Senate staffer Rostin Behnam is in line to become one of five commissioners of the Commodity Futures Trading Commission under a nomination sent to the Senate by President Trump. He is the first Democrat Trump has nominated for the agency, which oversees futures trading.
President Trump will nominate Dawn Stump, a former vice president of NYSE Euronext, as a commissioner of the Commodity Futures Trading Commission. He has also selected Jeffrey Gerrish to be a deputy U.S. trade representative.
The federal overseer of the futures markets, the Commodity Futures Trading Commission, re-proposed limits on speculative futures and swaps by investors in 25 physical commodities ranging from corn and soybeans to natural gas, crude oil and precious metals. The CFTC also re-proposed a definition of bonafide hedging — important to food processors, utilities and airlines, who use futures to assure the price and supply of materials.
The Senate Agriculture Committee will turn to reauthorization of the Commodity Futures Trading Commission and labeling of GMO foods now that a child-nutrition bill is on the way to a floor vote, said chairman Pat Roberts.
Congress returns to work this year with two issues on the must-do list for the Agriculture Committees: reauthorization of child nutrition programs costing $22 billion a year and reauthorization of the Commodity Futures Trading Commission, the overseer of the futures markets.
The chairman of the House Agriculture Committee said he will oppose any increase in funding for the Commodity Futures Trading Commission until the agency, which oversees the futures exchanges and financial derivatives, is reauthorized.
On a party-line rollcall of 246-171, the House voted to send the Senate a bill to reauthorize the Commodity Futures Trading Commission. It would create new safeguards for customers' money and ease regulation of so-called end users.The customer safeguards are a reaction to the collapse of two large trading houses and are intended to preserve customers' accounts during financial upheavals.
The House could vote this evening on the Republican-backed bill to reauthorize the Commodity Futures Trading Commission, overseer of the derivatives markets. The White House threatened a veto of the bill last week. Besides renewing the operating authority of CFTC, the bill creates new safeguards for customers' funds held by trading houses, relaxes regulations on so-called end users, and makes it more difficult for the five-member commission to write new regulations.
Farmers, elevators and businesses would have until the end of the day following a futures trade to cover their margin accounts under a bill filed by Senate Agriculture chairman Pat Roberts of Kansas and Sen. Heidi Heitkamp of North Dakota.
On a party-line vote, the House agreed to debate a bill drafted by the House Agriculture Committee to reauthorize the Commodity Futures Trading Commission, which oversees the derivatives market, including futures contracts. The Republican-controlled House acted one day after the White House threatened to veto the bill "because it undermines the efficient functioning" of the CFTC. The House bill creates barriers within the agency to writing new regulations, said the administration.
U.S. Bank is willing to pay $44.5 million to settle a class-action lawsuit by customers of Peregrine Financial Group, which collapsed in 2012 after funds were siphoned away by the brokerage's founder, said Reuters.
U.S. District Judge Linda Reade ordered U.S. Bank to pay $18 million to the trustee for Peregrine Financial Group as reimbursement to customers of the bankrupt company, says the CFTC.
Chairman Mike Conaway said the House Agriculture Committee will clear a Commodity Futures Trading Commission (CFTC) reauthorization bill for House debate "as early in April as we can." The starting point will be the bill that was approved, 265-144, by the House last summer, Conaway told reporters after an organizational meeting of the committee. Conaway was one of four co-sponsors of the bill, the Consumer Protection and End User Relief Act.
CFTC chairman Timothy Massad said his agency, the regulator of futures exchanges, would focus on threats of cyber attacks on the derivatives industry, said Reuters, which quoted him as telling the Senate Agriculture Committee, "The risk is apparent."
Senate Agriculture chairman Pat Roberts named Joel Leftwich, a lobbyist for PepsiCo, as the committee's staff director and selected one of his Senate aides, Wayne Stoskopf, as a committee staff member, said a committee statement.
Congress would relax rules that call for schools to use more whole grains and to reduce salt in meals provided to students, according to provisions of a government-wide funding bill. Unveiled on Tuesday night, the bill also calls for USDA to study the nutritional content of vegetables available in the so-called WIC program before removing any of them from the program - a response to complaints that white potatoes were being singled out unfairly.
Congress is to open its new, two-year session on Tuesday with a hefty list of food and agriculture policy issues already on the agenda for lawmakers. The "to do" list includes reauthorization of the Commodity Futures Trading Commission and federal child nutrition programs such as school lunch and WIC, proposals for federal pre-emption of states in labeling foods made with genetically modified organisms, attempts to block EPA from completing its...
The House Energy and Commerce subcommittee on health scheduled a hearing for next Wednesday on labeling of GMO foods. The session, "Examining FDA's role in the regulation of genetically modified food ingredients," is expected to provide a...