The Commodities Modernization Act of 2000 gave birth to the "Enron Loophole", but the Commodity Bubbles of 2007(08) and 2010 were spawned by a 1991 No-Action Letter to issued by CFTC staff J. Aaron & Co., the commodities trading arm of Goldman Sachs, in 1991. The No-Action letter granted J Aron an exemption from position limits for trading swaps, including agricultural commodities. Until then, "it had always been understood that the only way to be a bona fide hedger was by trading physically handled product. The CFTC Commissioners, who are appointed by the President - and confirmed by the Senate - had no idea the exemption existed until after the financial crisis had materialized. Former CFTC Chairman Brooksley Born, who repeatedly voiced concerns over the Enron Loophole, was also very concerned over the agency's use of opaque No-Action letters and set up a formal system to try and prevent such "back room deals". The bill is flawed and the SEC's use of No-Action letters and Exemptive Orders is a far larger problem, but this is a step in the right direction.