Press Releases
Subcommittee Reviews Implementation of Wall Street Reform Measures
Washington, DC,
December 15, 2010
WASHINGTON – The House Agriculture Subcommittee on General Farm Commodities and Risk Management today held a hearing to review implementation of the position limits provision within the Wall Street Reform and Consumer Protection Act. Media Contact: The law sets a January 17, 2011 deadline for the Commodities Futures Trading Commission (CFTC) to announce the proposed rule for position limits and many have recently expressed concerns about the Commission meeting this deadline. “Today’s hearing was important to make sure that key position limits outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act are implemented during the rulemaking process,” said Chairman Leonard Boswell, D-Iowa. “Position limits are essential to the function of effective and efficient markets, and necessary to protect market end users who rely on the marketplace to hedge their risks in operating their businesses.” "Today’s hearing was useful to gain perspective about how CFTC is implementing the Dodd-Frank Act. I hope the hearing allowed CFTC to learn that concern exists about whether sufficient information is available to allow the Commission to proceed with setting position limits. It is important the Commission have adequate information before making any further decisions and today’s hearing was an important step in letting members of Congress and members of the public voice their opinions as this process moves forward," said Ranking Member Jerry Moran, R-Kan. Written testimony provided by the witnesses is available on the Committee website: http://democrats-agriculture.house.gov/hearings/.A full transcript of the hearing will be posted on the Committee website at a later date. Panel I The Honorable Bart Chilton, Commissioner, Commodity Futures Trading Commission, Washington, D.C. Panel II Mr. Terrence A. Duffy, Executive Chairman, CME Group, Chicago, IL Mr. Joel G. Newman, President and Chief Executive Officer, American Feed Industry Association (AFIA), Arlington, VA Mr. Jeffrey C. Sprecher, Chairman and Chief Executive Officer, IntercontinentalExchange, Inc., Atlanta, GA Mr. Robert Jones, Senior Vice President, ABN AMRO Clearing Chicago LLC, on behalf of National Grain and Feed Association (NGFA), Chicago, IL ### |