The Future of Water Act, said SenWarren, would 'protect water from Wall Street speculation and ensure one of our most essential resources isn't auctioned off to the highest bidder.'
by more than 260 progressive organizations, including Public Citizen, the Indigenous Environmental Network, and the National Family Farm Coalition—would ban the practice for good in the U.S.
Food & Water Watch , which organized the December petition effort and supports the Future of Water Act,Tuesday that"Wall Street's interest in financial derivatives based on water and water rights could lead to severe real-world water price spikes due to market manipulation and/or excessive speculation."
According to the progressive advocacy group,"Large contract holders would have a strong incentive to manipulate the water futures market for profit." "Too much concentration in water markets by massive passive investors could lead to physical water hoarding and price increases," added the group, but the"prohibition of water and water rights futures trading stops this dangerous speculation and protects American families and agricultural producers.
"This groundbreaking legislation would put a lid on dangerous water futures trading before it creates a crisis," said Hauter,"and it reinforces the fact that water must be managed as a public resource, not a corporate profit center."
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