CFTC Says It Is Not Probing Icahn’s Activity in Biofuels Credits

Commodity Futures Trading Commission, Environmental Protection Agency, Federal Agency/Executive Branch, Federal Regulation, Marketing/Market Forces and Sales, Opinions, Policy, Securities and Exchange Commission

June 6, 2017

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by Timothy Gardner (Reuters) The U.S. Commodity Futures Trading Commission informed eight Democratic U.S. senators last month that it is not investigating biofuels credits after the lawmakers had urged it to probe billionaire Carl Icahn’s activity in that market, according to a copy of a letter seen by Reuters on Monday.

The Democratic senators, including Elizabeth Warren and Sherrod Brown, had urged the CFTC and other regulators to investigate whether Icahn, an adviser to President Donald Trump, had violated insider trading laws, or anti-market manipulation laws in so-called Renewable Identification Numbers, or RINs markets. The CFTC said in the letter dated May 19 that RINS are not traded on futures markets. READ MORE / MORE

Excerpt from second Reuters article: The senators – Sheldon Whitehouse, Elizabeth Warren, Debbie Stabenow, Jeff Merkley and Tammy Duckworth – addressed the letter to EPA Administrator Scott Pruitt, requesting that he hand over communications between the EPA and Icahn or representatives of CVR Energy.

They also requested reports, data and briefings exchanged between the agency and Icahn.

“Statements made by him or actions taken by his companies may now be seen as signaling changes in EPA or administration policy which may, in turn, affect the price of CVR stock and the RIN market,” the senators wrote in a letter sent to Pruitt on Tuesday. READ MORE

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