Commodity Futures Trading Commission Chairman Michael S. Selig announced Thursday that he will sponsor the CFTC's Agricultural Advisory Committee and is seeking nominations to fill current vacancies on the panel. The CFTC set a Feb. 18 deadline for nomination submissions.
"I am honored to follow the footsteps of former CFTC Chairmen and sponsor the vitally important Agricultural Advisory Committee," Chairman Selig said in a statement. "Agricultural futures markets were core to the CFTC's humble beginning 50 years ago and continue to be a central focus today."
The announcement comes as the CFTC marks five decades of operation, with Chairman Selig emphasizing the agency's agricultural market oversight origins. The move represents a continuation of tradition, as former CFTC chairmen have previously sponsored the advisory committee.
"While the CFTC's regulatory authority continues to evolve, we cannot forget our roots," Chairman Selig said. "The viewpoints of America's growers, producers and the broader agricultural community are essential to informing the Commission as we work to support the markets for safe, abundant and affordable food, fiber and fuel for all Americans."
The Agricultural Advisory Committee was created to advise the Commission on agricultural derivatives market regulatory issues and priorities that affect producers, processors, consumers, and other interested stakeholders. The committee is authorized to submit reports and recommendations directly to the Commission.
The CFTC is inviting the public to nominate individuals for AAC membership and propose potential topics for the committee to prioritize. Each nomination submission must include relevant information about the nominee, including the individual's name, title, and organizational affiliation. Submissions should also provide information supporting the individual's qualifications for selection.
In addition to nominee information, the CFTC is requesting suggestions for potential topics the committee should prioritize. Submissions must include the name and email or mailing address of the person making the nomination.
Nominations and topic suggestions should be sent to [email protected] by the Feb. 18 deadline. The CFTC noted that submission of a nomination does not guarantee selection to the committee.
The Agricultural Advisory Committee operates within the CFTC's broader advisory structure. The Commission currently oversees five active advisory committees that were created to provide advice and recommendations on various regulatory and market issues affecting the integrity and competitiveness of U.S. markets.
These advisory committees serve as communication channels between the Commission and market participants, other regulators, and academics. However, the CFTC emphasizes that the views, opinions, and information expressed by advisory committees are solely their own and do not necessarily reflect the Commission's positions.
The emphasis on agricultural markets reflects the CFTC's historical mission. When the agency was established 50 years ago, agricultural futures markets formed the core of its regulatory mandate. Today, while the CFTC's jurisdiction has expanded significantly to include financial derivatives and other complex instruments, agricultural commodities remain a central focus.
Agricultural derivatives markets play a crucial role in price discovery and risk management for farmers, ranchers, and other participants in the food supply chain. These markets allow producers to hedge against price volatility and provide market signals that influence planting and production decisions.
The committee's work becomes particularly important as agricultural markets face various challenges, including climate change impacts, supply chain disruptions, and evolving technology. The CFTC relies on input from industry participants to understand how regulatory policies affect real-world market operations.
Chairman Selig's decision to personally sponsor the Agricultural Advisory Committee signals the importance the current Commission leadership places on maintaining strong connections with the agricultural community. This direct engagement helps ensure that regulatory decisions consider the practical impacts on farmers, producers, and other agricultural stakeholders.
The nomination process provides an opportunity for diverse voices from across the agricultural sector to contribute to CFTC policymaking. The committee typically includes representatives from farming organizations, commodity trading firms, agricultural cooperatives, and other industry participants.
As the CFTC continues to adapt its regulatory framework to address evolving market conditions and new technologies, input from the Agricultural Advisory Committee will help inform decisions that affect millions of Americans involved in food production and distribution.
The Feb. 18 deadline for nominations provides interested parties with several weeks to prepare submissions. The CFTC encourages nominations that reflect the diversity of the agricultural community and bring varied perspectives to the committee's deliberations.