CFTC Commissioners Testify Before Ag Subcommittee

Press Release

Today, the House Agriculture Committee completed its series of four hearings in advance of writing legislation to reauthorize the Commodity Futures Trading Commission (CFTC). Led by Rep. Austin Scott (R-GA), the Subcommittee on Commodity Exchanges, Energy, and Credit held a public hearing with Commissioner Sharon Bowen, Commissioner Christopher Giancarlo and Commissioner Mark Wetjen.

"I appreciate Commissioners Bowen, Giancarlo, and Wetjen taking the time to share their priorities, issues, and challenges in overseeing the commodity markets," Chairman Austin Scott said. "Their input is vital for us to have a better understanding of how to improve the CFTC. Since February, we have heard from the full range of stakeholders, starting with Chairman Massad, then onto end-users and financial intermediaries, and finally from the commissioners. Guided by our principles that regulatory requirements be both minimized and justified and that regulations provide clarity and certainty, we hope to illuminate areas in which we can help make the Commission function better through this reauthorization process. The success of these markets benefits consumers, the economy, and businesses around the globe, including many in my home state of Georgia, as companies protect themselves from uncertainty."

"Hearing the commissioners' views on current rulemakings, issues that warrant the committee's attention, and priorities for us to consider during reauthorization is an important step before the committee drafts its legislation," Agriculture Committee Chairman K. Michael Conaway said. "As we move towards reauthorizing the CFTC, Chairman Austin Scott and members of the Agriculture Committee will incorporate what we have learned from this hearing series into our legislation. Our overarching goal is to ensure that derivatives markets can meet the needs of hedgers and do not become overly or needlessly regulated to the detriment of all market participants. Our economy, both here and around the world, depends on these robust financial markets to allow participants to effectively manage risk."

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