Derivatives Bill Gains Support

As many as 52 state and national organizations have joined forces to back the Derivatives Markets Transparency and Accountability Act of 2009 – also known as H.R. 977. In a letter addressed to the leaders of the House Ag Committee, the groups point out the Act would restore confidence in our nation’s futures markets while protecting consumers, farmers, energy retailers, users and transporters, business operators and others that these markets were established to serve.

The signatories of the letter include many organizations with interests in agriculture and petroleum based energies. R-CALF USA Marketing Committee Chair Dennis Thornsberry said - H.R. 977 provides sensible, balanced and common-sense reforms that will help all derivative markets work more effectively and with increased transparency.

It is widely held that rampant speculation in credit default swaps and other financial instruments contributed to the ongoing financial meltdown and the enormous costs to taxpayers of stabilizing the financial system.