Chairman Frank Lucas today released the following statement on Scott O'Malia's last day as Commissioner of the Commodity Futures Trading Commission (CFTC). Last month, O’Malia announced he would resign to pursue other opportunities.
Commissioners Testify Before Ag Subcommittee on Future of the CFTC
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WASHINGTON – Today, Rep. K. Michael Conaway, Chairman of the House Agriculture Subcommittee on General Farm Commodities and Risk Management, continued the process of gathering information and perspectives on the future of the Commodity Futures Trading Commission (CFTC) in advance of writing legislation to reauthorize the regulatory agency. The statutory authorization expires at the end of the fiscal year. Members of the Committee heard testimony from two of the CFTC's commissioners: Scott O'Malia and Mark Wetjen.
"I appreciate Commissioners O'Malia and Wetjen taking the time to inform us about how to improve the operations of the CFTC. In many ways, Dodd-Frank fundamentally changed the regulatory agency as much as it sought to remake the financial markets. It's important not to lose sight of the fact that regulatory actions have consequences - both intended and unintended. It is critical for a healthy economy to weigh the costs and benefits of those actions," said Chairman K. Michael Conaway (R-TX).
"With the passage of Dodd-Frank, the CFTC has become one of the most important regulators in the U.S., if not the entire world. The portion of the financial sector they oversee is enormous and growing daily. So today’s hearing was vitally important in reviewing the tasks CFTC has on its plate, and ensuring that they have the tools both statutorily and monetarily to accomplish the job Congress has given them," said Ranking Member David Scott (D-GA).
This is the second hearing on the future of the CFTC. The first one was a full committee hearing on May 21 to gain perspectives from the market. A third hearing will take place tomorrow to learn more about the impact of the commission's actions on end-users.
Written testimony provided by the witnesses is linked below.
The Honorable Scott D. O’Malia, Commissioner, U.S. Commodity Futures Trading Commission, Washington, DC
The Honorable Mark P. Wetjen, Commissioner, U.S. Commodity Futures Trading Commission, Washington, DC