Obama Team Unveils Plan to Close “Enron Loophole”

Four-part initiative is designed to lower oil prices, in part by reducing speculation and investigating oil markets.

Advisers say the “Enron Loophole” was championed by McCain backer Phil Gramm, excludes some energy traders from regulation.

“The Enron Loophole is just one example of the special interest politics that put the interests of Big Oil and hedge fund speculators ahead of the interests of working people-resulting in record corporate profits while Americans pay record prices at the pump.”

Read more here.

New Jersey Gov. Corzine, Obama economic aide Furman discussed the plan on afternoon conference call.

Response from McCain team: “Barack Obama is following John McCain’s lead to close a wall street loophole that was signed into law by President Bill Clinton.” Full response here.

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