Yesterday, the United States House of Representatives passed a bill known as H.R. 6377. It will soon go to the Senate. 6377 is another one of the congress' beloved bills that push for a nanny-state and attack capitalism. It authorizes the government to have even more control in our supposedly free market.
The piece of legislation in question concerns 'speculation' and futures trading. Futures trading is basically a contract made in prediction of a future direction in the price of an asset. The main point here being that it is a CONTRACT (for elaboration on futures trading, see here.) Contracts are mutual agreements between two parties and only concern the parties involved. Government only can become involved if a contract is violated and the offended party wishes to sue over the violation. It is not their business to fight "price distortion" by regulating futures contracts to protect either party. By regulating futures markets, the government has decided that they can tell you how to bet on markets with your money. Of course, they are doing this under the disguise of protecting you from price fluctuations or distortion.
Do not fall for this appeal to emotion, it's an age-old trick of the state. While they might pretend to help you fight gas prices (you all know that's what this bill is intended for), they're really just asking you to let them bully the market more. They will do or say anything to get you to vote them more power.
To see if your representative is a traitor to capitalism look here.
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