The U.S. Senate today approved financial reform legislation that includes a ban on futures trading on motion picture box office results. Since the bill was already approved by the U.S. House Of Representatives, it now is on its way to the White House for President Obama’s signature. Bob Pisano, Interim CEO and President of the Motion Picture Association of America (MPAA) which vigiorously opposed movie futures trading, gave this statement:
“Speaking on behalf of a coalition that includes the Directors Guild of America (DGA), the Independent Film and Television Alliance (IFTA), the International Alliance of Theatrical Stage Employees (IATSE), the Motion Picture Association of America (MPAA) and its member companies, and the National Association of Theatre Owners (NATO), I want to thank the Congress for approving this measure.
After proposals for these speculative gaming platforms came to light, our industry came together to oppose these plans with an unprecedented coalition that included entertainment industry workers, creators, independent producers and distributors, studios and theater owners. We are pleased with final passage of this important legislation. Congress has acted decisively to ban proposed trading in box office futures and to make important reforms in the country’s financial regulatory system. We applaud the work the bill’s authors have done, and of course, the many Senators and Members who supported the provisions to prevent movie futures trading.”