CFTC lacked votes on position limit plan: source

WASHINGTON (BestGrowthStock) – A proposal by the U.S. Commodity Futures Trading Commission that would implement position limits in metals, energy and agricultural contracts had too few votes to support releasing it for public comment, a source with knowledge of the matter said on Thursday.

“It appears the chairman did not have the votes to issue a proposal,” the source said.

CFTC Chairman Gary Gensler, who initially said he supported the proposal, surprised a hearing on the new rules by announcing that he would delay voting on whether to put the package out for 60 days of public comment. A separate vote would still be required to approve the rules.

(Reporting by Christopher Doering; Editing by Dale Hudson)

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CFTC lacked votes on position limit plan: source