Pledging
These are the original issues in this subcategory
  • REVOLVING DOOR
  • GLASS-STEAGALL ACT
  • BANK COMMODITY TRADING
Winning Issue » BANK COMMODITY TRADING


It has become known that several of our largest banks are trading physical commodities. These big financial institutions own oil tankers and warehouses and have been trading everything from petroleum to metals. It appears they have been using these warehouses and tankers to store, and intentionally delay, the delivery of materials that are critical to industry, producing artificial shortages to drive up prices. Critics say banks should not be engaged in commodity speculation, to say nothing of rigging our markets. Not long ago, metal users such as beer can manufacturers testified that banks had delayed the shipment of copper and aluminum to end users, intentionally causing prices to rise. They say that metal warehouses owned by banks drove brewer’s prices up $3 billion in 2012. After several government agencies began investigating charges of insider trading, JP Morgan promised it would exit the commodities business. In 2013, this firm was sanctioned by the Federal Energy regulatory Commission for manipulating energy prices. Consumer advocates say this shows how far banks will now go to increase revenue, without regard for our economy. They warn of the possibility of other financial institutions manipulating prices of essential consumer commodities.


Pending Legislation: None




Polling Options

  • I oppose reforming current bank commodity trading policy, and wish to donate resources to the campaign committee of either Rep. Paul Ryan or Sen. Mitch McConnell
  • I support sponsoring a bill to prohibit financial institutions from trading physical commodities, and also wish to donate resources to either the campaign committee of Sen. Sherrod Brown (OH) or to an advocate group currently working with this issue


Winning Option

  • I support sponsoring a bill to prohibit financial institutions from trading physical commodities, and also wish to donate resources to either the campaign committee of Sen. Sherrod Brown (OH) or to an advocate group currently working with this issue
You May Pledge Your Support For This Issue With A Monetary
Donation And By Writing A Letter To Your Representatives
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Pledge Period - Opening Date
April 2, 2020
Pledge Period - Closing Date
April 15, 2020
Trustee Election - Begins
April 9, 2020


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