Press Releases

Farr Statement at Hearing on Commodity Future Trading Commission

The Commodity Future Trading Commission is the unsung hero of America's fiscal stability.
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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."
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Farr at Press Conference on GOP Proposal to Cut CFTC by 41%

"The 41% cut from the President's $308 million budget request for the CFTC is unconscionable. It's designed to cripple the CFTC."
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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."