AGRIBUSINESS: Calls For Bipartisan CFTC Reauthorization
Senate Ag Chair Debbie Stabenow and Ranking Member Thad Cochran are calling on stakeholders – and the public – to make recommendations and provide input on the reauthorization of the Commodity Futures Trading Commission.
Both Senators says this year’s reauthorization comes at an important – but challenging – time. They say domestic regulators – like the CFTC – continue to implement the Wall Street Reform and Consumer Protection Act and work to harmonize the legislation globally.
Also, the Senators says these markets are evolving rapidly and face extraordinary regulatory and market pressures.
Stabenow and Cochran say they are prepared to determine how to better protect customers – for instance after failure of companies like MF Global – in the coming year. Both want the reauthorization process to be open and bipartisan. They have not predetermined any actions or legislative text – but believe it is important to have conversations about a broad range of CFTC-related issues – including market oversight, agency oversight and resources, and statutory authorities.
Stabenow and Cochran ask for input in writing to CFTCreauthorization@ag.senate.gov by May 1st. They then will make the suggestions public and part of the ongoing dialogue about how to address these challenges.