March 25, 2015  (202) 225-2171
Subcommittee Continues Hearing Series in Advance of CFTC Reauthorization

Today, the House Agriculture Committee continued its series of hearings in advance of writing legislation to reauthorize the Commodity Futures Trading Commission (CFTC), which lapsed in September 2013. Members of the Subcommittee on Commodity Exchanges, Energy, and Credit Subcommittee, chaired by Rep. Austin Scott (R-GA), held a public hearing to examine the reauthorization of the CFTC from the perspective of market participants. The subcommittee heard from a panel of end-users yesterday.

“This week’s hearings are an important first step towards gaining a full understanding of the new regulatory challenges facing derivatives market participants,” said Chairman Austin Scott. “After hearing from representatives of the futures and swaps industries, we know there is still work to be done as these financial intermediaries and institutions adjust to new and changing rules. Derivatives markets exist for those who have risks to hedge.  I look forward to a bipartisan solution that strikes a balance between market integrity and market access.”

Written testimony provided by the witnesses from today’s hearing is linked below. Click here for more information, including Chairman Austin Scott’s opening statement and the archived webcast.

Witness List:

Mr. Terrence A. Duffy, Executive Chairman & President, CME Group, Chicago, IL
Mr. Benjamin Jackson, President and Chief Operating Officer, ICE Futures U.S., New York, NY
Mr. Daniel J. Roth, President and CEO, National Futures Association, Chicago, IL
Mr. Gerald F. Corcoran, Chairman of the Board & Chief Executive Officer, R.J. O'Brien & Associates, LLC, Chicago, IL; on behalf of the Futures Industry Association
Mr. Shawn Bernardo, Chief Executive Officer, tpSEF - Tullett Prebon, Jersey City, NJ; on behalf of the Wholesale Market Brokers Association, Americas