U.S. Democratic senators seek probe into Icahn’s biofuel credit dealingsWASHINGTON (Reuters) - Eight Democratic senators asked U.S. regulators on Tuesday to launch an investigation into billionaire Carl Icahn’s activities in the U.S. biofuels blending credit market, saying the activist investor may have violated trading laws since becoming an adviser to President Donald Trump. “We are writing to request that your agencies investigate whether Carl Icahn violated insider trading laws, anti-market manipulation laws, or any other relevant laws based on his recent actions in the market for renewable fuel credits,” the senators said in a letter to the heads of the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Environmental Protection Agency. The letter, a copy of which was seen by Reuters, was signed by Elizabeth Warren of Massachusetts, Sheldon Whitehouse of Rhode Island, Sherrod Brown of Ohio and five others. The agencies are not required to act on it.  Efforts to reach Icahn for comment were not immediately successful. There have been months of public outcry from Democratic lawmakers and liberal watchdog groups concerned that Icahn’s dual role as a high-powered investor and presidential adviser could lead to conflicts of interest. Trump, a Republican, named Icahn as an unpaid adviser on regulation shortly after November’s election, saying the choice could help him slash red tape and bolster economic growth.  In February, Icahn submitted a proposal to the White House to change the U.S. biofuels program in a way that would ease its regulatory burden on oil refining companies, already struggling with low profit margins. Icahn owns a majority stake in refining company CVR Energy Inc (CVI.N). The White House is considering the proposal. An administration official did not immediately respond to a request for comment on Tuesday. A Reuters review of securities filings last month showed that CVR had accumulated a large short position in biofuels blending credits, called Renewable Identification Numbers, or RINs, which many refiners are required to purchase under the biofuels law. That meant the company would have been in a strong position to profit if RIN prices fell. In their letter, the senators pointed out that RIN prices dropped sharply in late February after Icahn’s proposal on the biofuels regulation was reported. “We have no way of knowing at this time whether Mr. Icahn made any of his renewable fuel credit trades or decisions about trades based on material, non-public information or otherwise manipulated the market,” the senators wrote.  “But the publicly available evidence is troubling, and based on this evidence, we ask that your agencies investigate whether Mr. Icahn’s conduct violated any laws under your jurisdiction,” they said. Icahn previously dismissed accusations that his proposal to the White House to change the biofuels program was self-serving, saying the overhaul would help other refining companies too, including his competitors.  CVR Energy shares fell 0.4 percent to $22.20 on Tuesday. A CVR spokesman declined to comment. Shares in Icahn’s investment firm, Icahn Enterprises (IEP.O), fell 4.3 percent to $50.82. Icahn, 81, has spent decades doing battle with major companies as an activist investor, and has amassed a fortune that Forbes Magazine pegs above $20 billion. In recent years, he built up an 82 percent stake in CVR, making him a player in the niche biofuels market. “Carl Icahn is not shy, and he knows his voice and his actions as special adviser can influence the RIN markets,” said Tyson Slocum of Public Citizen, a liberal watchdog group that has already asked Congress to investigate whether Icahn had violated any lobbying disclosure laws. “The real issue is did Carl Icahn use his position as special adviser to unduly impact the RIN market and then make corresponding bets on those moves,” Slocum said.  CVR Energy’s refining unit (CVRR.N) posted a net gain of $6.4 million associated with the biofuel credits market in the first quarter of 2017, a $50 million turnaround from the year-ago period when CVR shelled out $43.1 million, the company said in a filing. The U.S. Renewable Fuel Standard, overseen by the U.S. Environmental Protection Agency, requires increasing volumes of biofuels to be blended into the nation’s gasoline and diesel every year. It places that responsibility mainly on refiners, who are required to blend the fuel themselves or purchase credits from others that do it for them. Icahn’s proposal had called for regulators to shift the responsibility for blending from refiners, many of which lack sufficient blending capacity, to terminal operators.  A number of biofuels groups oppose the proposed change, saying it could undermine the Renewable Fuel Standard by making it more complicated, since there are many times more terminal operators than refining companies.  “Moving the point of obligation would require a dramatic increase in the staff required to track this at EPA, all while delivering poorer supervision, increasing the complexity of the program, and ultimately higher costs for American drivers,” said Growth Energy Chief Executive Emily Skor. politicsNews
