Lessons Learned: Senate Ag Committee discusses financial assets of futures trading in Farm Bill
The full Senate Ag Committee is currently holding a hearing on the Commodity Futures Trading Commission.
CTFC Chairman Rostin Behnam will be the lone witness at today’s hearing. In her opening remarks, Chairwoman Debbie Stabenow stressed how the CTFC is vital to stakeholders.
“Cyber attacks are prominent threat to our financial stability and our national security. The CFTC must be vigilant in protecting derivatives markets from cyber threats. I’d like to hear whether additional authorities or resources are needed to meet this challenge. Our nation’s derivative markets are fundamentally different than they were 15 years ago In the wake of the financial crisis. Yet Congress has not reauthorized the CFTC since 2008. This is long overdue and the Commission’s resources have not kept pace with their ever expanding responsibilities, including monitoring the $350 trillion global stock market.
“We’ve recently heard criticism that the CFTC is too small and does not have the resources to take on additional responsibilities as commodity markets evolve. I reject this thinking. The CFTC’s mission is too important. In the 15 years since the agency was last reauthorized, the CFTC has received $3.5 billion in appropriations. And that same time, the CFTC has imposed nearly 20 billion. This is a remarkable return on investment for the American people.”