By Sarah Gonzalez, Director of Communications and Digital Media The Commodity Futures Trading Commission (CFTC) should take an active role in assessing and addressing the risks of climate change, CFTC Commissioner Rostin (Russ) Behnam said this week. “Failing to address financial market risks associated with climate change will impede economic growth, and most likely hit rural communities the hardest,” Behnam said in a speech at CFTC’s Market Risk Advisory Committee meeting on June 12. Behnam said the committee should identify market risks and recommend “data-driven policy ... Read More
Subject-focused News
CFTC’s Stump outlines speculative position limits rule objectives
By Todd Kemp, Senior Vice President for Marketing, Treasurer; and Sarah Gonzalez, Director of Communications and Digital Media Commodity Futures Trading Commission (CFTC) Commissioner Dawn Stump said her staff is diligently working with other commissioners on a speculative position limits rulemaking, but didn’t give a timeline for a proposal, during a June 11 address in New York City to the Annual Legal Forum of the International Swaps and Derivatives Association (ISDA). ISDA was one of the organizations that challenged speculative position limits in court in late 2011. Since that ... Read More
Railroads oppose STB policy action on demurrage, accessorial practices
By Randy Gordon, President and Chief Executive Officer Class I freight railroads pushed back strongly against the Surface Transportation Board (STB) pursuing any policies, guidance or investigation of carriers’ demurrage and accessorial charges and practices following the agency’s robust, informative and eye-popping May 22-23 public hearing in Washington. The carriers voiced their objections in supplemental comments submitted to the agency last week in the aftermath of the public hearing, during which the NGFA and several other diverse rail customer organizations and companies presented ... Read More
NGFA member companies join nearly 1,000 agricultural groups to support USMCA ratification
By Sarah Gonzalez, Director of Communications and Digital Media Nearly 1,000 broad-based organizations representing U.S. food and agriculture, including NGFA and many of its member companies and State/Regional Affiliate Associations, called on Congress this week to swiftly ratify the U.S.-Mexico-Canada Agreement (USMCA). In a June 11 letter sent to Congress, more than 950 groups representing the U.S. food and agriculture value chain at the national, state and local levels called on Congress to support USMCA ratification. The letter reiterates that USMCA will benefit the U.S. agriculture ... Read More
Trump issues executive order to streamline biotech regulation
By Sarah Gonzalez, Director of Communications and Digital Media President Donald Trump directed the U.S. Department of Agriculture (USDA), the U.S. Environmental Protection Agency (EPA) and the U.S. Food and Drug Administration (FDA) to streamline their regulation of agricultural biotechnology in an executive order issued June 11. “The United States must employ a science-based regulatory system that evaluates products based on human health and safety and potential benefits and risks to the environment,” the executive order stated. “Such a system must both foster public confidence in ... Read More
USDA provides more information on trade assistance package
By Max Fisher, Director of Economics and Government Relations Secretary of Agriculture Sonny Perdue on June 10 issued a statement on disaster and trade-related assistance, noting that the U.S. Department of Agriculture (USDA) will provide more information on the trade-related Market Facilitation Program (MFP) payment rates and details of the various components of the disaster relief legislation “in the coming weeks.” In his statement, Perdue reiterated President Trump’s commitment to provide up to $16 billion “to support farmers as they absorb some of the negative impact of unjustified ... Read More
NGFA reiterates need for STB action on rail demurrage, accessorial practices
ARLINGTON, Va., June 11, 2019 -- The National Grain and Feed Association (NGFA) reiterated its call on the federal Surface Transportation Board (STB) to follow up on its two-day public hearing on May 22-23 by developing specific policies and guidelines to govern Class I railroads’ demurrage and accessorial practices so that they are commercially fair and structured in a way that a rail customer operating efficiently can avoid such charges. In its 18-page supplemental statement submitted to the STB on June 6, the NGFA urged that the agency’s rules should require that demurrage and ... Read More
More than 950 food and ag groups urge prompt congressional ratification of USMCA
ARLINGTON, Va., June 11, 2019 – Nearly 1,000 broad-based organizations representing U.S. food and agriculture today called on Congress to swiftly ratify the U.S.-Mexico-Canada Agreement (USMCA). In a letter sent to Congress, more than 950 groups representing the U.S. food and agriculture value chain at the national, state and local levels called on Congress to support ratification of USMCA. The letter reiterates that USMCA will benefit the U.S. agriculture and food industry while providing consumers an abundant supply of safe, high-quality human and animal food at competitive ... Read More
USDA announces one-year CRP extension
Secretary of Agriculture Sonny Perdue announced late last week the availability of a one-year extension for Conservation Reserve Program (CRP) contracts expiring Sept. 30, 2019. The extension is a stopgap until the U.S. Department of Agriculture (USDA) can finish its rulemaking process to account for the changes to CRP that were made in the 2018 farm law. CRP contracts on approximately 1.6 million acres are currently scheduled to expire on Sept. 30. The signup for the one-year extension will begin June 3 and end on Aug. 23. The extension is not available to CRP participants if the ... Read More
Senate confirms Tarbert as CFTC chairman
The Senate by an overwhelming 84-9 vote confirmed Heath Tarbert on June 5 as chairman of the Commodity Futures Trading Commission (CFTC). A Republican who currently serves as assistant secretary of the treasury for international affairs, Tarbert will succeed fellow Republican Chris Giancarlo. He is expected to be sworn in officially in mid-July, with Giancarlo leaving CFTC around that same time. During testimony at his Senate Agriculture Committee confirmation hearing earlier this year, Tarbert stressed the CFTC’s special obligation to “…ensur(e) that our derivatives markets are ... Read More
National Grain and Feed Association
TwitterYoutubeFacebookLinkedin