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Derivatives Markets Transparency and Accountability Act

A

Anonymous

Guest
Another attempt to put transparency and some oversight in the futures markets- and especially the oil speculation which the majority of the witness's testifying last year said caused the outlandish oil/gas costs- and profiteering by those trading in the markets but not actually taking control of the product...
This is the speculation/transparency in trading Bill Bush fought so hard.....

I see they again have Mr. Michael Greenberger, Law School Professor, University of Maryland School of Law, Baltimore, Maryland- and former CFTC commissioner testifying...If anyone gets the chance to listen to these hearings on C-SPAN, his explanations of how the current markets are manipulated and controlled for their benefit by the Industry Corporates and the financial investors is well worth it....

News from the House Agriculture Committee

FOR IMMEDIATE RELEASE - February 3, 2008
Media Contact: Scott Kuschmider (202) 225-1496

House Agriculture Committee Reviews Derivatives Legislation

WASHINGTON - Today, the House Agriculture Committee held the first in a series of hearings to review legislation addressing the
derivatives markets. The Committee heard today from stakeholder groups about the Derivatives Markets Transparency and
Accountability Act of 2009, draft language circulated last week by Chairman Collin C. Peterson of Minnesota. The bill is designed
to bring greater transparency to futures markets and to bring a sense of order to the over-the-counter market for swaps and other
credit derivatives.

"The effort to strengthen oversight and improve transparency in derivative markets, whether regulated or unregulated, whether they
are physically based commodities or financial commodities, has been a top priority of this Committee," said Chairman Peterson. "As
we did last year, this Committee will hear from all sides and spend a lot of time working through these issues in an open, public
manner so we can build on last year's bipartisan bill that passed the House. It is my intent to move expeditiously this month with
this series of hearings because every day we delay is another day where markets operate without the oversight and transparency they
desperately need."

"No one can argue with the concept of transparency," said Committee Ranking Republican Frank Lucas of Oklahoma, "I support greater
transparency and accountability with respect to over-the-counter transactions. However, I also believe any legislation to regulate
financial markets has to strike a balance between protecting the economic workings of the country and creating opportunities for
economic growth, business expansion, and risk management."

The Committee heard from two panels of industry stakeholders representing exchanges, farm groups, academics, energy users, and
institutional traders. The draft legislation represents a broadened version of a bipartisan bill which the House passed last
September with more than 280 votes (H.R. 6604). The Committee also held three hearings in late 2008 on the proliferation of
over-the-counter credit derivatives, including credit default swaps.

Witness testimony for this hearing as well as the draft language and outline circulated by Chairman Peterson are available on the
Committee website: http://agriculture.house.gov. A full transcript of today's hearing will be posted on the Committee website at a
later date.

Committee hearings on credit derivatives legislation will continue tomorrow at 10:30 a.m.

Witness List:

Panel I

Mr. Tom Buis, President, National Farmers Union, Washington, D.C.
Mr. John Damgard, President, Futures Industry Association, Washington, D.C.
Mr. Michael Greenberger, Law School Professor, University of Maryland School of Law, Baltimore, Maryland
Mr. Michael A. Gooch, Chairman and Chief Executive Officer, GFI Group Inc., New York, New York
Mr. Sean Cota, President, Cota & Cota Inc., on behalf of Petroleum Marketers Association of America and New England Fuel Institute,
Bellow Falls, Vermont
Mr. Terrance A. Duffy, Executive Chairman, CME Group Inc., Chicago, Illinois

Panel II

Mr. Daniel J. Roth, President and Chief Executive Officer, National Futures Association, Chicago, Illinois
Mr. Tyson Slocum, Director, Public Citizen's Energy Program, Washington, D.C.

###


The U.S. House Committee on Agriculture web site http://agriculture.house.gov has additional information on this and other subjects.
 
