“Thank you Chairman Lucas and welcome Chairman Gensler to today’s hearing.
“In addition to passing a farm bill, oversight of the CFTC has been a top priority for this Committee and I think it’s important for Chairman Gensler to provide an update on the CFTC agenda for the year along with the Commission’s progress of implementing the financial reforms Congress passed in 2010.
“Looking at the Dodd-Frank rules that have already been finalized by the CFTC, I believe it is safe to say that, so far, the CFTC has done a pretty good job. And, in my conversations with Chairman Gensler, it seems to me that they are on the right track.
“For example, during a legislative hearing last year, we heard concerns about business conduct standards and the potential impact they could have on pension plans’ ability to use swaps to hedge risk. In January, the Commission approved a bipartisan final rule establishing business conduct standards.
“The general feeling I get from the pension plans is that the CFTC got the final rule right. As the CFTC continues finalizing more rules, I suspect they will continue to get it right and address the concerns we have heard at our various hearings.
“I know that some have expressed frustration with the CFTC’s process for implementing these reforms. While it has not been a perfect process, we cannot lose sight of the importance of taking the time to do this right.
“But the CFTC has more on its plate than just Dodd-Frank. It is still in the process of investigating what happened at MF Global and monitoring our futures markets as we watch energy prices continue to climb. The Commission does these things and much more, all while grossly underfunded. Today’s hearing will provide members with the opportunity to ask about these, and many other issues, currently before the CFTC.
“I am looking forward to hearing Chairman Gensler’s testimony and thank the Chair for holding today’s hearing."
Source: House Committee on Agriculture
