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House Ag Panel Continues Hearings on Commodities Exchange Act

00:00AM Jul 10, 2008

Pro Farmer Editors

Legislation on the area of regulation of the commodity futures markets will hopefully be developed by the House Ag Committee so that it can reach the House floor before lawmakers depart for the August congressional recess, according to panel chairman Collin Peterson (D-Minn.).

The panel is holding a series of hearings this week on the Commodity Exchange Act (CEA) and Wednesday heard from members of Congress.

"As the price of oil continues to set records, several bills have been introduced that would affect the regulation of the futures markets that trade crude oil and other commodity contracts," Peterson stated. "As the Committee with jurisdiction over regulation of these markets, we will be thoughtful and deliberate in examining all of these legislative proposals so that we may develop a bipartisan, consensus bill that can move to the House floor before the August recess."

Labeling Wednesday's session "an important step," Rep. Bob Goodlatte (R-Va.), the panel's ranking Republican, said the hearings the rest  of this week will feature testimony from others affected by fluctuations in the market. Goodlatte expressed a hope the sessions will "give us a clearer picture of the role of the futures market in accurate price discovery."

Committee review of legislative proposals to amend the CEA will continue today, with several panels of stakeholder groups invited to testify.

Today's hearing features testimony from the following:

Panel I

  • Mr. Greg Zerzan, Counsel and Head of Global Public Policy, International Swaps and Derivatives Association, Washington, D.C.
  • Mr. Charles A. Vice, President and Chief Operating Officer, Intercontinental Exchange, Inc. (ICE), Atlanta, Georgia
  • Mr. Michael Comstock, Acting Director, City of Mesa, Arizona Gas System, on behalf of the American Public Gas Association (APGA), Mesa, Arizona
  • Dr. Michael Greenberger, University of Maryland School of Law, Baltimore, Maryland
  • Dr. Craig Pirrong, Professor of Finance, Director, Global Energy Management Institute, Bauer College of Business, University of Houston, Houston, Texas

Panel II

  • Ms. Robin Diamonte, Chief Investment Officer, United Technologies Corporation, on behalf of the Committee on the Investment of Employee Benefit Assets (CIEBA), Hartford, Connecticut
  • Dr. Scott H. Irwin, Professor, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, Urbana, Illinois
  • Mr. Paul N. Cicio, President, Industrial Energy Consumers of America, Washington, D.C.
  • Mr. Jeffrey D. Korzenik, Chief Investment Officer, Vitale, Caturano & Company, Boston, Massachusetts
  • Dr. Craig Pirrong, Professor of Finance, Director, Global Energy Management Institute, Bauer College of Business, University of Houston, Houston, Texas

Panel III

  • Dr. James E. Newsome, President and Chief Executive Officer, New York Mercantile Exchange, Inc. (NYMEX), New York, New York
  • Ms. Christine M. Cochran, Vice President, Government Relations, Commodity Markets Council (CMC), Washington, D.C.
  • Mr. Joeseph T. Nicosia, President, American Cotton Shippers Association, Memphis, Tennessee
  • Mr. Adam K. White, Director of Research, White Knight Research and Trading, Alpharetta, Georgia