A

Anonymous

Guest
News from the House Agriculture Committee

FOR IMMEDIATE RELEASE - February 4, 2009

Media Contact: Scott Kuschmider (202) 225-1496

House Agriculture Committee Continues Review of Derivatives Legislation

WASHINGTON - Today, the House Agriculture Committee resumed its series of hearings to review legislation addressing the transparency
and oversight of derivative markets. For the second consecutive day, the Committee received testimony and asked questions of
fifteen witnesses representing stakeholder groups about the Derivatives Markets Transparency and Accountability Act of 2009, draft
language circulated last week by Chairman Collin C. Peterson of Minnesota.

"I thought it was important to call these hearings because we need to have this debate about the bill's provisions out in the open,"
Chairman Peterson said. "We have had two days of hearings with a lot of spirited debate among Members and witnesses, and I think
that is a good thing. It is important that we understand the concerns of those who think we are going too far and from those who
think we are not going far enough. This Committee will continue to move forward in the weeks ahead in hopes of crafting a strong,
bipartisan bill that will gain broad support."

The draft legislation circulated by Chairman Peterson is designed to bring greater transparency to futures markets and to bring a
sense of order to the over-the-counter market for swaps and other credit derivatives. It represents a broadened version of a
bipartisan bill which the House passed last September with more than 280 votes (H.R. 6604).
The Committee also held three hearings
in late 2008 on the proliferation of over-the-counter credit derivatives, including credit default swaps.

Witness testimony for today's hearing, yesterday's hearing, and the draft language and outline circulated by Chairman Peterson are
available on the Committee website: http://agriculture.house.gov. A full transcript of today's hearing will be posted on the
Committee website at a later date.


Witness List:

Panel I

Mr. Michael W. Masters, Managing Member / Portfolio Manager, Masters Capital Management, LLC, St. Croix, USVI
Mr. Johnathan Short, Senior Vice President and General Counsel, IntercontinentalExchange, Inc., Atlanta, Georgia
Mr. Gary W. Taylor, President, Cargill Cotton, on behalf of The National Cotton Council, American Cotton Shippers Association, and
AMCOT, Cordova, Tennessee
Mr. Robert Pickel, Chief Executive Officer, International Swaps & Derivatives Association, New York, New York
The Honorable Joseph D. Morelle, Chair, New York State Assembly Standing Committee on Insurance, on behalf of National Conference of
Insurance Legislators (NCOIL), Troy, New York

Panel II

Mr. Chris Concannon. Executive Vice President, NASDAQ OMX, New York, New York
Mr. Bill Hale, Senior Vice President, Grain and Oilseed Supply Chain, on behalf of Cargill, Incorporated, Wayzata, Minnesota
Mr. Karl D. Cooper, Chief Regulatory Officer, NYSE Liffe, LLC, on behalf of NYSE Euronext, New York, New York
Mr. Paul N. Cicio, President, Industrial Energy Consumers of America, Washington, D.C.
Mr. Mark C. Brickell, Chief Executive Officer, Blackbird Holdings, Inc., New York, New York

Panel III

Mr. Thomas Book, Member of the Executive Board, on behalf of Eurex Deutschland and Eurex Clearing AG, Frankfurt, Germany
Mr. Stuart Kaswell, General Counsel, Managed Funds Association, Washington, D.C.
Mr. Edward J. Rosen, Cleary Gottlieb Steen & Hamilton LLP, on behalf of Securities Industry and Financial Markets Association, New
York, New York
Mr. Brent M. Weisenborn, Chief Executive Officer, Agora-X, LLC, Parkville, Missouri
Mr. Donald P. Fewer, Senior Managing Director, Standard Credit Group, LLC, New York, New York


###


The U.S. House Committee on Agriculture web site http://agriculture.house.gov has additional information on this and other subjects.
 

Tex

Well-known member
Oldtimer said:
News from the House Agriculture Committee

FOR IMMEDIATE RELEASE - February 4, 2009

Media Contact: Scott Kuschmider (202) 225-1496

House Agriculture Committee Continues Review of Derivatives Legislation

WASHINGTON - Today, the House Agriculture Committee resumed its series of hearings to review legislation addressing the transparency
and oversight of derivative markets. For the second consecutive day, the Committee received testimony and asked questions of
fifteen witnesses representing stakeholder groups about the Derivatives Markets Transparency and Accountability Act of 2009, draft
language circulated last week by Chairman Collin C. Peterson of Minnesota.

