In this hearing, the Senate Agriculture Committee members weighed in on the provisions of the Dodd-Frank law that imposed greater regulation of the derivatives industry.
The chairmen of the Commodity Futures Trading Commission and the Securities and Exchange Commission testified on the first panel. They said that despite their statutory goal of finalizing of regulations with in the specified one-year time period by July, the agencies would take as much time as is necessary to make sure regulations are effective and consistent with congressional intent.
The agricultural industry was represented on a second panel. They repeated testimony presented in a similar House hearing the day before on their concerns for derivative end-users.