WASHINGTON – U.S. trading in commodities futures will be capped under a federal rule adopted Tuesday that seeks to tamp down on speculative trades, which some have blamed for driving up food and gas prices in the past year.
The Commodity Futures Trading Commission voted 3-2 to approve the rule, which doesn’t take effect until 2012. It was required under the financial regulatory overhaul.
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Critics say the cap on futures contracts, which lock in prices, won’t curb inflation. Liberal critics complain the rule is filled with exemptions that would allow banks and hedge funds to continue speculative trading.
Conservative critics say too few companies can qualify for the exemptions.
Under the rule, airlines, agriculture companies and others are exempt from the cap. Those companies buy futures contracts to guard against sharp price swings.
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