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Los Angeles Times: U.S. senators voice opposition to movie futures contracts

The odds could be shifting in Hollywood’s favor after a group of senators have urged federal regulators to halt plans to give final approval to a new market that would trade movie futures contracts.

In a letter today, Sen. Dianne Feinstein (D-Calif.) and four of her colleagues called on Gary Gensler, chairman of the Commodity Futures Trading Commission, to hold off making a final determination about the legality and benefit of movie futures trading given the current debate in Congress over financial reform legislation.

The odds could be shifting in Hollywood’s favor after a group of senators have urged federal regulators to halt plans to give final approval to a new market that would trade movie futures contracts.

In a letter today, Sen. Dianne Feinstein (D-Calif.) and four of her colleagues called on Gary Gensler, chairman of the Commodity Futures Trading Commission, to hold off making a final determination about the legality and benefit of movie futures trading given the current debate in Congress over financial reform legislation.

“We are also concerned that this new derivative product may not serve a public purpose, and we encourage the Commission to seriously consider this question before approving these contracts,” the senators wrote, citing the widespread opposition to the plans in Hollywood. In addition to Feinstein, the letter was signed by Barbara Boxer (D-Calif.), George LeMieux (R-Fla.), Al Franken (D-Minn.) and Jeanne Shaheen (D-N.H.).

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