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Agricultural News

Chairman Conaway Opposes Increased Funding for Unauthorized CFTC

Wed, 29 Jul 2015 11:32:28 CDT

Chairman Conaway Opposes Increased Funding for Unauthorized CFTC
Chairman K. Michael Conaway (R-TX) Wednesday said in his opening statement he opposes any increase in funding for the Commodity Futures Trading Commission (CFTC) until it is reauthorized. The following statement was delivered at the House Agriculture Committee's hearing Dodd-Frank Turns Five: Assessing the Progress of Global Derivatives Reforms. To view the full opening statement, click here.

"In the background of this debate looms the continued inaction of Congress on the expired authorization the CFTC. I consider it a failure of our institution to allow federal agencies to operate outside of the traditional budget process of authorization, appropriation, and oversight. That is why I set an ambitious agenda this spring to reauthorize all of our expired or expiring programs and agencies. Together, we got our work done and we've moved four bills through this Committee and the House Floor reauthorizing everything within our jurisdiction that we need to this year.

"For the CFTC, this Committee has done its work twice over the past two years and moved two bipartisan reauthorization packages through the House of Representatives, with no corresponding action in the Senate. Despite the lack of authorization, appropriations to the agency have increased from $194 million at the end of FY2013 to $250 million this year, an increase of 29% in two years.

"To that end, I want to publicly state I am opposed to any increase in funding for the Commission until it is reauthorized. Both the House and Senate Appropriations Committees have proposed level funding for the agency, and I do not believe it is appropriate to have any conversation that moves that line while so many end-user and good-government issues remain outstanding and unresolved. This is not a position I take lightly, which I hope highlights the importance in which I hold the reauthorization of every agency or program under the jurisdiction of this committee."



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