NEW RULES MUST PROTECT INVESTORS, LEGISLATOR SAYS.(Business)

Byline: Associated Press

The Commodity Futures Trading Commission needs tighter restrictions to ensure it protects investors as well as the markets, the chairman of a House subcommittee that oversees the futures regulator said Tuesday.

"I'm concerned at this particular point that the commission is moving in the wrong direction," said Rep. Glenn English, D-Okla., after an unusual hearing at which all five CFTC commissioners testified.

English, chairman of the House subcommittee that oversees the CFTC, has been critical of what he calls Chairman Wendy Gramm's reluctance to regulate.

He said Congress may address some of the ambiguous language …