Congressman Neugebauer Questions CFTC Chairman Massad at House Agriculture Committee

As Vice-Chairman of the House Agriculture Committee and Chairman of the Financial Services Subcommittee on Financial Institutions and Consumer Credit, I questioned the U.S. Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad at the House Agriculture Committee regarding the 2015 agenda for the CFTC.  Excerpts and full video are below:

Protecting Farmers, Ranchers, and Small Business Owners
We want to make sure we protect these end-users and bona fide hedgers because these are people that are helping create jobs in the country.

CFTC Rules Impacting Business in the 19th District of Texas
I have heard from some of my agricultural folks, particularly from the cotton industry, which is vitally important to my district, that the Commission’s proposed rules do not adequately define what a bona fide hedge is and what is considered commercial market practices. As a result of that, they think there will be some confusion and make some of these commercial entities that are working with producers, that could be limiting the ability of them to help manage that risk.

Cybersecurity
I was glad to hear you talk about cyber. As Chair of the Financial Institutions and Consumer Credit Subcommittee, that is one of our priorities as we begin to look into that. For two reasons. One, as you mentioned, to protect the overall infrastructure and the damage that could happen if we had an attack on some of these major entities that help clear all of our financial transactions on a daily basis. But also, another piece of that, is data security of the individuals and the amount of data in personal information and proprietary information that most of these entities hold.

Issues: 
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