Watch
OFFICIAL COMMITTEE VIDEO · 3:12:36Pick a point on the bar to jump thereTap the bar to jump3:12:36
Why this hearing
On the record: 8 witnesses: 7 from business and trade groups and 1 federal official.
Real oversight or theater?
Did this hearing get real answers, or was it mostly speeches?
NO RATINGS YET
What each witness said
The main points of each witness’s written statement.
Commodity Markets CouncilChairman · Charlie Carey
- Asks Congress to keep the markets farmers use in the US under US rules and preserve right-sized regulation.
- Argues flexible, principles-based CFTC regulation supports innovation and US competitiveness in derivatives markets.
“It is critical we keep these markets in the US subject to US rules.”
Environmental Financial Products, LLCChairman and CEO · Dr. Richard L. Sandor
- Argues the CFTC's creation and regulatory framework enabled financial futures that support risk management and financial stability.
- Estimates three Treasury futures products save the U.S. Government $5 billion to $10 billion annually in interest costs.
“The creation of the CFTC and its regulatory framework laid the foundation for a dynamic futures industry.”
American Public Gas AssociationPresident and CEO · Dave Schryver
- Explains community-owned gas utilities use derivatives to hedge price volatility, not for speculative trading, helping protect consumers.
- Asks Congress to continue supporting the CFTC's mission and authority with a strong, well-resourced regulator.
“As Congress considers the future of financial market oversight, we urge continued support for the CFTC's mission and its authority to regulate the derivatives landscape.”
Capitol Counsel, LLCPartner and General Counsel · De'Ana Dow
- Argues the CFMA's flexible core-principles framework shortened review times, fostered innovation and growth, and helped U.S. futures markets compete globally.
- Recommends preserving the framework, saying it protects customers and market integrity while supporting deep, liquid markets for hedging and price discovery.
“This regulatory framework is tried and proven and should be preserved.”
National Futures AssociationPresident and CEO · Thomas W. Sexton
- Argues NFA's self-regulation is the first line of defense and operates subject to broad CFTC oversight.
- Describes NFA's seven functions, including registration, monitoring, enforcement, investor protection and dispute resolution, as helping the CFTC oversee derivatives.
“Self-regulation is the first line of defense in this framework to ensure that markets and market professionals operate in a professional and ethical manner.”
Commodity Futures Trading CommissionFormer Chairman · The Honorable J. Christopher Giancarlo
- Argues CFTC-regulated derivatives markets transfer business risks and help consumers by supporting relatively stable prices.
- Describes the CFTC as a globally recognized derivatives regulator whose principles-based approach allows flexibility and innovation.
“Overall, derivatives serve the needs of society to control commercial and other risk, essential to economic growth and job creation.”
- Asks Congress to keep the markets farmers use in the US under US rules and preserve right-sized regulation.
- Argues flexible, principles-based CFTC regulation supports innovation and US competitiveness in derivatives markets.
“It is critical we keep these markets in the US subject to US rules.”
- Argues the CFTC's creation and regulatory framework enabled financial futures that support risk management and financial stability.
- Estimates three Treasury futures products save the U.S. Government $5 billion to $10 billion annually in interest costs.
“The creation of the CFTC and its regulatory framework laid the foundation for a dynamic futures industry.”
- Explains community-owned gas utilities use derivatives to hedge price volatility, not for speculative trading, helping protect consumers.
- Asks Congress to continue supporting the CFTC's mission and authority with a strong, well-resourced regulator.
“As Congress considers the future of financial market oversight, we urge continued support for the CFTC's mission and its authority to regulate the derivatives landscape.”
- Argues the CFMA's flexible core-principles framework shortened review times, fostered innovation and growth, and helped U.S. futures markets compete globally.
- Recommends preserving the framework, saying it protects customers and market integrity while supporting deep, liquid markets for hedging and price discovery.
“This regulatory framework is tried and proven and should be preserved.”
- Argues NFA's self-regulation is the first line of defense and operates subject to broad CFTC oversight.
- Describes NFA's seven functions, including registration, monitoring, enforcement, investor protection and dispute resolution, as helping the CFTC oversee derivatives.
“Self-regulation is the first line of defense in this framework to ensure that markets and market professionals operate in a professional and ethical manner.”
- Argues CFTC-regulated derivatives markets transfer business risks and help consumers by supporting relatively stable prices.
