He recommends that long-term investors who want to own commodities buy an index like the iShare GSG Commodity Index , which includes holdings in metals, agriculture and energy.

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This category excludes securities dealers and commodity contracts dealers, but includes other sellers of financial contracts and could include portfolio managers and those who provide trust, fiduciary and custody services.

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The working group, which includes representatives of the SEC, the Commodity Futures Trading Commission and the Federal Reserve Bank of New York, came to the same conclusion as Federal Reserve Board Chairman Ben Bernanke, who said in February that more regulation isn't necessarily the answer.

FORBES: Magazine Article