House Agriculture Committee Chairman K. Michael Conaway (R-TX) issued the following statement to reconfirm the committee’s commitment to overseeing the derivatives markets this Congress. The House passed H.R. 2289 on June 9, with no corresponding Senate action, which would reauthorize the Commodity Futures Trading Commission (CFTC). The Commission has been unauthorized since September 2013.
“As Chairman of the House Agriculture Committee and former chairman of the subcommittee with jurisdiction over the CFTC, oversight of the derivatives markets is, and will remain, a top priority at the committee. This year, my colleagues and I held five hearings and were able to get legislation through the full House, as we did last Congress, with modest agency reforms and a new authorization for appropriations.
“However, the Commission has actively worked to prevent this legislation from crossing the finishing line, despite its reauthorization expiration in 2013 and a 16% increase in its budget last fiscal year. I will continue to oppose any additional increases in the CFTC’s budget until reauthorization is complete.”