December 23, 2016
Several agricultural organizations urged Vice President-elect Mike Pence to quickly fill the Commodity Futures Trading Commission (CFTC) vacancies with individuals well versed in agriculture commodity markets and issues.
In a letter, industry groups pointed to the opportunity of President-elect Donald Trump to make nominations for the vacancies existing since 2014-15.
“As you know, with the passage of the Dodd-Frank Act, the CFTC has taken on much more responsibility for overseeing financial markets than in the past. This has led to a makeup of the Commission that largely reflects backgrounds and experience in the financial sector,” the letter states. “Historically, however, there have always been Commissioners who understood agricultural futures markets, as well as the policy issues that impact the agricultural sector.”
The letter notes, “While derivative markets have grown beyond agricultural commodities and the CFTC’s regulatory footprint has been expanded, the agricultural futures markets remain as vital and integral to our farmers, ranchers, and businesses as they were before the financial innovation that led us to today’s derivatives markets.”
The groups said the industry appreciates the efforts of the sitting commissioners to learn the industry, but representation is vital for the ag futures markets. “As the agency continues to define its mission regulating financial markets, its core mission of regulating agricultural futures markets should not suffer for it,” the letter stated.
“We respectfully request that President-Elect Trump, with the consent of the U.S. Senate, ensures the CFTC has at least one Commissioner with a background in, and familiarity with, issues important to production agriculture and agribusiness. We appreciate your consideration,” the group states in the letter.
Signing onto the letter included the American Farm Bureau Federation, American Feed Industry Assn., American Soybean Assn., Farm Credit Council, National Cattlemen’s Beef Assn., National Corn Growers Assn., National Council of Farmer Cooperatives, National Farmers Union, National Grain and Feed Assn., National Milk Producers Federation, National Pork Producers Council, United Egg Producers and a handful of additional agricultural groups representing, rice, cotton, sugar and wheat.
Click here to read the letter.
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