"I thought it was important to call these hearings because we need to have this debate about the bill's provisions out in the open,"
Chairman Peterson said. "We have had two days of hearings with a lot of spirited debate among Members and witnesses, and I think
that is a good thing. It is important that we understand the concerns of those who think we are going too far and from those who
think we are not going far enough. This Committee will continue to move forward in the weeks ahead in hopes of crafting a strong,
bipartisan bill that will gain broad support."

The draft legislation circulated by Chairman Peterson is designed to bring greater transparency to futures markets and to bring a
sense of order to the over-the-counter market for swaps and other credit derivatives. It represents a broadened version of a
bipartisan bill which the House passed last September with more than 280 votes (H.R. 6604).
The Committee also held three hearings
in late 2008 on the proliferation of over-the-counter credit derivatives, including credit default swaps.

Witness testimony for today's hearing, yesterday's hearing, and the draft language and outline circulated by Chairman Peterson are
available on the Committee website: http://agriculture.house.gov. A full transcript of today's hearing will be posted on the
Committee website at a later date.


Witness List:

Panel I

Mr. Michael W. Masters, Managing Member / Portfolio Manager, Masters Capital Management, LLC, St. Croix, USVI
Mr. Johnathan Short, Senior Vice President and General Counsel, IntercontinentalExchange, Inc., Atlanta, Georgia
Mr. Gary W. Taylor, President, Cargill Cotton, on behalf of The National Cotton Council, American Cotton Shippers Association, and
AMCOT, Cordova, Tennessee
Mr. Robert Pickel, Chief Executive Officer, International Swaps & Derivatives Association, New York, New York
The Honorable Joseph D. Morelle, Chair, New York State Assembly Standing Committee on Insurance, on behalf of National Conference of
Insurance Legislators (NCOIL), Troy, New York

Panel II

Mr. Chris Concannon. Executive Vice President, NASDAQ OMX, New York, New York
Mr. Bill Hale, Senior Vice President, Grain and Oilseed Supply Chain, on behalf of Cargill, Incorporated, Wayzata, Minnesota
Mr. Karl D. Cooper, Chief Regulatory Officer, NYSE Liffe, LLC, on behalf of NYSE Euronext, New York, New York
Mr. Paul N. Cicio, President, Industrial Energy Consumers of America, Washington, D.C.
Mr. Mark C. Brickell, Chief Executive Officer, Blackbird Holdings, Inc., New York, New York

Panel III

Mr. Thomas Book, Member of the Executive Board, on behalf of Eurex Deutschland and Eurex Clearing AG, Frankfurt, Germany
Mr. Stuart Kaswell, General Counsel, Managed Funds Association, Washington, D.C.
Mr. Edward J. Rosen, Cleary Gottlieb Steen & Hamilton LLP, on behalf of Securities Industry and Financial Markets Association, New
York, New York
Mr. Brent M. Weisenborn, Chief Executive Officer, Agora-X, LLC, Parkville, Missouri
Mr. Donald P. Fewer, Senior Managing Director, Standard Credit Group, LLC, New York, New York


###


The U.S. House Committee on Agriculture web site http://agriculture.house.gov has additional information on this and other subjects.

I don't know why in the world they didn't have Mike Callicrate there to testify about how the USDA messed up their reporting on current prices and how the courts just ignored the jury verdict in that case.

If they can't get current prices right, how in the world will they get futures prices right?

Collin Peterson has so much to do that he had better just get Bart Stupak to help him out.
 
