Baucus Wants Farmers And Ranchers Repaid
Senator Max Baucus urged the commodity futures trading commission, today, to do everything it can to make sure Montana farmers are made whole in the wake of the MF Global bankruptcy scandal. Baucus also called on the commission to launch a full review of other future commission merchants to ensure customer accounts are protected.
In a letter to CFTC Chairman Gary Gensler and CFTC Commissioner Jill Sommers today Baucus wrote:
“Hard working farmers, ranchers and small businesses are now facing severe financial uncertainty through no fault of their own because of this bankruptcy. I urge your agency to do everything it can to see that those Montanans who held money with MF Global are given full consideration and made whole. This situation calls for hard work and vigilance. Leave no stone unturned.”
Senator Baucus applauded the CFTC’s approval of a new rule that would put tighter limits on how commodity firms can use customer funds. But, he said more must be done to restore trust in the market and make sure the case of mf global is not repeated.
The agriculture committee will follow up with another hearing on MF Global December 13th .