Quotebox: Washington's take on new CFTC energy position limits

WASHINGTON (Reuters) - The Commodity Futures Trading Commission on Thursday proposed new rules that would limit big traders' speculative positions in energy futures.

Congress took a hard look at excessive speculation after energy and food prices surged in 2008, prompting CFTC to increase oversight of the markets. Here are some comments from political figures on the CFTC's proposal.

SAXBY CHAMBLISS, REPUBLICAN SENATOR, TOP RANKING MEMBER OF SENATE AGRICULTURE COMMITTEE

"Any attempt to limit participation in the futures market should reflect the potential affect on liquidity and the impact it will ultimately have on those who need to access these markets to hedge their risk.

"Under the proposal unveiled today, the CFTC would be taking on considerably more responsibility, therefore requiring additional resources to properly monitor, enforce and grant any exemptions from the new position limits.

"This is very complex and I encourage all interested stakeholders to closely examine this proposal and submit comments."

COLLIN PETERSON, DEMOCRATIC REPRESENTATIVE, CHAIRMAN OF THE HOUSE AGRICULTURE COMMITTEE

"The approach to position limits in the derivatives bill passed by the Agriculture Committee -- with bipartisan support -- and in the financial reform bill approved by the House last year represents a consensus view of how we should approach this issue, and I continue to believe that is the best way to ensure stability to the futures market."

JOHN BRODMAN, FORMER ASSISTANT DEPUTY SECRETARY AT THE U.S. DEPARTMENT OF ENERGY

"It seems to me as though the CFTC has really pulled back. A few months ago they sounded rabid about going after speculators in energy markets. But it looks like their bark was worse than their bite. CFTC will probably play a jawboning role in energy markets, occasionally firing a shot across the bow."

BERNIE SANDERS, INDEPENDENT SENATOR

"While I commend the commission for coming up with reasonable limits on excessive oil speculation, I am very disappointed that this proposal as currently written will not go into effect until March of 2011. We need to stop Wall Street from jacking up oil prices and we need to do it now. My constituents are already paying too much for heating oil to stay warm this winter.

"Under this proposal, speculators will be able to artificially increase gasoline prices through the summer driving season and into next winter. That is wrong. The CFTC has the power and the responsibility to stop excessive oil speculation in its tracks. American consumers and small businesses deserve no less."

(Compiled by Jasmin Melvin; Editing by David Gregorio)