Rep. Frank Lucas, Chairman of the House Agriculture Committee, today issued a statement in response to the Commodity Futures Trading Commission's (CFTC) surprise "advisory notice" to further regulate cross-border swaps.
House Agriculture Committee Advances Measure to Subpoena Corzine
Tamara Hinton, 202.225.0184
WASHINGTON – Chairman Frank Lucas of Oklahoma and Ranking Member Collin Peterson of Minnesota issued the following statement after the House Agriculture Committee approved the issuance of a subpoena to compel the attendance of Jon Corzine, the former Chief Executive Officer of MF Global, at the full committee hearing scheduled for December 8 to examine the MF Global bankruptcy.
"The circumstances surrounding the MF Global bankruptcy are unprecedented. Many of our constituents have lost funds and many more have lost confidence in futures and derivatives markets, which are under the jurisdiction of the Committee. On December 8 the House Agriculture Committee will hold a hearing to examine the facts and circumstances that led up to the bankruptcy, and the efforts underway to recover customer funds and return them to their rightful owners. To that end, Jon Corzine’s testimony is critical to fulfill our objectives on behalf of our constituents, which is why we have taken this extraordinary step to ensure his attendance. It is our hope the hearing next week will lay the groundwork to address the situation and begin to restore confidence."