On May 18, the NFA held a reception for the House Agricultural Committee and staff at the Longworth Building, Washington, DC. I was asked by the NFA to represent the NIBA.
During the event, I met with several members of the committee and their congressional staff. This house committee is responsible for funding the CFTC. The sub-committee oversees our exchanges. My goal was to ensure these very important players in the regulation of our industry understood what the NIBA does, who our members are and what we stand for. I want them to know they can, and often, should reach out to us directly when they are debating issues that will affect our daily business lives.
This was the first large scale informal setting meeting between the NFA and house members in a long time -- about 10 years, I think. Our IB and CTA representatives to the NFA Board of Directors attended alongside CFTC Commission Bowen and Commission department staffers. NIBA accomplished the goals of (1) opening additional lines of communication in DC to voice our views, and (2) working effectively with the NFA.
On the morning after the reception, Mike Burke, current NIBA President and IIB rep on the NFA board, and I met with the Commodity Markets Council (CMC). CMC’s membership includes most of the same FCMs who are members of the NIBA. We spent the morning discussing strategies by which we will co-operate and share information regarding CFTC and legislative issues.
During the summer months, NIBA will be compiling information responsive to the CFTC’s KISS request. Industry suggestions and comments to the CFTC will be reviewed by the House Ag-Committee and Sub-Committee as part of their budget request review and their oversight responsibility. The May 18 event was an important step toward ensuring that NIBA members’ opinions will be heard.
