Senator Debbie Stabenow, D-Mich., and Sen. Thad Cochran, R-Miss., Thursday called on stakeholders and the public to make recommendations and provide input on the reauthorization of the Commodity Futures Trading Commission.
Stabenow and Cochran announced during a CFTC oversight hearing last week that they will begin work on reauthorization, with the process being "open, bipartisan and consensus-driven."
Stabenow and Cochran said this year's reauthorization comes at an important, but challenging time.
"Domestic regulators like the CFTC continue to implement the Wall Street Reform and Consumer Protection Act and work to harmonize that legislation globally. Also, these markets are evolving rapidly and face extraordinary regulatory and market pressures," the Senators wrote in a letter to stakeholders.
The letter, sent to the public and other stakeholders, can be found below and will be posted on the Committee's website.
The reauthorization of the CFTC occurs periodically, and includes an opportunity for those involved in agricultural markets to examine the Conservation and Energy Act and the CFTC's oversight of the markets.
This year is especially important because of the recent failures of companies such as MF Global and Peregrine, resulting in lost funds for many U.S. farmers.
"The unacceptable failure of companies like MF Global has raised questions about how better to protect customers. These are issues that we are prepared to grapple with in the coming year," the Senators wrote.
The Senators asked for, in writing, any recommendations related to reauthorization by May 1, 2013. The suggestions will be made public and will be part of an ongoing dialogue about how best to address the challenges in the futures, swaps, and options markets, the Senators noted.
Recommendations can be made using the email address firstname.lastname@example.org.