WASHINGTON, D.C. – U.S. Senator Pat Roberts (R-Kan.) today called on Senate Agriculture Committee Chairwoman Debbie Stabenow (D-Mich.) to hold a hearing on the collapse and bankruptcy of MF Global, given its devastating effect on the agriculture industry.
Roberts has also called on the Commodities and Futures Trading Commission (CFTC), the exchanges, and the bankruptcy trustee to work together to immediately release frozen MF Global margin account funds to customers, many who are Kansans.
This effort is in addition to Roberts’ concern over the timing and extent of CFTC Chairman Gary Gensler’s recusal due to his prior relationship with former MF Global CEO Jon Corzine. Roberts’ two letters requesting answers about the date and scope of this recusal have gone unanswered.
The following is the text of the letter sent to Chairwoman Stabenow today:
“I write to you today regarding a pressing matter deserving of our committee’s urgent action. The MF Global, Inc. bankruptcy is a critically important event that is having a devastating effect on farmers, country grain elevators, hog and cattle operations and bankers across the country. I respectfully request that the committee conduct a hearing focused solely on this matter as soon as possible.
“Thank you for calling the December 1 hearing to provide us with the opportunity to get an update from regulators on the status of implementing the Dodd-Frank Act. While it is important to continue our oversight responsibilities related to Dodd-Frank implementation, our farmers, ranchers, agribusinesses and bankers need answers regarding their ability to manage their operational risks in the aftermath of the MF Global, Inc. bankruptcy.
“I look forward to speaking to you about how to proceed with this matter, and working with you to plan a hearing on this matter.”
Senator Roberts is ranking member of the Senate Committee on Agriculture Nutrition and Forestry which has jurisdiction over the Commodities and Futures Trading Commission.