democratic senators seek probe can biofuel credit dealingswashington reuters eight democratic senators asked regulators tuesday launch investigation billionaire carl can activities biofuels blending credit market saying activist investor may violated trading laws since becoming adviser president donald trump we writing request agencies investigate whether carl can violated insider trading laws manipulation laws relevant laws based recent actions market renewable fuel credits senators said letter heads securities exchange commission commodity futures trading commission environmental protection agency the letter copy seen reuters signed elizabeth warren massachusetts seldom whitehouse rhode island sherdog brown ohio five others the agencies required act efforts reach can comment immediately successful there months public outcry democratic lawmakers liberal watchdog groups concerned can dual role investor presidential adviser could lead conflicts interest trump republican named can unpaid adviser regulation shortly november election saying choice could help slash red tape bolster economic growth in february can submitted proposal white house change biofuels program way would ease regulatory burden oil refining companies already struggling low profit margins can owns majority stake refining company cvr energy inc the white house considering proposal an administration official immediately respond request comment tuesday a reuters review securities filings last month showed cvr accumulated large short position biofuels blending credits called renewable identification numbers runs many refinery required purchase biofuels law that meant company would strong position profit rin prices fell in letter senators pointed rin prices dropped sharply late february can proposal biofuels regulation reported we way knowing time whether can made renewable fuel credit trades decisions trades based material information otherwise manipulated market senators wrote but publicly available evidence troubling based evidence ask agencies investigate whether can conduct violated laws jurisdiction said can previously dismissed accusations proposal white house change biofuels program saying overhaul would help refining companies including competitors cvr energy shares fell percent tuesday a cvr spokesman declined comment shares can investment firm can enterprises fell percent can spent decades battle major companies activist investor amassed fortune forbes magazine pegs billion in recent years built percent stake cvr making player niche biofuels market carl can shy knows voice actions special adviser influence rin markets said tyson locus public citizen liberal watchdog group already asked congress investigate whether can violated lobbying disclosure laws the real issue carl can use position special adviser unduly impact rin market make corresponding bets moves locus said cvr energy refining unit posted net gain million associated biofuel credits market first quarter million turnaround period cvr shelled million company said filing the renewable fuel standard overseen environmental protection agency requires increasing volumes biofuels blended nation gasoline diesel every year it places responsibility mainly refinery required blend fuel purchase credits others can proposal called regulators shift responsibility blending refinery many lack sufficient blending capacity terminal operators a number biofuels groups oppose proposed change saying could undermine renewable fuel standard making complicated since many times terminal operators refining companies moving point obligation would require dramatic increase staff required track epa delivering poorer supervision increasing complexity program ultimately higher costs american drivers said growth energy chief executive emily stor politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: U.S. Democratic senators seek probe into Icahn’s biofuel credit dealingsWASHINGTON (Reuters) - Eight Democratic senators asked U.S. regulators on Tuesday to launch an investigation into billionaire Carl Icahn’s activities in the U.S. biofuels blending credit market, saying the activist investor may have violated trading laws since becoming an adviser to President Donald Trump. “We are writing to request that your agencies investigate whether Carl Icahn violated insider trading laws, anti-market manipulation laws, or any other relevant laws based on his recent actions in the market for renewable fuel credits,” the senators said in a letter to the heads of the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Environmental Protection Agency. The letter, a copy of which was seen by Reuters, was signed by Elizabeth Warren of Massachusetts, Sheldon Whitehouse of Rhode Island, Sherrod Brown of Ohio and five others. The agencies are not required to act on it.  Efforts to reach Icahn for comment were not immediately successful. There have been months of public outcry from Democratic lawmakers and liberal watchdog groups concerned that Icahn’s dual role as a high-powered investor and presidential adviser could lead to conflicts of interest. Trump, a Republican, named Icahn as an unpaid adviser on regulation shortly after November’s election, saying the choice could help him slash red tape and bolster economic growth.  In February, Icahn submitted a proposal to the White House to change the U.S. biofuels program in a way that would ease its regulatory burden on oil refining companies, already struggling with low profit margins. Icahn owns a majority stake in refining company CVR Energy Inc (CVI.N). The White House is considering the proposal. An administration official did not immediately respond to a request for comment on Tuesday. A Reuters review of securities filings last month showed that CVR had accumulated a large short position in biofuels blending credits, called Renewable Identification Numbers, or RINs, which many refiners are required to purchase under the biofuels law. That meant the company would have been in a strong position to profit if RIN prices fell. In their letter, the senators pointed out that RIN prices dropped sharply in late February after Icahn’s proposal on the biofuels regulation was reported. “We have no way of knowing at this time whether Mr. Icahn made any of his renewable fuel credit trades or decisions about trades based on material, non-public information or otherwise manipulated the market,” the senators wrote.  “But the publicly available evidence is troubling, and based on this evidence, we ask that your agencies investigate whether Mr. Icahn’s conduct violated any laws under your jurisdiction,” they said. Icahn previously dismissed accusations that his proposal to the White House to change the biofuels program was self-serving, saying the overhaul would help other refining companies too, including his competitors.  