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Ranking Member David Scott Opening Statement at Hearing with CFTC Chairman Rostin Behnam

House Agriculture Committee Ranking Member David Scott today delivered the following statement at a full Committee hearing with Commodity Futures Trading Commission Chairman Rostin Behnam. Watch the full hearing here.

[As prepared for delivery]

Thank you, Mr. Chairman. Welcome Chairman Behnam.

While the Committee remains hard at work on crafting the next farm bill, I’m pleased we can show the world that we can walk and chew gum at the same time by continuing our non-farm bill-related oversight responsibilities.

As many of you know, I have long been a strong supporter of the work of the CFTC and its mission to “promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.”

Whether from my role on the House Financial Services Committee to my leadership of the Agriculture Committee subcommittees that oversee the agency to engaging with our partners in the European Union – I have supported the continued vibrancy of our U.S. derivatives markets and their role as the global standard for sound regulation. I fully appreciate the special and unique job the Commission has as the regulator for commodity and derivatives markets.

That is why I’m disappointed that the CFTC’s fiscal year 2024 funding is kept flat in the appropriations bill the House will vote on this week.

I know the Appropriators had to make some tough choices, and I hope they will remember the challenges your agency will go through this year when they consider funding for FY25.

I was pleased to read your testimony about the upcoming release of the agency’s first “Diversity, Equity, Inclusion, & Accessibility Strategic Plan.” I look forward to reading the Plan when it comes out, and I’m pleased the Appropriators rejected riders that would have prevented you from releasing that Plan.

I’ve said it before and I will say it again: diversity is our strength, and your efforts in this area will help make sure the agency is working for everyone.

I know we will hear a lot today about the prudential regulators' capital proposals to implement the Basel III endgame.

While I believe in setting standards that keep our nation’s banking system strong and reliable, I also want to make sure our standards are compatible with other nations and don’t place the users of our derivatives markets at a disadvantage compared with international competitors.

So, I look forward to hearing your thoughts on these and many other topics affecting the agency. Again, welcome back to the Committee.

Thank you, Mr. Chairman. 

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