Giancarlo summarizes CFTC tenure at House hearing
Commodity Futures Trading Commission Chairman Christopher Giancarlo today summarized his tenure as CFTC chairman in testimony before the House Agriculture Commodity Exchanges, Energy and Credit Subcommittee.
In the testimony, Giancarlo noted that he had visited agriculture producers in more than two dozen states from Montana, Texas, Arkansas, Louisiana and Iowa to Minnesota, Missouri, New York, Georgia, Mississippi, North Dakota and Oklahoma, to learn about agricultural and energy commodities. He also discussed enforcement and his attempts to make the CFTC a 21st-century regulator.
In an opening statement, Rep. David Scott, D-Ga., thanked Giancarlo for his service but also noted that Commissioner Rostin Behnam has raised the issue of diversity in employment at the CFTC.
Rep. Austin Scott, R-Ga., ranking member on the subcommittee, also thanked Giancarlo and said he is looking forward to working with the subcommittee chairman on reauthorization.
House Agriculture ranking member Michael Conaway, R-Texas, said he is concerned about proposed bank capital standards. “Title VII of Dodd-Frank was clear in its intention to move derivatives activity into clearing houses, but this capital rule will reduce the availability of clearing services. This simply does not make sense,” Conaway said.
In an opening statement, Conaway also praised Giancarlo for defending derivatives in a letter to the Vatican in response to criticism by the Congregation for the Doctrine of the Faith.
“It’s strange to think of a letter about derivatives as moving, but your careful explanation of why derivatives are important for the most vulnerable among us was a moving reminder about why these markets matter and why this committee should be diligent in its work in this area,” Conaway said.