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Read. Follow. Verify.Senate Hearing on CFTC Reauthorization and Derivatives Markets
Record date · January 1, 2020
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What This Bill Does
The Senate Committee on Agriculture, Nutrition, and Forestry held a hearing to discuss the state of the market and the need to reauthorize the Commodity Futures Trading Commission (CFTC). The CFTC has been operating without formal since 2013, and the committee is reviewing how recent technological changes and international regulations impact the agency's oversight.
The CFTC regulates the markets used by farmers and businesses to manage financial risk; formal would set the agency's legal mandate and operational priorities for the coming years.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Agricultural producers
These producers use derivatives to hedge commercial risks, which are regulated by the CFTC.
Financial clearinghouses
These entities are subject to international regulatory standards and CFTC oversight.
Key Facts
- The CFTC has not been formally reauthorized by Congress since October 2013.
- The committee is evaluating the impact of the Dodd-Frank Act on derivative market transparency.
- The hearing addressed concerns regarding European Union legislative efforts that may affect the mutual recognition of foreign-based clearinghouses.
- The committee is examining the role of new technologies, such as blockchain, in the derivatives market.
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- The hearing included testimony from representatives of the National Futures Association, Futures Industry Association, CHS Hedging, and Better Markets.
- The committee accepted written testimony from various trade associations and coalition groups for the official record.
Frequently Asked Questions
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News Coverage
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Discoveries
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Long-term lapse in authorization
The CFTC has been operating without formal congressional reauthorization for nearly six years, relying on ongoing funding instead.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy20Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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