Today, the House Committee on Agriculture held a hearing to review the futures, options, and swaps markets that the Commodity Futures Trading Commission (CFTC) oversees.
Chairman K. Michael Conaway urged CFTC Chairman Timothy Massad to make sure the agency’s rules both protect end-users and ensure well-functioning financial markets. Today’s hearing examined new regulations in the swaps market, coordination of international regulations, and the need for global standards for data reporting. Chairman Massad also discussed his thoughts on the reauthorization of the CFTC.
“I feel confident that Chairman Massad understands our Committee’s concerns and shares our desire to promote an efficient system that provides certainty in the marketplace, protects end-users, and contributes to a strong national economy,” Chairman Conaway said. “Burdensome regulations increase costs and create uncertainty for farmers, ranchers, and the many other business owners across America who depend on the markets that the CFTC oversees to manage risks in the global market place. As the Agriculture Committee continues conducting oversight and working towards reauthorizing the CFTC, it is important to thoroughly review the agency’s operations, examine issues facing the futures and swaps markets, and evaluate how regulations and implementation of new rules are affecting the agricultural and wider financial community.”
Mr. Timothy Massad, Chairman, Commodity Futures Trading Commission