Statement of Chairman Timothy Massad on the Senate Agriculture Committee’s Passage of Legislation to Reauthorize the CFTC

April 14, 2016

I would like to thank the Senate Agriculture Committee members and staff for their work on reauthorization. While I have concerns with parts of this legislation, I hope those can be addressed as the process moves forward.

I also welcome today’s efforts to address the CFTC’s significant resource needs. The funding language proposed by Senator Stabenow addresses the fact that we are the only federal financial regulator without some form of fee-based funding. I believe it could be implemented without doing harm to the markets we regulate. I also appreciate Chairman Roberts’ recognition that the agency needs the necessary resources to carry out its responsibilities.

I am committed to continuing to work with Congress throughout this process, particularly on making sure end-users like agricultural producers can continue to safely and affordably use the derivatives markets, while ensuring these markets do not generate excessive risk to our financial system.

Last Updated: April 14, 2016