The Senate Committee on Agriculture, Nutrition, and Forestry will hold a hearing on Thursday, March 6th to question the three nominees to the Commodity Futures Trading Commission. Given how little is known about any of these nominees’ derivatives experience, qualifications or views, this hearing will likely be the only opportunity for the public to discover their positions on critical matters that may, or may not, prevent future financial crises.
“The importance of the CFTC Commissioners to the American people cannot be overstated, and yet very little is known about the current CFTC nominees. Appropriate leadership of such a crucial agency requires individuals with broad experience with and commitment to derivatives regulation, and who will prioritize fair, transparent and equitable markets that serve the public, not Wall Street. It is the Senate’s duty in the confirmation process to determine whether these nominees have the qualifications and toughness to protect the public interest and reject the self-interested claims of the industry. The protection of American families, farmers, taxpayers, financial markets and the entire economy is at stake” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.
“As was unfortunately demonstrated before the last crisis, the CFTC was not up to the job, was an ineffective non-regulator completely captured by Wall Street, and failed the American people miserably. That must not be allowed to happen again and the Senate must ensure that it does not,” Mr. Kelleher concluded.
A list of questions the nominees must answer is attached.