For Immediate Release
Contact:  (202) 589-2427

Roundtable Opposed Senate Energy Bill
Bill ignores forces of supply and demand and will hurt the market.

Washington, D.C. – July 17, 2008 – The Financial Services Roundtable opposes the Senate energy bill, “Stop Excessive Energy Speculation Act” (S. 3286). The bill will hurt markets but won’t help lower energy prices.

“There is a lot of discussion about the financial services role in the current energy situation, but we believe that these efforts are misguided and turn attention away from the true causes of the increases in energy prices,” said Steve Bartlett, President and CEO of The Financial Services Roundtable. “Oil prices reflect the forces of supply and demand and can only be lowered by increasing supply, reducing demand or both.”

The bill doesn’t address the fundamental cause of higher oil prices, increased demand for energy. Commodity prices have been rising in many commodities due to growing economies in developing countries. Harming the ability of companies to manage rising oil costs through derivatives won’t lower prices. It will prove to be bad for businesses and bad for the economy.

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $66.1 trillion in managed assets, $1.1 trillion in revenue, and 2.5 million jobs.