Chambliss, Lincoln Request Information from CFTC Commissioner

By Jim.Robinson|October 13, 2009

Sens. Chambliss (R-GA) and Lincoln (D-AR) were joined by fellow Senators on a letter to Commodities Futures Trading Commission (CFTC) Chairman Gary Gensler requesting information from the CFTC cotton futures market investigation of the events of February and March 2008.

The two Senators noted that many of their constituents have been negatively affected by the unexplained volatility in the cotton futures and options markets during that time and that without factual information, the US cotton industry continues to be skeptical about the futures market’s integrity.

“There have been many assumptions related to the factors that might have contributed to the situation, but without factual information the cotton industry continues to be skeptical about the integrity of the futures market. As a result, our cotton farmers are unable to access these important risk management tools,” says the letter, signed by 11 members of the Congress.

The full letter as well as a letter sent earlier to Chairman Gensler by National Cotton Council Chairman Hardwick can be found on the NCC’s home page.