US authorities may get oversight, investigative powers on aluminium pricing | Metal Bulletin

US regulators may be given powers to conduct oversight and investigate price reporting and price setting entities within the aluminium markets if recently-introduced legislation becomes law.

Bipartisan legislation has been introduced by US representatives Ken Buck (Republican-Colorado) and Jim Costa (Democrat-California) that would grant the Commodities Futures Trading Commission (CFTC) the ability to ensure a fair and free market for the pricing of aluminium in the United States, according to Buck.

It would also allow the US Department of Justice to consult with the CFTC to be sure that all regulatory and oversight actions align with anti-trust statutes.

“Our beverage and beer industry, along with so many other job-creating industries, rely on a fair and free market for aluminium purchases,” Buck said. “To avoid perversions of the free market, like monopoly pricing, we need to fully equip the CFTC, alongside the Justice Department, to investigate pricing irregularities that have been plaguing the aluminium market for months now.”

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US authorities may get oversight, investigative powers on aluminium pricing | Metal Bulletin.com.