NFU supports Lincoln's derivatives bill to curb ‘unfair manipulation'<
By Agri-Pulse Staff
© Copyright Agri-Pulse Communications, Inc.
“On behalf of the family farmers and ranchers of the National Farmers Union, I thank you for your leadership in financial market reform,” Johnson write in his April 20 letter. “The legislation you have written will bring transparency, accountability and integrity to derivatives trading and will better regulate unfair manipulation of commodity markets.”
“NFU members have voiced their support for reform because they know the importance of dynamic and fair financial markets,” Johnson said. “We are especially pleased with the sections of the bill that provide for aggregate position limits across all markets and appreciative of provisions that would deny any speculative interests the opportunity to exploit the end-user exemptions.”
The bill will be brought before the Senate Agriculture Committee on Wednesday for a mark-up during which members of the committee are expected to bring amendments. The Senate Banking Committee approved a similar bill in March and the House of Representatives passed legislation on the issue in December. The expectation is that the Ag Committee bill will be merged with the Banking Committee bill and that the combined bill will be brought up on the Senate floor as early as this Thursday.
NFU has come out in support of Senator Lincoln's bill “as a means to bring common-sense oversight to the derivatives market to ensure that farmers, ranchers and rural Americans are not hampered by the unregulated activities of Wall Street.”
To read NFU President Roger Johnson's April 20 letter to Senator Lincoln, go to: http://files.e2ma.net/5030/assets/docs/4_20_10_market_reform_letter_to_lincoln.pdf
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