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Ag groups want CFTC nominees familiar with agricultureAg groups want CFTC nominees familiar with agriculture

In a letter, industry groups pointed to the opportunity of President-elect Donald Trump to make nominations for the vacancies existing since 2014-15.

Jacqui Fatka

December 23, 2016

2 Min Read
Ag groups want CFTC nominees familiar with agriculture
House Agriculture Committee

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.

About the Author(s)

Jacqui Fatka

Policy editor, Farm Futures

Jacqui Fatka grew up on a diversified livestock and grain farm in southwest Iowa and graduated from Iowa State University with a bachelor’s degree in journalism and mass communications, with a minor in agriculture education, in 2003. She’s been writing for agricultural audiences ever since. In college, she interned with Wallaces Farmer and cultivated her love of ag policy during an internship with the Iowa Pork Producers Association, working in Sen. Chuck Grassley’s Capitol Hill press office. In 2003, she started full time for Farm Progress companies’ state and regional publications as the e-content editor, and became Farm Futures’ policy editor in 2004. A few years later, she began covering grain and biofuels markets for the weekly newspaper Feedstuffs. As the current policy editor for Farm Progress, she covers the ongoing developments in ag policy, trade, regulations and court rulings. Fatka also serves as the interim executive secretary-treasurer for the North American Agricultural Journalists. She lives on a small acreage in central Ohio with her husband and three children.

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