Chairman Frank Lucas issued the following statement welcoming the news that the U.S. Department of Agriculture (USDA) will move forward with implementing the Actual Production History (APH) adjustment for 2015 spring-planted crops. This crop insurance provision in the Agricultural Act of 2014 allows yield adjustments when losses are widespread and beyond the control of producers.
Lucas Praises Lukken for His Service to CFTC
Tamara Hinton (202) 225-0184
WASHINGTON – Ranking Member Frank Lucas issued the following statement today upon hearing of Acting Chairman Walt Lukken’s resignation from the Commodity Futures Trading Commission (CFTC).
“I want to thank Chairman Lukken for the seven years he ably served on and led the Commodity Futures Trading Commission (CFTC). His seven years on the Commission, first as a Commissioner and then as acting Chair, may be the most challenging the CFTC has ever faced. In that span of time, the CFTC had to implement the Commodity Futures Modernization Act (CFMA), the most sweeping reform of the futures market to date.
“Despite the notional value of the futures markets exploding after the passage of CFMA, there was never a single dollar of customer funds lost because of an insolvency of a registered futures commission merchant. I think that speaks to Chairman Lukken and his staff’s dedication to the integrity of the markets.
“As Chairman Lukken moves on to the private sector, I wish him nothing but the best. I would hate to see all of his hard work ruined by merging the CFTC, a defender of market integrity, with others agencies that have not had nearly the success of the CFTC in protecting the integrity of the markets.”