WASHINGTON – U.S. Senator Debbie Stabenow, Ranking Member of the U.S. Senate Committee on Agriculture, Nutrition, & Forestry, released the following statement after House passage Thursday evening of legislation reauthorizing the Commodity Futures Trading Commission (CFTC).
“Providing the CFTC with urgently needed resources is a critical first step to ensure fair, transparent, and competitive derivatives markets for all market participants, including our nation’s farmers and ranchers. The House bill misses the mark by failing to address the Commission’s funding shortfall and imposing a woefully inadequate budget cap. The bill also takes direct aim at rolling back important protections required by Wall Street Reform, including speculative position limits, a tool that ensures Americans are not paying too much for energy at home or for gas at the pump.
“The House bill irresponsibly handcuffs the CFTC with organizational and procedural changes that limit the Commission’s ability to quickly and effectively address important market issues, including cyber-attacks and technology glitches. If we are serious about having a financial system that works for Main Street and not just Wall Street, we need a strong, effective cop on the beat. I will continue to work toward a CFTC reauthorization that focuses on these priorities for the American people.”