NFU Supports Proposed CFTC Position Limits Rule
For Immediate Release: January 15, 2010
WASHINGTON (Jan. 15, 2010) – Today National Farmers Union President Roger Johnson announced NFU’s support of the Commodity Futures Trading Commission’s (CFTC) proposed position limits rule.
“Congressional action is important on this matter in order to ensure a fair and orderly marketplace and allow for a breadth of speculators in the market,” said Roger Johnson, NFU president.
Substantial reform efforts in the way of establishing contract and aggregate position limits are key in the restoration of balance to the economy and harmonizing regulations between the United States and foreign regulators.
“With the changes in the regulations comes an opportunity to prevent another artificial spike in agricultural commodity prices due to speculation, as occurred in 2009,” said Johnson. “Therefore, NFU urges federal lawmakers and regulators to consider the proposed limitations and take action to protect the state of the economy and those involved in the commodity markets.”
The National Farmers Union helps the family farmer address profitability issues and monopolistic practices. With a membership of 250,000 farm and ranch families, NFU continues its original mission to protect and enhance the economic well-being and quality of life for family farmers and ranchers and their rural communities.