Four leading financial services trade associations today wrote to Senator Saxby Chambliss (R-GA), chairman of the Committee on Agriculture, Nutrition and Forestry, to register their opposition to legislation reauthorizing the Commodity Futures Trading Commission (CFTC) unless key concerns are addressed. The trade groups – The Bond Market Association, the Futures Industry Association, the International Swaps and Derivatives Association, and the Securities Industry Association – stated that the legislation’s proposed modification of the Commodity Futures Modernization Act of 2000 (CFMA) would jeopardize the legal certainty provided by the act, which has helped to provide the basis for the development of important financial markets that have delivered significant economic benefits.
For a copy of the joint letter to Chairman Chambliss go to:
http://www.sia.com/2005_comment_letters/7276.pdf