DSG Derivatives Update: Upcoming Hill & Agency Schedule

Below is a summary of upcoming regulatory activities, as well as information regarding the first two derivatives-related oversight hearings planned for the 112th Congress. Committee leadership has been finalized in both Congressional chambers, and info for relevant committees is also listed below. We have also attached an updated version of our Dodd-Frank rulemaking chart. As details of the agendas, hearing witness lists, and proposed rules firm up, updates will be made.

Upcoming schedule
Feb. 10 – House Agriculture Committee hearing To review implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Witnesses (not final)
· Panel 1 – Gov’t: Gensler
· Panel 2 – Industry representatives: DCM (CME), SEF (TradeWeb), Farmer Co-op (Dairy Risk Mgmt Services), End-User Coalition (still in flux), Dealer (still in flux)

Feb. 11 – CFTC public meeting: POSTPONED (they had planned to consider various conforming amendments, but have decided to roll this into the next meeting on 2/24)

Feb. 15 – House Financial Services Committee hearing re: Implementation of derivatives provisions of Dodd-Frank Act
Witnesses (not final)
· Panel 1 – Gov’t: Schapiro, Gensler, Fed Gov. Tarullo
· Panel 2 – Industry representatives: TBD

Feb. 18 – “Flash crash” Joint Advisory Committee meeting to unveil recommendations to the CFTC/SEC (rescheduled from Jan. 26)
[more to come once their recommendations are finalized and shared internally, likely next week]

Feb. 24 – CFTC public meeting to consider proposed rules
Agenda (not final)
· Disruptive trading practices
· Capital and margin requirements for non-bank SDs and MSPs
· Product definitions (swap, SB swap, mixed swap, etc) – Joint with SEC
· Pre-enactment swaps
· Conforming amendments
[Note: We have been told by staff drafting the capital and margin rule that it is likely to slip beyond the 2/24 meeting, but is still on the planned agenda. We have been also told another delay is likely for product definitions]

Mar. 1 – CFTC Technology Advisory Committee meeting re: “pre-trade functionality, direct market access controls and costs and technology challenges in implementing the trade execution, processing and records management requirements of the Dodd-Frank Act.” (rescheduled from Jan. 27)

112th Congress – Committee Leadership
House Ag Committee:
· Full Cmte Chair: Frank Lucas (R-OK)
· Full Cmte Ranking: Collin Peterson (D-MN)
· Sub Cmte Chair (CFTC jurisdiction): Mike Conaway (R-TX)
· Sub Cmte Ranking (CFTC jurisdiction): Leonard Boswell (D-IA)
· Full list: Committee Members

House Financial Services Committee:
· Chair: Spencer Bachus (R-AL)
· Ranking: Barney Frank (D-MA)
· Full list: Committee Members

Senate Ag Committee
· Chair: Debbie Stabenow (D-MI)
· Ranking: Pat Roberts (R-KS)
· Full list: Committee Members (being updated)

Senate Banking Committee
· Chair: Tim Johnson (D-SD)
· Ranking: Richard Shelby (R-AL)
· Full list: Committee Members

2011-0207-Dodd Frank Rulemaking Chart Feb 4 2011

More Advocacy Issues

Yesterday, Representative David Scott (D-GA), Chairman of the House Committee on Agriculture, Representative Sanford Bishop (D-GA), Chairman of the Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, and Senator Raphael Warnock (D-GA), the sole cotton state Democrat on the Senate Committee on Agriculture, Nutrition, and Forestry wrote a letter to Secretary […]

Read More

Yesterday, the House Transportation Subcommittee on Coast Guard and Maritime Transportation held a hearing entitled “Impacts of Shipping Container Shortages, Delays, and Increased Demand on the North American Supply Chain.”  The hearing featured two panels: the first panel included Federal Maritime Commission (FMC or Commission) Chairman Daniel Maffei and Commissioner Rebecca Dye, and the second […]

Read More

On June 9, 2021, the U.S. Commodity Futures Trading Commission held a meeting of its Agricultural Advisory Committee, which ACSA President/CEO Buddy Allen and Vice-Chairman Tommy Hayden sit on.  The Committee received a report from the Subcommittee to Evaluate Commission Policy with Respect to Implementation of Amendments to Enumerated Agricultural Futures Contracts with Open Interest.  […]

Read More

On April 16, 2021, the China Cotton Association (CCA) wrote the Committee for International Co-operation Between Cotton Associations (CICCA) a letter regarding cotton in the Xinjiang region of China. The China Cotton Association also released a statement regarding the recent boycott on Xinjiang cotton by apparel brands. See both the letter and statement below. Letter […]

Read More

On April 14, 2021, Memphis stakeholders wrote a letter to Chairman Oberman of the Surface Transportation Board expressing the need for assistance in resolving the current inland rail crisis affecting importers, exporters and motor carriers in the area. See the full letter below. Click Here

Read More

On March 15, 2021, Mississippi State University published the expected PLC payments for the 2020 year. Please see the link below for more information. Click Here

Read More