Fee Proposed to Pay for Regulation of Futures Industry
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WASHINGTON — Commodity traders would be charged an 11-cent transaction fee to help cover the cost of federal regulation of the futures industry under a Bush Administration proposal today.
The futures industry was shaken one year ago by revelation of an undercover FBI investigation of trading practices at the nation’s two largest exchanges. Since then, nearly four dozen brokers have been indicted, and Congress is working on legislation to toughen federal supervision of commodity markets.
According to budget documents, the Administration would begin collecting the 11-cent fee beginning Oct. 1.
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