Today, Congressman Leonard L. Boswell, chairman of the House Agriculture Committee’s Subcommittee on General Farm Commodities and Risk Management, held a hearing to review the implementation of changes to the Commodity Exchange Act contained in the 2008 Farm Bill.
The Subcommittee heard testimony from the Commissioner of the U.S. Commodity Futures Trading Commission Gary Gensler.
“Our job in Congress and on this Subcommittee is to bring greater transparency and oversight to the future markets and ensure that we provide necessary oversight of these markets without hindering legitimate consumers from operating within them,” Subcommittee Chairman Boswell said. “To the extent fraudulent activity is taking place and hard-working Americans are getting taken to the cleaners, we need to ensure that federal regulators have the tools necessary to protect consumers.”
“It’s been nearly two years since the 2008 Farm Bill granted the Commodity Futures Trading Commission (CFTC) certain new authorities to regulate the futures markets, and it’s appropriate that this Subcommittee review CFTC’s implementation of those new authorities and review how CFTC is using its existing authorities,” Subcommittee Ranking Member Jerry Moran said. “Congress needs to determine whether CFTC is effectively carrying out its intent and I believe today’s hearing gave us an indication of the Commission’s recent activities.”
The 2008 Farm Bill reauthorized the Commodity Futures Trading Commission (CFTC), the agency responsible for federal regulation of commodity futures trading, through 2013. The 2008 Farm Bill strengthened the CFTC’s authority over retail foreign currency (FOREX) transactions, extended the CFTC’s principles-based oversight to exempt commercial markets that trade significant price contracts, and increased criminal and civil penalties for market manipulation.
Written testimony provided by the witnesses is available on the Committee website: http://agriculture.house.gov/hearings/index.html. A full transcript of the hearing will be posted on the Committee website at a later date.
