The U.S. Commodity Futures Trading Commission should make the process of adopting Dodd-Frank Act rules more transparent by publicly posting drafts of new regulations for the $601 trillion swaps market for seven days before the agency finalizes them, the chairman of the House Agriculture Committee said.
An extension of U.S. agriculture subsidies to late January was rebuffed yesterday by Senate Democrats, who said they won’t pass any House plan for temporary funding before Congress breaks for the holidays.
House Republican leaders abandoned plans for a one-year extension of U.S. agriculture policy, averting a showdown with farm groups led by the American Farm Bureau Federation who want a new five-year law.
Two U.S. lawmakers who will take leadership roles in the next Congress said regulators must ensure manufacturers and commercial end-users are exempt from margin requirements for the $583 trillion swaps market.
The U.S. House passed and sent the Senate a much-delayed bill to set agricultural policy for five years, as rural Republicans and urban Democrats overcame objections about farm subsidies and food-stamp cuts.