NCBA Applauds Committee Approval of CFTC Reauthorization Bill
WASHINGTON (Oct. 29, 2019) - National Cattlemen’s Beef Association (NCBA) Manager of Legislative Affairs and Market Regulatory Policy Darryl Blakey today released the following statement in response to the U.S. House Agriculture Committee's approval of legislation reauthorizing the Commodity Futures Trading Commission (CFTC) --
"We're pleased to see that the House Committee on Agriculture took the first step towards getting the U.S. CFTC reauthorized. The committee leadership has come together to move this legislation forward in a bipartisan fashion and having this approach has allowed all parties to be honest in their negotiations to build a constructive and sound legislative product that can equip the Commission for the markets our members face today.
"As a representative of true commercial end-users, NCBA has naturally been a part of this reauthorization process from the very beginning by being one of the first organizations knocking on the doors of Congress in the form of meeting with key offices and sending up a thorough letter of support and ideas for a potential CFTC reauthorization package. This included providing tools for reducing systemic risk, ensuring market integrity for end-users, and delivering regulatory consistency, while also considering the important role derivatives markets play in the ability of farmers, ranchers, and agribusinesses to hedge their risks efficiently and effectively.
"Our members are pleased to see that some of our original ideas are in the product today in the form of continued protection for end-users from regulatory burdens, enhancement of the agency’s regulatory tools, and establishing coordination between the Office of the Chief Economist and the Commission to consider a cost-benefit analysis before it’s rulemakings.
"NCBA hopes to continue supporting this legislation as it moves forward in the House, and to working with Congress on getting the CFTC reauthorized because cattlemen and cattlewomen continue to rely on the derivatives markets to manage business risk."