So now we wait to see when/if the CFTC does its job, since I've heard passage of the law is what they've been waiting for. Even if they do put position limits on PM trading, the big question is when will the limits take effect.

Hopefully, right away, but I've heard that such new rules may not kick in for a couple of years or so at which time a new administration/congress may be in office. If so, that would give the banks and their allies time enough to "persuade" enough of them that repeal or vast watering-down of such "harmful" measures would be in the best interests of the economy and the country. Stay tuned, I guess.

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http://news.yahoo.com/s/ap/20100721/ap_on_bi_ge/us_financial_overhaul

WASHINGTON – President Barack Obama has signed into law an overhaul of banking and Wall Street regulations that he says will create the strongest financial protections for consumers in history.

The law is a legislative victory for the president, who has made tightening restrictions on banks a signature issue since taking office amid the nation's financial meltdown. Obama says the reforms will end many of the Wall Street practices that sent the economy into the worst recession since the Great Depression.