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Jun 19, 2014
ASA joined a coalition of 34 agricultural stakeholders in a letter to House members this week supporting the re-authorization of the Commodity Futures Trading Commission (CFTC). The House is scheduled to take up the legislation this week.
“We urge you to cast an affirmative vote on H.R. 4413, the “Customer Protection and End-User Relief Act,” when it moves to the floor for consideration,” the letter states. It lists several important provisions in the legislation, including enhanced reporting, transparency and accountability in futures markets; the ability for customers to “claw back” assets from a parent firm in the event of a shortfall of customer funds in FCM (futures commission merchant) insolvencies, and a solution to the “residual interest” rule approved last fall by CFTC that would force customers to pre-margin hedge accounts.
