House Ag Committee Hearing on the Future of the CFTC (with Summary of the Hearing from Delta Strategy Group)

The House Committee on Agriculture held a hearing on the CFTC reauthorization. The hearing was intended to give the House Ag Committee an opportunity to review the CFTC's operations, examine the pressing issues facing the futures and swaps markets, evaluate how regulations are impacting end users and the agricultural community, and determine how best to protect customer funds while restoring confidence in our markets.

In an opening statement, Chairman Lucas provided a critical assessment of the regulatory and enforcement approach the CFTC has taken of late, stating, "It would be one thing if the CFTC missed deadlines as the result of a thoughtful, rulemaking process that considers meaningful public comment and the unintended consequences of its actions. But, that isn't the case. Rather, the agency has been moving in a haphazard way that defies congressional intent and could jeopardize the United State's competitiveness in the global marketplace."

The hearing included testimonies by the following witnesses:

  • Mr. Terrence A. Duffy, Executive Chairman and President, CME Group, Inc., Chicago, Illinois
  • Mr. Jeffrey C. Sprecher, Chairman and CEO, IntercontinentalExchange, Inc., Atlanta, Georgia
  • Mr. Daniel J. Roth, President and CEO, National Futures Association, Chicago, Illinois
  • The Honorable Walter L. Lukken, President and CEO, Futures Industry Association, Washington, D.C.
  • Mr. Stephen O'Connor, Chairman, International Swaps and Derivatives Association, Inc., New York, New York
  • Mr. William Dunaway, Chief Financial Officer, INTL FCStone, Inc., Kansas City, Missouri

See: Audio/Video of the Hearing.See: Link here to full summary of the hearing provided by Delta Strategy Group.

Premium Content

Available only to Premium subscribers.

 

Tags