Recently, a poll was conducted to gauge support for the Dodd-Frank Wall Street Reform Act, which became law two years ago. An overwhelming 73% of those polled support the idea that Wall Street needs to be further regulated. During consideration of Dodd-Frank, ALPA weighed in heavily to reign in excessive oil speculation in the commodity market. Dodd-Frank directed the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to promulgate rules to protect the airline industry and consumers from manipulation in the oil market.
However, some of these rules have yet to be issued and Wall Street is spending tens of millions of dollars to maintain the system which allowed speculators to drive up the price of a barrel of oil to $145. ALPA is working with a broad collation of industry, labor and other groups to beat back attempts by Wall Street to weaken the Dodd-Frank Act. ALPA also supports S. 1598, The Anti-Excessive Speculation Act introduced by Senator Bill Nelson (D-FL) which seeks to further protect our jobs and industry from rampant speculation in the oil market. You can see the poll here.