CVR Energy shares fell 0.4 percent to $22.20 on Tuesday. A CVR spokesman declined to comment. Shares in Icahn’s investment firm, Icahn Enterprises (IEP.O), fell 4.3 percent to $50.82. Icahn, 81, has spent decades doing battle with major companies as an activist investor, and has amassed a fortune that Forbes Magazine pegs above $20 billion. In recent years, he built up an 82 percent stake in CVR, making him a player in the niche biofuels market. “Carl Icahn is not shy, and he knows his voice and his actions as special adviser can influence the RIN markets,” said Tyson Slocum of Public Citizen, a liberal watchdog group that has already asked Congress to investigate whether Icahn had violated any lobbying disclosure laws. “The real issue is did Carl Icahn use his position as special adviser to unduly impact the RIN market and then make corresponding bets on those moves,” Slocum said.  CVR Energy’s refining unit (CVRR.N) posted a net gain of $6.4 million associated with the biofuel credits market in the first quarter of 2017, a $50 million turnaround from the year-ago period when CVR shelled out $43.1 million, the company said in a filing. The U.S. Renewable Fuel Standard, overseen by the U.S. Environmental Protection Agency, requires increasing volumes of biofuels to be blended into the nation’s gasoline and diesel every year. It places that responsibility mainly on refiners, who are required to blend the fuel themselves or purchase credits from others that do it for them. Icahn’s proposal had called for regulators to shift the responsibility for blending from refiners, many of which lack sufficient blending capacity, to terminal operators.  A number of biofuels groups oppose the proposed change, saying it could undermine the Renewable Fuel Standard by making it more complicated, since there are many times more terminal operators than refining companies.  “Moving the point of obligation would require a dramatic increase in the staff required to track this at EPA, all while delivering poorer supervision, increasing the complexity of the program, and ultimately higher costs for American drivers,” said Growth Energy Chief Executive Emily Skor. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: democratic senators seek probe can biofuel credit dealingswashington reuters eight democratic senators asked regulators tuesday launch investigation billionaire carl can activities biofuels blending credit market saying activist investor may violated trading laws since becoming adviser president donald trump we writing request agencies investigate whether carl can violated insider trading laws manipulation laws relevant laws based recent actions market renewable fuel credits senators said letter heads securities exchange commission commodity futures trading commission environmental protection agency the letter copy seen reuters signed elizabeth warren massachusetts seldom whitehouse rhode island sherdog brown ohio five others the agencies required act efforts reach can comment immediately successful there months public outcry democratic lawmakers liberal watchdog groups concerned can dual role investor presidential adviser could lead conflicts interest trump republican named can unpaid adviser regulation shortly november election saying choice could help slash red tape bolster economic growth in february can submitted proposal white house change biofuels program way would ease regulatory burden oil refining companies already struggling low profit margins can owns majority stake refining company cvr energy inc the white house considering proposal an administration official immediately respond request comment tuesday a reuters review securities filings last month showed cvr accumulated large short position biofuels blending credits called renewable identification numbers runs many refinery required purchase biofuels law that meant company would strong position profit rin prices fell in letter senators pointed rin prices dropped sharply late february can proposal biofuels regulation reported we way knowing time whether can made renewable fuel credit trades decisions trades based material information otherwise manipulated market senators wrote but publicly available evidence troubling based evidence ask agencies investigate whether can conduct violated laws jurisdiction said can previously dismissed accusations proposal white house change biofuels program saying overhaul would help refining companies including competitors cvr energy shares fell percent tuesday a cvr spokesman declined comment shares can investment firm can enterprises fell percent can spent decades battle major companies activist investor amassed fortune forbes magazine pegs billion in recent years built percent stake cvr making player niche biofuels market carl can shy knows voice actions special adviser influence rin markets said tyson locus public citizen liberal watchdog group already asked congress investigate whether can violated lobbying disclosure laws the real issue carl can use position special adviser unduly impact rin market make corresponding bets moves locus said cvr energy refining unit posted net gain million associated biofuel credits market first quarter million turnaround period cvr shelled million company said filing the renewable fuel standard overseen environmental protection agency requires increasing volumes biofuels blended nation gasoline diesel every year it places responsibility mainly refinery required blend fuel purchase credits others can proposal called regulators shift responsibility blending refinery many lack sufficient blending capacity terminal operators a number biofuels groups oppose proposed change saying could undermine renewable fuel standard making complicated since many times terminal operators refining companies moving point obligation would require dramatic increase staff required track epa delivering poorer supervision increasing complexity program ultimately higher costs american drivers said growth energy chief executive emily stor politicsnews