NFU Participates in CFTC Roundtable
For Immediate Release: April 22, 2008
Contact: Liz Friedlander, 202-314-3191WASHINGTON (April 22, 2008) – National Farmers Union President Tom Buis participated in today’s Commodity Futures Trading Commission (CFTC) roundtable meeting to gather information on whether the futures markets are adequately and appropriately performing their risk management and price discovery roles.
“There’s something wrong,” Buis said. “I have doubts whether the CFTC is the place to rectify the problem – it may warrant congressional intervention. When regulators say a problem doesn’t exist, despite the fact farmers cannot market their commodities that sounds an alarm.
“Input costs have soared and without the marketing tools to protect against price volatility, farmers are more vulnerable than ever. For anyone to suggest otherwise is out of touch with what is really occurring throughout rural America. For decades we’ve been told to use risk management tools to protect ourselves, yet when those tools become unavailable action is warranted.
“The public is all too aware of the recent credit crisis on Wall Street. We don’t want a lack of oversight and regulation to lead to a similar crisis in rural America,” Buis said.
Buis called upon the House and Senate Agriculture Committees and the other relevant congressional committees to take action.
NFU first raised these marketing concerns in a March 18 letter to the CFTC and others. Click here to read the letter.
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