- Describes the CFTC as a globally recognized derivatives regulator whose principles-based approach allows flexibility and innovation.
“Overall, derivatives serve the needs of society to control commercial and other risk, essential to economic growth and job creation.”
Who asked what
We haven’t logged who asked questions at this hearing yet.
Question logs come from the committee’s official video.
The committee
54 members · 29 Republicans, 25 Democrats
- Glenn ThompsonR-PA-15 · CHAIR
- Austin ScottR-GA-8 · VICE CHAIR
- Don BaconR-NE-2
- James R. BairdR-IN-4
- Mike BostR-IL-12
- Robert P. Bresnahan, Jr.R-PA-8
- Kat CammackR-FL-3
- Rick CrawfordR-AR-1
- Monica De La CruzR-TX-15
- Scott DesJarlaisR-TN-4
- Randy FeenstraR-IA-4
- Brad FinstadR-MN-1
- Mark HarrisR-NC-8
- Ronny JacksonR-TX-13
- Dusty JohnsonR-SD-AL
- Trent KellyR-MS-1
- Frank D. LucasR-OK-3
- Tracey MannR-KS-1
- Mark B. MessmerR-IN-8
- Mary E. MillerR-IL-15
- Barry MooreR-AL-1
- Dan NewhouseR-WA-4
- Zachary NunnR-IA-3
- Derrick Van OrdenR-WI-3
- John W. RoseR-TN-6
- David RouzerR-NC-7
- David J. TaylorR-OH-2
- David G. ValadaoR-CA-22
- Tony WiedR-WI-8
- Angie CraigD-MN-2 · RANKING
- Alma S. AdamsD-NC-12
- Shontel M. BrownD-OH-11
- Nikki BudzinskiD-IL-13
- Salud O. CarbajalD-CA-24
- Jim CostaD-CA-21
- Sharice DavidsD-KS-3
- Donald G. DavisD-NC-1
- April McClain DelaneyD-MD-6
- Shomari FiguresD-AL-2
- Adam GrayD-CA-13
- Jahana HayesD-CT-5
- Jonathan L. JacksonD-IL-1
- John W. MannionD-NY-22
- Jim McGovernD-MA-2
- Chellie PingreeD-ME-1
- Josh RileyD-NY-19
- Kristen McDonald RivetD-MI-8
- Andrea SalinasD-OR-6
- David ScottD-GA-13
- Eric SorensenD-IL-17
- Shri ThanedarD-MI-13
- Jill N. TokudaD-HI-2
- Gabe VasquezD-NM-2
- Eugene Simon VindmanD-VA-7
Witnesses
A group of witnesses who testify and take questions together.
- Charlie CareyChairman, Commodity Markets CouncilWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
- Dr. Richard L. SandorChairman and CEO, Environmental Financial Products, LLCWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
- Dave SchryverPresident and CEO, American Public Gas AssociationWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
- De'Ana DowPartner and General Counsel, Capitol Counsel, LLCWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
- Thomas W. SextonPresident and CEO, National Futures AssociationWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
- The Honorable J. Christopher GiancarloFormer Chairman, Commodity Futures Trading CommissionWITNESS TYPENon-governmentalTHIS CONGRESSFirst appearance
A group of witnesses who testify and take questions together.
- Dr. Richard SandorChairman and CEO, Environmental Financial Products, LLCWITNESS TYPENot listedTHIS CONGRESSFirst appearanceNO STATEMENT POSTED
- Thomas SextonPresident and CEO, National Futures AssociationWITNESS TYPENot listedTHIS CONGRESSFirst appearanceNO STATEMENT POSTED
In the news
No news coverage of this hearing yet.
Timeline & documents
- Hearing noticed (done)
- Held (done)MAR 25, 2025 · 10:00 AM – 1:05 PM
- Video posted (done)MAR 25, 2025 · 1:05 PM
- Written testimony posted (done)MAR 25, 2025 · 8:39 AM
- Questions for the record (not yet)NOT POSTED YET
- Printed transcript (done)PUBLISHED JUL 2, 2025
- Written testimony (6)PAGE (opens the committee’s file)
- Statements for the recordPDF (opens the committee’s file)
- Questions for the recordPENDING
- TranscriptPDF (opens the committee’s file)
- Printed transcriptPDF (opens the committee’s file)
Written follow-up questions from members, answered after the hearing. aren’t posted yet. The printed transcript is out.
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