from the National Farmers Union
WASHINGTON – National Farmers Union President Roger Johnson issued the following statement regarding the U.S. Senate Committee on Agriculture, Nutrition and Forestry’s hearing today on the Commodity Exchange Act and the Commodity Futures Trading Commission (CFTC):
“Family farmers and ranchers, like any other players in the economy, need access to commodity markets that are stable, fair, and free from manipulation. The CFTC needs the tools, data, and authority to ensure that functional markets are available.
“The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 assigned enormous, additional responsibilities to the CFTC. In order to carry out those duties, CFTC needs the resources to keep up with the $600 trillion derivatives market and ever-changing trading technology. Furthermore, CFTC should continue its work to improve and implement the regulations resulting from Dodd-Frank.
“The MF Global and Peregrine debacles underscore the need for regulatory oversight of our financial and commodity markets. Now is not the time to turn back – CFTC must be allowed to continue in its important work.”