In a so-called reauthorization bill to fine-tune
the CFTC's mandate, the chairman and the highest-ranking
Democrat on the House Agriculture Committee drew up a list of
changes to many of the controversial rules the agency has
"The CFTC's rulemaking process has been less than ideal. The
rulemaking process has proven confusing," the four lawmakers
launching the bill said in a statement.
Frank Lucas, the Republican from Oklahoma who chairs the
Committee, and Collin Peterson, the ranking member from
Minnesota, said they hoped the committee would adopt the bill at
a hearing on Wednesday.
The CFTC needs to be reauthorized every five years, though it
has in the past gone for several years without that stamp of
approval. The launch of the bill is the first step of what will
likely be a drawn-out process to get it through Congress.
The CFTC was a little-watched overseer of agriculture and other
futures before the crisis, but the 2010 Dodd-Frank law put it in
charge of the $690 trillion swaps market, dominated by large
investment banks such as JP Morgan Chase & Co, Citibank and Bank
The bill has three titles: one to better protect customers in
futures markets, one to reform the CFTC and one to fine-tune
changes in the swaps market for those clients who use it to
hedge risk, and not to speculate.
(Editing by Ken Wills and Eric Meijer)
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