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NCCR Calls CFTC Vote ‘Step in the Right Direction’

For Immediate Release
Contact: J. Craig Shearman (202) 626-8134

NCCR Calls CFTC Vote ‘Step in the Right Direction’

WASHINGTON, October 18, 2011 – The National Council of Chain Restaurants issued the following statement from Executive Director Rob Green on today’s vote by the Commodity Futures Trading Commission to establish position limits on speculative trading in a range of commodity markets:

“Today’s action by the CFTC is a step in the right direction toward curbing excessive speculation in the agricultural commodity markets. Extensive research and study has shown that such rampant speculation has caused high and volatile food prices in recent years.”

“Although we would have preferred for the limits to be set at a lower level, we believe that on the whole they will help calm volatile markets over the long term, bringing about greater pricing stability for both wholesale buyers of food commodities and consumers on the retail end. We congratulate the commission for its thoughtful deliberation over this new rule.”

NCCR is the leading trade association exclusively representing chain restaurant companies.  For more than 40 years, NCCR has worked to advance sound public policy that best serves the interests of restaurant businesses and the millions of people they employ. NCCR members include many of the country’s most well-respected quick-service and casual-dining establishments. NCCR is a division of the National Retail Federation, the world's largest retail trade group. www.nccr.net