The National Grain and Feed Association and 29 other agricultural groups are urging the House to vote for legislation to reform and reauthorize the Commodity Futures Trading Commission. A hearing on the measure was held last week in the House rules Committee. Grain and Feed Association’s Vice President of Marketing Todd Kemp says the bill provides good transparency and important customer protections in the wake of the M.F. Global debacle.
Kemp says the legislation also provides a good fix to the stringent proposal made last year by the CFTC that would have placed stringent record keeping rules on elevators.
The last time Congress approved legislation to reauthorize the CFTC was in 2008 which was prior to the financial crisis and to the enactment of the Dodd Frank Act.