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Senate Committee Passes Wall Street Transparency Act Banning Box Office Trading

Senate Committee Passes Wall Street Transparency Act Banning Box Office Trading

Whew! Even though the Fed has approved the existence of two companies seeking to market wagers on box office futures, the Senate Agriculture Committee on Wednesday could set back the financial ventures by passing the Wall Street Transparency and Accountability Act, reports the LAT, which includes a provision that bans trading on the box office:

The bulk of the entertainment industry has been fighting the proposed exchanges, but both received approval from the Commodity Futures Trading Commission. Although the provision in the bill from the Senate Agriculture Committee is a setback, it is not a death blow. This bill will be merged with another financial reform package that is being written by the Senate Banking Committee. There is also no bill yet in the House that would prohibit the movie futures exchange. On Thursday, the House Agriculture Subcommittee on General Farm Commodities and Risk Management will address the topic in a hearing at which MPAA interim Chief Executive Bob Pisano will testify.

Read this piece about how Wall Street is trying to get back at Hollywood after all these years. UPDATE: The Wrap has more on Congressional action on futures trading.

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