The Subcommittee on General Farm Commodities and Risk Management quizzed Commodity Futures Trading Commission General Counsel Dan Berkovitz on the same subject. His testimony came barely two weeks after the full committee received testimony from Chairman Gensler on the status of the implementation of Dodd-Frank’s derivatives’ title.
The tone of this hearing was remarkably difference than that of the less harsh full committee’s hearing. Chairman Mike Conaway was clear in this his opening statement that he believed early indications were that the CFTC was “off track.” Conaway and his Republican colleague pushed strongly for assurances from Berkovitz that cost/benefit studies would be conducted on all proposed regulations.
A second panel, comprised of agriculture industry representatives, was sympathetic to Conaway’s position. The lone exemption was University of Maryland law professor Michael Greenberger, who argued for quick approval of new regulations. Greenberger said nothing would be as costly as another economic downturn without new regulations in place.