A

Anonymous

Guest
News from the House Agriculture Committee


FOR IMMEDIATE RELEASE - February 12, 2009


Media Contact: Scott Kuschmider (202) 225-1496

House Agriculture Committee Passes Legislation to Bring Transparency and Accountability to Derivatives Markets

H.R. 977 Builds on Last Year's House-Passed Bill to Strengthen Oversight and Prevent Manipulation of Futures Markets



WASHINGTON - Today, the House Agriculture Committee approved legislation to increase the transparency and strengthen oversight of
futures, options and over-the-counter (OTC) markets. By voice vote, the Committee approved the Derivatives Markets Transparency and
Accountability Act of 2009 as amended, a bill sponsored by Committee Chairman Collin C. Peterson of Minnesota.



The legislation, H.R. 977, will bring greater transparency and oversight to futures and OTC derivatives markets. It toughens
position limits on futures contracts for physically-deliverable commodities as a way to prevent potential price distortions caused
by excessive speculative trading. The bill also imposes a clearing requirement on OTC derivatives contracts and empowers the
Commodity Futures Trading Commission (CFTC) with the ability to suspend trading in naked credit default swaps under certain
circumstances.


"This bill broadens and improves on last year's bipartisan derivatives legislation that passed the House by a wide margin," Chairman
Peterson said. "The urgency to fix the problems in regulated and unregulated futures markets magnified by the credit crisis and the
collapse of some of America's largest financial institutions: entities that were heavily involved in the trading of off-exchange
credit derivatives like swaps contracts. Their failures have put the American taxpayer on the hook, so just sitting back and doing
nothing is not an option. Congress should act quickly and pass a bill that will bring much-needed transparency to derivatives
markets."


H.R. 977 contains provisions similar to a bipartisan bill to strengthen the oversight of futures markets from the 110th Congress.
That bill, introduced by Chairman Peterson, passed the House last September by a vote of 283-133. In addition, the Committee held
three hearings on credit derivatives late last year, along with two hearings last week with industry and stakeholder groups to
examine derivatives legislation.


Provisions included in the Derivatives Markets Transparency and Accountability Act would:


a.. Require all prospective over-the-counter transactions to be settled and cleared through a CFTC-regulated designated clearing
organization, unless exempted by the CFTC in accordance with specified criteria. In some cases, the clearing requirement can be met
through a Securities and Exchange Commission (SEC) regulated clearing agency or a properly regulated foreign clearinghouse.
b.. Give CFTC the authority, with the President's consent, to suspend naked credit default swap trading whenever a SEC short
selling suspension order is in effect.
c.. Close the so-called "London Loophole" by requiring foreign boards of trade to share trading data and adopt speculative
position limits on contracts that trade U.S. commodities similar to U.S.-regulated exchanges.
d.. Require CFTC to set trading limits for physically-deliverable commodities, in order to prevent excessive speculation.
e.. Empower the CFTC to criminally prosecute people who violate commodities legislation.
f.. Limit eligibility for hedge exemptions to bona-fide hedgers.
g.. Improve transparency by requiring that CFTC disaggregate and separately report the trading activity of index funds and swap
dealers in agriculture and energy markets.
h.. Call for new, full-time CFTC employees to enforce manipulation and prevent fraud.
i.. Authorize CFTC to take corrective action if it finds disruption in over-the-counter markets for energy and gas.
During today's business meeting the Committee considered and adopted several amendments to the underlying bill. The Committee
approved:


a.. A manager's amendment by Chairman Peterson, by voice vote, containing technical and clarifying corrections, and changes
regarding position limits and CFTC authority to suspend credit default swaps trading.
b.. An amendment by Representative Larry Kissell (D-NC) regarding the composition of governing boards of publicly traded
exchanges.
c.. An amendment by Representative Earl Pomeroy (D-ND) requiring that CFTC hold hearings twice each year regarding appropriate
levels of speculative position limits.
d.. An amendment by Representative Leonard Boswell (D-IA) regarding alternatives to clearing through derivatives clearing
organizations.

Congressional oversight of commodity futures trading is under the jurisdiction of the House Agriculture Committee. Previous
Committee action on derivatives legislation from the current Congress as well as previous sessions of Congress, including hearing
opening statements and bill summaries can be found on the House Agriculture Committee website at
http://agriculture.house.gov/inside/legislation.html.
 

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