Sen. Joseph Lieberman, I-Conn., today said he plans to ask pension fund leaders and Walter Lukken, acting CFTC chairman, to testify at a Washington hearing about the impact that speculation in commodity futures is having on soaring fuel and food prices.
Mr. Lieberman, who chairs the Senate Homeland Security and Governmental Affairs Committee, said during a hearing today he was concerned about a potential link because commodity markets have been attracting increasing amounts of money from institutional investors such as pension funds in recent years.
As everyone knows, the cost of food and energy is at record highs, creating economic distress for millions of working families in America and around the globe, Mr. Lieberman said in a statement at the hearing. This unbridled growth (in commodities speculation) raises justifiable concerns that speculative demand divorced from market realities is driving food and energy price inflation, causing a lot of human suffering.
A committee aide said a date for the hearing had not been set and that the list of pension fund witnesses was still under consideration.