The House Ag Committee held a public hearing Wednesday focusing on the Commodity Futures Trading Commission 2012 agenda. In his opening statement, Committee Chairman Frank Lucas said – the confusion over the swap dealer definition and the foreign scope of regulations are just two examples of the many issues on which the CFTC has failed to deliver concrete answers or policy solutions.  He said – our constituents need more than empty reassurances.

The Senator pointed to the Dodd-Frank rulemaking.  Chairman Lucas said – at a public meeting recently, CFTC staffers admitted they simply had not calculated the costs and benefits of a rule governing internal business conduct standards.  They could not provide substantive analysis for the conclusions they drew about how that rule would impact our economy.  Lucas says – that’s unacceptable.

Collin Peterson, Ranking Member of the House Ag Committee, said – I believe it is safe to say that, so far, the CFTC has done a pretty good job. And, in my conversations with Chairman Gentler, it seems to me that they are on the right track. Also, according to Mr. Peterson, – I suspect they will continue to get it right and address the concerns we have heard at our various hearings.