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.
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.