The United States Cattlemen’s Association has written to the Senate Ag Committee outlining their concerns with the $2 million of proposed cuts to the Commodity Futures Trading Commission budget in the House Appropriations fiscal year 2018 legislation. USCA President and North Dakota rancher Kenny Graner says they believe a funding increase is needed for more CFTC workers and to improve oversight.
He says appropriators should have followed the CFTC Chairman’s request for a $32 million increase for the CFTC budget.
Graner says the funding increase is needed for CFTC oversight of the live cattle futures. He says his group has been working with the agency and the CME on possible fixes to that market.
The CFTC chairman’s budget request was to go from $250 million in FY 2017 to $281.5 million in FY 2018.
