The Senate Agriculture Committee announced Thursday it is seeking public comment on whether the powers of the Commodity Futures Trading Commission should be continued, changed or completely eliminated.
The CFTC’s legislative authority to exist and regulate the futures, derivatives and options markets expires this year.
“The unacceptable failure of companies like MF Global has raised questions about how better to protect customers,” Committee Chairwoman Debbie Stabenow (D-Mich.) and ranking Republican committee member Thad Cochran of Mississippi said in a joint letter.
The two senators said they are soliciting input on a broad range of CFTC-related issues, including market oversight, agency oversight and resources, and statutory authorities. Legislation to reauthorize the agency has not been drafted, they added.
Republicans have generally criticized the agency for being too aggressive in its swaps rules while some Democrats have contended the regulations have not been strict enough. The CFTC was given the mandate to regulate swaps by the Dodd-Frank Act in 2010.
Comments should be emailed to firstname.lastname@example.org by May 1, but the committee is certain to accept submissions after that date.