Though the Commodity Futures Trading Commission (CFTC) was reauthorized
through the year 2000 in 1995, Congress put off, at least temporarily,
a broader debate on reform of the futures and options markets.
Chairman Ewing introduced H.R. 467 as a discussion document and
base of consideration for this year's debate. According to Chairman
Ewing, the time for reform has come. The Agriculture Subcommittee
on Risk Management and Specialty Crops will hold hearings to debate
the many issues relating to reform of the Commodities Exchange
Act.
"If we are to keep the U.S. futures industry competitive
as we enter the 21st Century, the law must recognize
that technology is constantly changing and that an updated, more
modern view of these markets is necessary. We put off this debate
last year, but the time has come to thoroughly and actively consider
commodities reform, and the Subcommittee will begin doing so in
April," Ewing said.
"Each of us, as Members of Congress, has a responsibility
to review the many issues involved in reform of the CEA to seek
balance - the balance of allowing market innovation to develop
while maintaining adequate enforcement and surveillance of the
markets," Ewing said.
"Reform of the Commodity Exchange Act is an important issue
before the Subcommittee. I look forward to working with my colleagues
as we move forward with this debate," said Rep. Gary Condit
(D-CA), the Subcommittee's Ranking Democrat.
Rep. Ewing represents Illinois' 15th Congressional
District in the U.S. House of Representatives. Rep. Condit represents
California's 18th Congressional District.