The House Agriculture Committee Tuesday, held a hearing on the Derivatives Markets Transparency and Accountability Act of 2009. According to National Farmers Union President Tom Buis, who appeared before the committee, the bill will increase oversight and transparency of the commodities markets.
Buis cited last year's record high commodity prices, followed by a historic collapse in the grain, livestock and dairy prices.
"Speculators created a market bubble and false sense that higher prices were here to stay and as a result producers locked in higher priced input and feed costs," Buis said. "The economic collapse and bursting bubble have jeopardized the economic livelihoods of many Americans and is rippling throughout our rural communities."
According to Buis this legislation will increase transparency in the commodity markets, allowing for an open process that will keep the public apprised of those involved in commodity markets. The Commodity Futures Trading Commission will finally have the necessary tools to ensure markets remain open, fair and transparent.