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Michael Masters

CFTC torn on position limits in oil futures market

By DARREN GOODE | 6/1/11 5:38 AM EDT

While Congress wrangles over high oil and gasoline prices, a potentially more important struggle is taking place two dozen blocks away in the domain of the Commodity Futures Trading Commission.

Senate Democrats and other critics have increasingly targeted the five-member commission for missing a 180-day deadline for finalizing so-called position limits in the oil futures market, as required by last July’s Dodd-Frank Wall Street overhaul law. That effort has no endpoint in sight.