SENATE Agriculture Committee leaders will begin the process of reauthorizing the Commodity Futures Trading Commission (CFTC).
This comes at an important but challenging time as domestic regulators such as CFTC continue to implement financial reforms and work to harmonize measures globally. The collapse of major firms under CFTC's watch also points to the need to institute ways to better protect customers.
Senate Agriculture Committee chair Debbie Stabenow (D., Mich.) and ranking member Sen. Thad Cochran (R., Miss.) asked the public and other stakeholders for conversations about a broad range of CFTC-related issues, including market oversight, agency oversight and resources and statutory authorities.
"Reauthorization is an opportunity to critically examine these markets and weigh policy changes that would help protect markets and the public," Stabenow said at a Feb. 27 committee hearing on CFTC oversight. "These markets, whether for physical goods or financial products, must be orderly, transparent, competitive and safe for trading. We must have markets that allow farmers and business owners to manage risk without fear."
At the hearing, Stabenow encouraged CFTC officials to finalize rules and finish implementing the Dodd-Frank Wall Street Reform & Consumer Protection Act.
CFTC chairman Gary Gensler testified that, after more than 2.5 years since the reform bill passed, and with 80% of its rules finalized, the market is moving toward implementation.
Recommendations can be submitted by May 1 to [email protected]ate.gov.