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.
Subcommittee on Risk Management and Specialty Crops to hold April Hearing on Commodity Exchange Act Amendments of 1997
WASHINGTON, D.C. - Saying the time is right to consider reforming the futures markets, Rep. Tom Ewing (R-IL), Chairman of the House Agriculture Subcommittee on Risk Management and Specialty Crops, today announced that the subcommittee will hold hearings on April 15, 16, and 17 to review H.R. 467, the Commodity Exchange Act (CEA) Amendments of 1997, and other measures to reform and modernize the CEA, the principal law governing the regulation of futures and options on the nation's commodity exchanges.
Though the Commodity Futures Trading Commission (CFTC) was reauthorized through the year 2000 in 1995, Congress put off, at least temporarily, a broader debate on reform of the futures and options markets. Chairman Ewing introduced H.R. 467 as a discussion document and base of consideration for this year's debate. According to Chairman Ewing, the time for reform has come. The Agriculture Subcommittee on Risk Management and Specialty Crops will hold hearings to debate the many issues relating to reform of the Commodities Exchange Act.
"If we are to keep the U.S. futures industry competitive as we enter the 21st Century, the law must recognize that technology is constantly changing and that an updated, more modern view of these markets is necessary. We put off this debate last year, but the time has come to thoroughly and actively consider commodities reform, and the Subcommittee will begin doing so in April," Ewing said.
"Each of us, as Members of Congress, has a responsibility to review the many issues involved in reform of the CEA to seek balance - the balance of allowing market innovation to develop while maintaining adequate enforcement and surveillance of the markets," Ewing said.
"Reform of the Commodity Exchange Act is an important issue before the Subcommittee. I look forward to working with my colleagues as we move forward with this debate," said Rep. Gary Condit (D-CA), the Subcommittee's Ranking Democrat.
Rep. Ewing represents Illinois' 15th Congressional District in the U.S. House of Representatives. Rep. Condit represents California's 18th Congressional District.