NFU President Stresses Importance of CFTC Work
National Farmers Union President Roger Johnson says family farmers and ranchers need access to commodity markets that are stable, fair and free from manipulation. As the Senate Agriculture Committee begins the Commodity Futures Trading Commission reauthorization process - Johnson notes the CFTC needs the tools, data and authority to ensure functional markets are available. Johnson says the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 assigned enormous, additional responsibilities to the CFTC. To carry out those duties - he says the CFTC needs the resources to keep up with the 600-trillion dollar derivatives market and ever-changing trading technology. Further - Johnson says CFTC should continue its work to improve and implement the regulations resulting from Dodd-Frank. With the MF Global and Peregrine debacles underscoring the need for regulatory oversight of our financial and commodity markets - Johnson says now is not the time to turn back. He says the CFTC must be allowed to continue in its important work.
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