The House Agriculture Committee's Subcommittee on General Farm Commodities and Risk Management held a hearing to review the implementation of changes to the Commodity Exchange Act contained in the 2008 Farm Bill. In opening the hearing, subcommittee chairman Leonard Boswell, D-Iowa, said their job is to bring greater transparency and oversight to the future markets without hindering legitimate consumers from operating within them.
It's been nearly two years since the 2008 Farm Bill granted the Commodity Futures Trading Commission certain new authorities to regulate the futures markets. Subcommittee Ranking Member Jerry Moran, R-Kan., said, "Congress needs to determine whether CFTC is effectively carrying out its intent and I believe today's hearing gave us an indication of the Commission's recent activities."
The Farm Bill strengthened the CFTC's authority over retail foreign currency transactions, extended the CFTC's principles-based oversight to exempt commercial markets that trade significant price contracts, and increased criminal and civil penalties for market manipulation.