Last night, the Senate confirmed all four Commodity Futures Trading Commission (CFTC) Commissioner nominees by voice vote. Democrats Kristin Johnson and Christy Goldsmith Romero are confirmed for terms expiring April 2025 and April 2024 respectively. Republicans Caroline Pham and Summer Mersinger are confirmed for terms ending April 2027 and April 2023 respectively. This is the first time that there has been a full slate of Commissioners at the CFTC during the Biden presidency.
Category: News
News from the American Cotton Shippers Association
ACSA Holds Virtual Meeting with CCA
On the evening of March 21st, ACSA staff met with the China Cotton Association (CCA) to discuss the state of play for the cotton industry in both the U.S. and China. Yuan Associates stated that, “During the meeting, Vice President and Secretary General of CCA Mr. Wang Jianhong expressed the hope to work with ACSA closely to control the risks over cotton trade default issues, mainly because maintaining domestic and international cotton trade order is also one of CCA’s responsibilities. CCA will fully support the work of CICCA in safeguarding the rights and interests of CCA members and maintaining the trade order.”
Analysis of the 2022 China National People’s Congress
From March 5th through 11th, China held its annual National People’s Congress (NPC), deliberated and approved the Report on the Work submitted by the Chinese government, determined the goals for 2022, analyzed the challenges facing China under the current domestic and international situation, and proposed corresponding tasks to tackle those challenges. In the analysis below, Yuan Associates describes the goals, tasks, challenges, and policy trends determined by the NPC, as well as the impact of the NPC’s tasks and policies on U.S. cotton industry.
House Ag Subcommittee Hearing on Rural Development
Today, the House Ag Committee Subcommittee on Commodity Exchanges, Energy, and Credit held a hearing entitled “A 2022 Review of the Farm Bill: Rural Development.” The sole witness was USDA Under Secretary for Rural Development Xochitl Torres Small. Key takeaways from the hearing prepared by Delta Strategy Group below.
Senate Commerce Hearing Held Hearing on the Ocean Shipping Reform Act
Yesterday, the Senate Commerce Committee held a hearing on the Ocean Shipping Reform Act. The witnesses were Federal Maritime Commission (FMC) Chairman Daniel Maffei and FMC Commissioner Rebecca Dye. Following the hearing, Chairperson Maria Cantwell (D-WA) said the Ocean Shipping Reform Act could see a vote by “next week, if we can get there.” Senator Cantwell said she has spoken with Representative John Garamendi (D-CA), the sponsor of the House-passed version of the bill, about the issue, but that they did not get into details about the legislation. A summary of significant comments from the hearing prepared by Delta Strategy Group here.
Yuan Associates Provides Analysis on the Russian/Ukrainian Conflict and Impacts on China
This morning, Yuan Associates shared their analysis of the Russian/Ukrainian situation, the potential impact on future changes in the world pattern, and the impact of the crisis on China’s geopolitical and economic environment.
Senate Ag Committee Look to Fill CFTC Positions
Yesterday, Senate Agriculture Chair Debbie Stabenow (D-MI) called for quick confirmation of four nominees to the Commodity Futures Trading Commission during a hearing. After the hearing, Senator Boozman (R-AR) echoed Senator Stabenow’s urgency to confirm the nominees. He told reporters he does not “anticipate any problems” reporting any of them out of the committee and on to the Senate floor. “We’ll have a vote as soon as possible,” Senator Boozman said.
ACSA Endorses the Four CFTC Current Nominees
Today, the American Cotton Shippers Association along with 18 other commodity groups sent a letter to Congressional leadership to endorse the four current nominees to be commissioners of the Commodity Futures Trading Commission.
House Ag Committee Holds Hearing on Title 1 Programs
Today, the House Agriculture Committee held a hearing entitled “A 2022 Review of the Farm Bill: Commodity Group Perspectives on Title 1.” The witnesses were President of the American Soybean Association Brad Doyle, Director of Economics at the American Sugar Alliance Robert Johansson, Vice President of the National Association of Wheat Growers Nicole Berg, Jaclyn Ford of the National Cotton Council, Verity Ulibarri of the National Sorghum Producers, Clark Coleman of the National Sunflower Association, Jennifer James of USA Rice, President of the National Corn Growers Association Chris Edgington, and Meredith McNair Rogers of the U.S. Peanut Federation.
The Biden Administration Announces Investment for Physical Infrastructure
Today, the Biden Administration announced that it will invest more than $14 billion in funding for over 500 projects across the United States and associated territories. According to the fact sheet, the investment will include “$8 million to improve commercial navigation and allow larger and more ships to pass at the Port of Long Beach, California – part of the nation’s largest port complex. The investment will support design work to widen the port’s main channel, deepen the entrance channel, and build an approach channel and turning basin. It also builds on the $52 million grant the Administration previously announced to support the Port of Long Beach’s on-dock rail facility, as well as a multi-billion dollar loan agreement with California to modernize the state’s ports, freight, and other goods movement infrastructure.”
