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Bipartisan bill introduced to grant CFTC oversight of US aluminum price reporting

New York — US Representatives Ken Buck, Republican-Colorado, and Jim Costa, Democrat-California, introduced bipartisan legislation that would grant the Commodities Futures Trading Commission the statutory authority to conduct oversight of the aluminum market and investigate price setting, benchmarking and price reporting agencies if enacted.

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The key provision of the Aluminum Pricing Examination (APEX) Act, introduced Thursday, would amend the Commodity Exchange Act by adding the provision for the CFTC to "have exclusive jurisdiction over the setting of reference prices for aluminum premiums."

The APEX Act would also give the CFTC authority to consult with the US Attorney General on any relevant information, allegations of anticompetitive conduct, or marketplace analysis in the setting or reporting of a reference price.

"With the APEX Act, the government will be able to play its proper oversight role in the aluminum market, ensuring with the Department of Justice that price-setting entities in the market are acting fairly and transparently, complying with all antitrust statutes," said a statement from Buck's office.

--Anthony Poole, anthony.poole@spglobal.com

--Edited by Keiron Greenhalgh, keiron.greenhalgh@spglobal.com