Senate Ag Committee Considers Testimony On CFTC Reauthorization

The Senate Committee on Agriculture, Nutrition and Forestry considered testimony on the upcoming reauthorization of the CFTC. There were four invited witnesses that provided testimony:

• Better Markets, Inc. President and CEO Dennis M. Kelleher urged Congress to give the CFTC the necessary resources to perform its regulatory role, warning that the agency is at risk of failing its mission due to "gross underfunding." Mr. Kelleher also called for user taxes on transactions.
• CHS Hedging Director of Brokerage Services Joe Barker advocated for a regulatory regime that does not apply a "one-size-fits-all" approach to the agriculture industry. Mr. Barker asked the CFTC to reduce regulatory burdens to farmers, saying that (i) an increase in transaction costs would discourage prudent hedging practices and negatively affect agricultural producers and (ii) any federal position limits rule should not unfairly burden commercial end users.