|Targeted News Service|
Today during a Senate Agriculture hearing on continuing oversight of the Wall Street Reform and Consumer Protection Act, U.S. Senator
"Through no fault of their own, folks in
During the hearing,
The following is the text of
Madam Chairwoman, I appreciate you calling this hearing today. CFTC oversight is a critically important function of this committee. Our last hearing on this subject was about six months ago. In light of recent events, I'm looking forward to hearing from our witnesses for an update on how our regulatory authorities are coordinating their efforts regarding Dodd-Frank.
It is time to get back to the core fundamentals over at the CFTC.
I am referring to the collapse and bankruptcy of
On behalf of many investors, agribusinesses, farmers, ranchers, and their bankers across the country who are caught up in the events surrounding
Through no fault of their own, folks in
We must find out what happened with
Madame Chairwoman, we cannot look past the critical oversight issues we must address regarding Dodd-Frank, and there are many. However,
For many decades, the futures market has served as a way for agriculture producers and numerous small businesses to hedge risk. Without this ability, many could not stay in business.
Throughout those decades, they have never once, questioned the stability of the futures market. Until now. We need to get to the bottom of exactly what happened with
Unfortunately, the manner in which
Why did he wait until
Why did it take him another 5 days to provide a recusal letter to his agency ethics officer, and why did it take him an additional two weeks to provide me a copy of that letter after I had requested itdztwice?
We must restore faith in the futures markets so that or farmers, ranchers, and small businesses can again know that they can use futures to provide the risk management they so desperately need. This task and understanding what happened with
A key first step on this path will be getting a better understanding today from
Madame Chairwoman, I again thank you for holding this hearing and for the additional hearing you have scheduled on
TNS hc11-111202-JF78-3698503 StaffFurigay
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