We believe the historic system of commodity futures trading continues bankrupting family farmers, ranchers and consumers and is not a prudent risk management tool. The following should be enacted:
- Transfer regulatory authority of the Commodity Futures Trading Commission (CFTC) to the Security Exchange Commission (SEC).
- Support regulations that maintain prices above the cost of production.
- We oppose ag commodity options as a substitute for farm programs.
- We are opposed to any government involvement in ag options or futures trading as a substitute for or in conjunction with farm programs.
- We oppose any speculative trading of commodities futures by any foreign governments, companies or individuals.
- All commodities sold on futures or options shall be treated as a positive sale and taxed the same as any ordinary sale of the same commodity.
- We support legislation requiring all speculative futures contracts to be assessed any federal check-off.
- We support the elimination of speculative short selling of commodity futures contracts.