WASHINGTON: US President Barack Obama wants a tenfold increase in the maximum civil and criminal penalties that can be applied for the manipulation of oil futures markets, the White House said on Tuesday.
"These heightened penalties will make sure that penalties reflect the seriousness of misconduct," the White House said in a statement.
Obama is also calling for Congress to provide more funding to the Commodity Futures Trading Commission to increase surveillance and enforcement staff for oil futures market trading.
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