Rep. K. Michael Conaway (R-TX), Chairman of the House Subcommittee on General Farm Commodities and Risk Management, issued the following statement after the House Agriculture Committee hearing on oversight of the Swaps and Futures Markets:
"Trust between financial market participants is essential to our nation's economic growth and it should come as no surprise that it is hard to find in high finance today. Today's hearing was not about assigning blame for any of the recent failure and scandals, it was about how to rebuild trust in the financial system that my constituents -- the investors, businesses, and borrowers across District 11 -- rely on every single day.
"I remain concerned with the two themes I have preached about over and over again -- the timing and sequence of the rulemaking process and the lack of cost-benefit analysis for proposed rules. Most recently the CFTC chose to forgo issuing their cross-border release as a rule proposal, opting instead to publish a less creditable guidance proposal. This move allowed the CFTC to avoid the cost-benefit analysis required to issue a rule proposal.
"The Agriculture Committee will continue to exercise robust oversight over the CFTC, the Self-Regulatory Organizations, and financial firms, and push them all to take concrete steps to renew American's trust in their industry."