(NAFB)--Two hearings were held in the House this week on the future of the Commodity Futures Trading Commission. National Farmers Union President Roger Johnson says his organization agrees with members of the House Ag Subcommittee on General Farm Commodities and Risk Management that well-functioning markets are essential to grow the economy.
However - NFU strongly disagrees with members who argue the Dodd-Frank Act and many other regulations should be repealed to help markets work better. Johnson says instead - Dodd-Frank must be fine-tuned and perfected - and regulators like the CFTC be provided the resources needed to do the job.
Johnson says farmers and ranchers - and the cooperatives and other businesses that serve them - are end-users of commodities. Johnson says it’s difficult to understand why the House Ag Appropriations Committee would reduce CFTC funding for fiscal year 2014 if they truly believe we need a marketplace that serves the interests of end-users. He says end-users need functional, stable, transparent and competitive markets to help them manage risk and price their products.