Senate Agriculture Committee Considers Three CFTC Nominees

The U.S. Senate Committee on Agriculture, Nutrition, and Forestry (the "Committee") met on July 27, 2017 to consider three nominations to serve as CFTC Commissioners (see previous coverage for background information on the nominees). The Committee considered the nominations of Republicans Brian D. Quintenz and Dawn DeBerry Stump, and Democrat Rostin Behnam.

Committee Chair Pat Roberts (R-KS) and Ranking Member Debbie Stabenow (D-MI) expressed support for all three nominees. Senator Roberts said that the nominees "have a proper appreciation of the turmoil the 2008 financial crisis imposed and the comprehensive Congressional response which followed," and that he is "confident the nominees . . . are well qualified" to serve as Commissioners. Senator Stabenow also lauded the qualifications of each of the nominees, and praised the "excellent work" of Mr. Behnam, who has served as her counsel since 2011.

All three nominees voiced support for the position limits rule. Ms. Stump said that she intends to help "finalize the rule," and added that she intends to ensure that the hedging strategies of agricultural companies are not prevented by "unworkable bona fide hedging restrictions." Mr. Quintenz concurred, and emphasized the importance of maintaining exemptions in order to "allow market participants to continue to hedge as they historically have." Mr. Behnam acknowledged the necessity of certain exemptions, but stressed the need to prioritize the finalization of a "workable rule":

"The relevant question is not whether or not position limits should be completed, but how they should be completed."

In a separate meeting, the Committee will vote on whether to advance the nominations to the Senate floor for a confirmation vote.