The CFTC’s authorities expire at the end of the current fiscal year. Today’s hearing begins the reauthorization process and Chairwoman Stabenow cosigned an open letter with Ranking Member Cochran asking for ideas to be included in the re-authorization bill.

The Chairman of the CFTC, Gary Gensler, was the only witness for this hearing. He reported that his agency has completed work on 43 rules required by the new financial regulatory reform law. This represents about 80% of the total task.

The well attended hearing did not lack, however, for issues to be discussed. Numerous question were posed to the  CFTC Chair,  Issues included cost/benefit studies, cross-boarder regulation, margin requirements, position limits and other concerns.