S.C.R. No. 10 Summary

• Requests the U.S. Commodity Futures Trading Commission (CFTC) to expedite development and implementation of uniform transparency rules and speculative trading limits under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

• Cites rising oil prices ($111 per barrel as of April 20, 2011) and Ohio gasoline prices ($3.81 per gallon) as consuming 7.43% of average Ohioan incomes while unemployment stood at 8.9% in March 2011

• Points to unprecedented levels of energy market speculation documented by the CFTC and references a 2009 Peterson Institute study showing speculation significantly contributed to past energy price spikes

• Notes that uniform transparency rules and speculative trading limits were required to be implemented by January 21, 2011, but have not yet been put in place

• Directs the Senate Clerk to transmit copies of the resolution to the CFTC Chairperson, President of the United States, U.S. Senate leadership, U.S. House leadership, and Ohio news media