WASHINGTON – Congressman Austin Scott, Chairman of the House Agriculture Committee’s Subcommittee on Commodity Exchanges, Energy, and Credit Subcommittee, held a hearing to examine the reauthorization of the Commodity Futures Trading Commission (CFTC) and the challenges end-users face as they use these markets.
Authorization for the CFTC lapsed in September 2013. During the 113th Congress, the House of Representatives passed H.R. 4413, the Customer Protection and End-User Relief Act, which would have reauthorized and made improvements to the operations of the CFTC. The Senate did not take up the bill. The House Agriculture Committee began its series of hearings relating to the oversight and reauthorization of the CFTC in February, when it heard from CFTC Chairman Timothy Massad.
“Americans across the country, and many in my home state of Georgia, depend on these well-functioning markets to manage their businesses and mitigate risk,” said Chairman Austin Scott. “From small family farms to large manufacturers, a wide range of end-users have been subject to unintended consequences and unnecessary regulations with the implementation of Title VII. These individuals and companies must be able to easily access risk management tools as they work to feed, clothe, and provide affordable fuel to consumers here and around the world. As the committee moves towards reauthorization, we will promote policies that enhance stability and confidence in the derivatives markets, as well as strike a balance between access and integrity. These markets must work efficiently for end-users and serve as a tool, rather than a hindrance, for their businesses.”
“I am pleased to have Austin Scott leading our efforts as the Agriculture Committee works towards reauthorization of the CFTC in the coming months,” said Chairman K. Michael Conaway, chairman of the full committee. “We will strive to ensure end-users are able to use futures, swaps and options as seamlessly as possible. Rather than navigating through complex rules and regulations, these individuals and businesses should be able to use that time serving their customers and focusing on their businesses.”