WASHINGTON, D.C. – U.S. Senator Pat Roberts, R-Kan., Chairman of the Senate Committee on Agriculture, Nutrition and Forestry, is pleased to announce broad support of his Chairman’s Mark on reauthorizing the Commodity Futures Trading Commission (CFTC), which will be considered at the Committee’s business meeting on Thursday.
“This legislation has the widespread support of the folks who will benefit from real CFTC reforms the most – rural America. Additional stakeholder support is pouring in daily.” Roberts said. “This is the first time in a decade this Committee has held a markup for CFTC reauthorization, and I’m proud to say this Chairman’s Mark provides much needed customer protections in the wake of the disasters of M.F. Global and Peregrine Financial.”
The letter, signed by a variety of national and state agriculture and agribusiness groups in support of the Chairman’s Mark for CFTC reauthorization, urges the members of the Committee to pass this legislation that “contains a number of important provisions for agricultural and agribusiness hedgers who use futures and swaps to manage their business and production risks.”
The legislation has the support of:
- Agribusiness Council of Indiana
- American Cotton Shippers Association
- American Farm Bureau Federation
- American Feed Industry Association
- American Gas Association
- American Soybean Association
- Archer, Daniels, Midland Company
- BP Corporation North America Inc.
- Cargill Inc.
- Church Alliance
- Commodity Markets Council
- Edison Electric Institute
- The Gavilon Group, LLC
- Gunvor Group Ltd
- The Jewish Federations of North America
- INTL FCStone Inc.
- Kansas Grain and Feed Association
- Louis Dreyfus Company
- Michigan Agri-Business Association
- Michigan Bean Shippers Association
- MillerCoors plant and commodity state members
- Minneapolis Grain Exchange, Inc.
- Minnesota Grain and Feed Association
- Mondelēz International
- National Association of Wheat Growers
- National Cattlemen’s Beef Association
- National Corn Growers Association
- National Cotton Council
- National Council of Farmer Cooperatives
- National Grain and Feed Association
- National Pork Producers Council
- Nebraska Grain and Feed Association
- North American Export Grain Association
- North Dakota Grain Dealers Association
- Ohio Agribusiness Association
- Oklahoma Grain and Feed Association
- Rocky Mountain Agribusiness Association
- U.S. Chamber of Commerce
- USA Rice
Click here to read letters of support.
The Senate Agriculture Committee last May held a hearing on regulatory issues impacting end-users and market liquidity. The hearing featured testimony from CFTC Chairman Timothy Massad, as well as a variety of end-users from across the country.
To read the draft legislation and watch Thursday’s business meeting, click here.