Senate Ag Committee Releases Language of 2012 Farm Bill Draft

Senate Ag Committee releases language of 2012 Farm Bill draft | AgriPulse.

CMC Discusses Senate Agriculture Committee Roundtable on MF Global

On this week’s policy call, CMC staff reported to our members on the Senate Ag Committee’s MF Global roundtable held on Tuesday, April 3.  CMC was one of only four groups invited to participate at this select event to discuss our thoughts and recommendations regarding potential legislative/ governmental regulatory / self-regulatory fixes to minimize the chances of another MF Global – like situation from occurring again.

Based on numerous prior discussions within our membership and with outside groups, CMC offered ten recommendations that followed from three core principles.  Click here to read CMC’s recommendations.

The event was moderated by former CFTC Commissioner Mike Dunn, and the other groups invited to share their thoughts were the National Futures Association, the Futures Industry Association and the Commodity Customers Coalition.

Senior Senate Agriculture Committee Staffer Addresses CMC Members on Policy Call

Gregg Doud, Senior Professional Staff at the Senate Agriculture Committee Republicans, addressed CMC members on our policy call yesterday.  He spoke mainly about financial regulatory reform pertaining to derivatives, but also briefly discussed budgetary matters, the farm bill, congressional politics, and Senate confirmation votes.  Gregg provided a comprehensive briefing on the aforementioned topics, and CMC members had the opportunity to directly ask him several questions.

CMC Covers Wetjen’s Confirmation Hearing

In a carefully orchestrated hearing this morning, the Senate Ag Committee took up the confirmation of Mark Wetjen to the Commodity Futures Trading Commission.  Slated to replace out-going Commissioner Mike Dunn, Wetjen played up his ag background with nostalgic references to his time listening to market reports on his family farm in Iowa.

More on substance, he expressed his belief that at this “critical” time the Commission must “hew closely” to the statutory directives in the Dodd-Frank Act.  He also hinted that balancing the pressures to get rulemaking done quickly but correctly will be difficult.  “I think the more quickly the Commission can act the better because it is going to provide some certainty to market participants and I know the market prefers that,” Wetjen told lawmakers. “But I think more important to them is making sure the rules are right.”

To view the hearing, click here.