Farr Opening Statement at Full Committee Markup of the Agriculture Appropriations bill, FY2013
"Dodd-Frank expanded CFTC’s oversight 8-fold from the $37 trillion futures market to the over-the-counter swaps market -- a domestic market of over $300 trillion in notional value. So just when the CFTC needs to scale up, they’re being slapped with deep cuts that strangle their ability to safeguard against another financial collapse."
Farr Opening Statement at Subcommittee Markup for Agriculture Appropriations bill, FY13
"The $25 million cut to the CFTC will have drastic effects on the American economy and will harm the American taxpayer. 4 years ago, our financial system failed. Over 8 million jobs evaporated. Millions lost their homes. Unregulated swaps played a critical role in the 2008 financial meltdown – for instance, the near-failure of AIG was triggered by its substantial swap business. Dodd-Frank got to the root of the problem by charging the CFTC with swap market oversight."