Opening Statements

Remarks as prepared for delivery:

Good Morning. Thank you for joining us today for this hearing of the Commodity Exchanges, Energy, and Credit Subcommittee as we continue the Agriculture Committee’s work toward CFTC reauthorization.

Thus far, we’ve appreciated the opportunity to hear perspectives on reauthorization from end-users and market participants. Their testimony has been vital to helping us gain a better and more complete understanding of ways in which our regulatory structure could better serve the markets that it is designed to regulate. Today we will continue our examination of the reauthorization of the CFTC with the important step of hearing from the Commission itself.

I’m glad to welcome Commissioner Mark Wetjen, Commissioner Sharon Bowen, and Commissioner Chris Giancarlo to the Committee. This marks the first appearance before members of this Committee for Commissioner Bowen, so we extend a warm welcome to her. We thank each of you for taking the time to appear before us today and share your perspectives on the Commission, what works and, perhaps, what doesn’t.

Guided by our principles that regulatory requirements be both minimized and justified, and that regulations provide clarity and certainty, we hope this reauthorization process will illuminate areas in which we can help the Commission function more efficiently.

Collectively, the Commissioners represent a wide breadth and depth of experience and insight, and we appreciate their willingness to use their talents in service to the public. Accordingly, one of our goals in this Committee is to ensure that each Commissioner at the CFTC is adequately empowered within his or her role.

It has been noted many times before this committee, but always bears repeating, that derivatives markets are essential not only to the farmers, ranchers, and end-users who utilize them, but also to our broader economy. We will continue to look for a healthy balance between market access and market integrity, so that the markets meet the needs of those who use them to hedge risk.   

Thank you again to our witnesses for joining us here today, and thank you for the important work you do at the Commission. You serve our nation well, and we appreciate your choice to do so.

With that, I’ll turn to our Ranking Member, Mr. Scott.