Rep. Frank Lucas (R-Okla.) introduced legislation on Monday that would reauthorize and improve the Commodity Futures Trading Commission and protect customers from market failures.
Lucas, the chairman of the House Agriculture Committee, introduced the bipartisan legislation after a multi-year process that included input from market participants, end users, futures customers and the CFTC.
The CFTC strives to prevent fraud and market abuse while ensuring transparent, open, competitive and financially sound commodity markets.
“I’m pleased to introduce this bipartisan legislation with my friends and colleagues,” Lucas said. “It is a responsible and balanced bill that improves the efficiency and accountability of the CFTC, ensures regulations are implemented in a sensible manner, maintains the integrity of the marketplace and guarantees our global competitiveness. We will advance our bill in the committee this week and then prepare for full House consideration.”
House Agriculture Committee Ranking Member Rep. Collin Peterson (D-Minn.), a co-sponsor of the bill, said the measure would build upon previous bipartisan efforts to ensure that end users who weren’t responsible for the financial collapse don’t bear the burden of new financial regulations.
House Agriculture Subcommittee on General Farm Commodities and Risk Management Chairman Rep. K. Michael Conaway (R-Texas) said the bill would protect consumers, farmers, ranchers and small businesses.
“My bill requiring the CFTC to quantify the costs and benefits of future regulations and orders was included in the overall legislation,” Conway said. “Quantifying the implications of new regulations will strengthen our overall economy and encourage the creation of jobs.”
House Agriculture Subcommittee on General Farm Commodities and Risk Management Ranking Member Rep. David Scott (D-Ga.) said the bill would give the CFTC the resources to protect market participants and codify institutional regulations the industry already uses.