WASHINGTON, D.C. – U.S. Senator Pat Roberts, R-Kan., Chairman of the Senate Committee on Agriculture, Nutrition, and Forestry, today released the following statement after U.S. Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad’s announcement to extend the de minimis threshold phase-in termination date by one year.
“I’m pleased the CFTC has moved the automatic drop of the swap dealer de minimis level back one year,” said Chairman Roberts. “It is important the Commission have more time to analyze the issue to better serve our farmers, ranchers, and end-users. However, I am afraid that it will be the same old rodeo one year from now in terms of market insecurity. The Commission needs to make providing the marketplace with absolute certainty a priority. The original de minimis level was set arbitrarily and without proper evidence. As the CFTC moves forward, they should focus on risks associated with swap dealing – not simply the level of activity. I am encouraged by Chairman Massad’s actions to provide some level of certainty for our end-users who need more options – not less.”
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