A handful of liberal senators unveiled legislation Wednesday that would force federal regulators to curb “excessive” market speculation that they say is responsible for soaring gas prices.

The bill, authored by Sen. Bernie Sanders (I-Vt.), mandates that the Commodity Futures Trading Commission use its emergency powers within 14 days to put limits on speculative trading in energy futures markets.

“Millions of American consumers are hurting as a result of excessive speculation on the oil futures market and the future of our economy hangs in the balance. The time to act is now,” Sanders said Wednesday.