDA July 25, 2008 …

Tags: competitiveness, consumers, energy contracts, energy crisis, excessive energy, inflation, institutions, investment options, isda, negative impact, pension funds, portfolios, restrictive limits, speculation, supply and demand, trade associations, trades, trading operations, united states senate, washington d c,
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Language: english
Created: Fri Jul 25 10:50:38 2008
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                                           ISDA



July 25, 2008

Senator
United States Senate
Washington, D.C. 20510

Dear Senator:

The above trade associations oppose S. 3268, the Stop Excessive Energy Speculation Act
of 2008, in its current form. The bill will restrict investors, including individuals, pension
funds, and institutions, from investing in energy contracts. These restrictions will prevent
investors from managing the risk of inflation and diversifying their portfolios.

Additionally, the bill sets restrictive limits on positions, makes hedging more expensive
(costs that are passed on to consumers) and would force counterparties to liquidate trades.

These restrictions will have a negative impact on U.S. competitiveness and will force
trading operations overseas.

The answer to solving America's energy crisis lies with solutions addressing supply and
demand, and not in limiting legitimate investment options.

We urge you to oppose S. 3268.