This week NAEGA joined 14 other organizations in a letter to Congressmen Robert Aderholt and Sanford Bishop, Chairman and Ranking Member of the House Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies regarding funding for the Commodity Futures Trading Commission (CFTC). The letter requests that the Subcommittee consider the Administration’s full budget request of $281.5 million for the Commodity Futures Trading Commission (CFTC) be included in the FY19 Agriculture Appropriations bill. This funding will support to completion of several rule makings and other initiatives currently underway or planned for U.S. agriculture, including:
- Position Limit Rule – As this very important rule moves toward final status, it is imperative that CFTC has sufficient staff and resources to get the rule right.
- Reg AT/High-Frequency Trading – Commission oversight continues to be needed to help ensure that high-frequency trading doesn’t overwhelm or otherwise adversely impact our agricultural futures contracts.
- Block Trading – Now that block trading has been extended to agricultural contracts, close scrutiny is merited by the Commission to preserve appropriate liquidity and transparency for agricultural futures markets.
- Commitments of Traders Report – Enhancements to provide additional frequency and transparency are needed but will require personnel and technology resources.
A copy of the letter can be found here.