News

Senate Ag Committee reviews CFTC

The U.S. Senate Ag Committee discussed the state of the Commodity Futures Trading Commission during a hearing Thursday.

Ranking Member Debbie Stabenow of Michigan told Brownfield ahead of the hearing, markets need to be fair and transparent, and free of fraud and abusive practices.  “I have a lot of questions just in general on what’s being done so that our farmers and businesses can continue to have confidence in using these tools for risk management.”

CFTC chairman Christopher Giancarlo testified American agriculture and American commodity futures markets are vital national interests.  “Even with extreme volatility as we saw recently, CFTC regulated markets were able to successfully take on and manage risk, enabling valuable risk transfer to support and stabilize the broader financial market.”

The hearing reviewed many commodity trading issues including education, oversight and enforcement.