Wall Street insiders are trying to write their own rules and Sen. Elizabeth Warren wants them stopped, according to a letter (pdf) by the senator published Thursday.

In the Massachusetts Democrat’s letter, a response to a report (pdf) criticizing trading restrictions known as “position limits,” she accused a government advisory committee of reflecting “the highest hopes of industry.”

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The report by the Energy and Environmental Markets Advisory Committee (EEMAC), an advisory committee to the Commodity Futures Trading Commission (CFTC), recommended doing away with plans to impose limits on excessive speculation. “Such a reversal on so-called position-limits rules,” the New York Times observed, “if ultimately adopted by the agency, would hand a big victory to Wall Street.”

“This report, which bears the official stamp of a CFTC committee,” the senator wrote, “is nothing more than a recitation of industry talking points, and it should be treated as such.”

“These transcripts detail meetings that appear to be self-congratulatory, back-slapping sessions of like-minded industry officials and their close allies who fancy themselves ‘in the business of providing modern civilization’—an actual quote from the proceedings.”
— Elizabeth Warren

Position limits are “designed to curb runaway speculation in oil, gas, and other energy markets,”  David Dayen wrote in the New Republic, and the recent EEMAC report argued that such regulations are “not demonstrably necessary.”

Position limits are required by the Dodd-Frank financial reform law, but like many of the law’s requirements the limits have not yet been imposed.

“The debate around this proposed CFTC rule is more than simply a dispute about specifics in a committee report,” writes Tyler Slocum, the executive director of consumer protection agency Public Citizen’s energy program, in a statement released on Thursday. “The heart of the situation is whether the agency will do its job and protect consumers.”

Slocum notes that “limits protect futures markets from excessive speculation that often create disastrous price spikes” which only serve to hurt consumers while wealthy traders and industry executives reap the benefits of falsely inflated prices.