Opening Statements of Committee Members

Opening Statement of Senator Jim Bunning (R-KY)
Joint Hearing on Commodity Futures Modernization Act

10:00 a.m., Wednesday, June 21, 2000 - Dirksen 106

Mr. Chairman, I would like to thank all of our distinguished witnesses for coming before the committee to talk about this very important reauthorization bill.

I must first say, however, that I am disappointed that the Securities Exchange Commission and the Commodities Futures Trading Commission have not been able to come to an agreement yet. I hope that Chairman Levitt and Chairman Rainer will continue to meet and try and come to an agreement on the regulatory framework for lifting the ban on single stock futures.

I hope that the disagreements are not simply a battle over turf and that good faith negotiations will continue and eventually yield a compromise that both agencies can live with. This legislation is too important to be sidetracked by turf battles.

I am also very eager to hear from Chairman Greenspan and Secretary Summers to get their opinions on the legislation. I would like to know if they believe legislation is needed to modernize our markets to stay competitive with Europe. I would also like to know if they think the bill we are holding our hearing on today can be improved and if so how?

It has been eighteen years since the "temporary" Shadd-Johnson accord was reached. I believe it is time bring our commodities law into the new millennium. I look forward to hearing from all of our witnesses and get their advice on how to best do that.

Thank you Mr. Chairman.