May 10, 2018
Soy growers joined several ag organizations this week in a push for funding the Commodity Futures Trading Commission (CFTC).
The Administration’s full budget requests $281.5 million for the CFTC to be included in the FY19 Agriculture Appropriations bill. The American Soybean Association (ASA) signed onto a letter to the House Subcommittee on Agriculture, Rural Development Food and Drug Administration, and Related Agencies Committee on Appropriations, urging this funding full request be included in the Fiscal Year 2019 appropriations bill.
Why it matters…
The CFTC performs the critical role of helping to safeguard U.S. futures and swaps markets. The commission’s responsibilities have expanded dramatically in recent years, but funding has not kept up. Also, several rulemakings and other initiatives underway or planned at CFTC have direct bearing on price discovery and risk management functions for U.S. agriculture. Currently, the CFTC lacks the funding to hire important personnel. Without sufficient resources to staff the Commission and invest in needed technology upgrades, the CFTC’s ability to perform these important functions, as well as to continue its core regulatory mission, will be undermined.
Read the full letter here.