U.S. Senator Saxby Chambliss (R-Ga.), Ranking Republican Member on the Senate Agriculture Committee, issued the following statement regarding an announcement made today by Gary Gensler, Chairman and Commissioner of the Commodity Futures Trading Commission (CFTC):
"This spring, I sent a letter to then Acting Chairman Michael Dunn requesting an updated report of swap dealers and index traders positions in certain commodity markets, including crude oil and several agricultural commodities; however to date I have not received a response. The statement made today by Chairman Gensler indicates that an update is forthcoming. Such information is essential in determining market participant positions and potential influences. I have always been a proponent of increased transparency relative to speculative market activity.
"It is appropriate that Chairman Gensler has chosen to proceed with the consideration of changes in regulatory activities through a public hearing process. All interested parties who may be affected by regulatory changes must have the opportunity to be heard as the process moves forward. I urge the CFTC to continue to use all existing authorities to carry out its mission."