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Nov 15, 2013
As part of a coalition of 17 agricultural stakeholders, ASA sent a letter to President Obama this week about new appointments to the Commodity Futures Trading Commission (CFTC). The Commission is undergoing a major transition; Commissioner Jill Sommers departed earlier this year and Commissioner Bart Chilton has announced his intention to step down. President Obama has nominated Tim Massad to serve as Chairman; current Chairman Gary Gensler’s term ends in January.
“These departures create a unique opportunity to recast the Commission in this new era via the appointment of three new Commissioners,” the groups wrote. “As you consider nominees…we ask that at least one of the nominees have a genuine background and experience in agricultural commodity futures markets.”
The groups concluded, “This is a critical time in the agency’s history as it further expands its mission into financial markets, but we cannot allow the core mission of regulating agricultural futures markets to suffer for it. We respectfully request that you, with the consent of the U.S. Senate, ensure we continue to have a representative as a Commissioner, to ensure our concerns related to these markets, which are so vital and integral to the entire agricultural industry, are heard and understood.”
Click here to read the letter.
