President Obama is expected to announce a plan to tackle oil market manipulation today.
Obama will make a statement in the White House Rose Garden about the issue at 11 a.m. EDT.
The president has been criticized for doing little to curb rising gas prices. The plan would increase spending for Wall Street enforcement, at a time when Republicans are trying to curb the extent of federal financial regulations.
Obama’s $52 million plan involves strengthening federal supervision of oil markets and increasing fines for market manipulation, according to CBS News.
The plan calls for a six-fold increase in the surveillance and enforcement staff of the Commodity Futures Trading Commission to better monitor and deter oil market manipulation.
It also aims to increase spending on technology to improve surveillance of energy markets, increase civil and criminal fines against firms caught engaging in market manipulation from $1 million – $10 million.
In April last year, President Obama said his attorney general had launched a task force with “Just one job: rooting out cases of fraud or manipulation in the oil markets that might affect gas prices, including any illegal activity by traders and speculators.”