CMC Invited to Meet with Senate Banking and Ag Committee Staffs

CMC was invited today to meet with the staffs on the Senate Ag and Banking Committees. They urged CMC and a group of allied trade associations to push Democratic Senators to vote for an amendment being sponsored by Sen. Mike Crapo (R – Idaho) that would disallow the CFTC from:

  1. Promulgating final rules until it publishes an implementation plan,
  2. Defining swaps to include end-user trades,
  3. Defining swaps to count inter-affiliate transactions, and
  4. Defining swaps to include certain extraterritorial trades

The chances of securing enough Democratic support to get over the 60-vote hurdle in the Senate are negligible, but if enough Democratic support could be obtained so that the amendment gets at least 50 Senate votes, that would send a powerful signal to the CFTC. CMC has already signed a coalition letter in support of this amendment, and we will engage with our members to determine how much of a priority this is for them.

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