This came from the latest ALPA fastread.
Recently, the U.S. District Court for the District of Columbia vacated the positions limit rule issued by the Commodity Futures Trading Commission (CFTC). CFTC was charged with developing the rule when the Wall Street Reform and Consumer Protection Act became law in 2010.
The positions limit rule would limit the number of derivatives contracts traders could hold in the commodities market, including oil, for the first time. ALPA and the aviation industry have long been supportive of ridding the commodities markets of rampant speculation in the oil market. This speculation continues to create inflated fuel prices for our companies and consumers at the pump as well as unwanted volatility in the oil market.
This “speculation premium” paid to Wall Street traders should be used to invest in our companies and employees. ALPA supported the Wall Street Reform and Consumer Protection Act and continues to support S. 1598—The Anti-Excessive Speculation Act introduced by Sen. Bill Nelson (D-Fla.).
Forgive my naiveté in these matters, but am I reading this wrong? I thought 'vacate' meant get rid of. Why is the government getting rid of the limits that traders can buy in the oil spec market? won't that exacerbate the problem? Help me understand.