WASHINGTON - NACS, along with other members of the Commodity Markets Oversight Coalition (CMOC), signed a letter to Congress urging funding for the Commodity Futures Trading Commission (CFTC). The letter deems the funds "necessary to ensure transparency, stability and proper functioning of our nation??s commodity derivatives markets."

The letter went to the Senate Committee on the Budget Chairman Kent Conrad (D-ND), and Senate Committee on Appropriations Chairman Daniel Inouye (D-HI), and Senate Ranking Member of the Committee on the Budget Jeff Sessions (R-AL) and Senate Ranking Member of the Committee on Appropriations Thad Cochran (R-MS), and to the House Committee on the Budget Chairman Paul Ryan (R-WI), House Committee on Appropriations Chairman Harold Rogers (R-KY), House Ranking Member of the Committee on the Budget Chris Van Hollen (D-MD) and House Ranking Member of the Committee on Appropriations Norman Dicks (D-WA).

The letter stated that the "[t]he coalition advocates in favor of government policies that promote stability and confidence in the commodities markets, that seek to prevent fraud, manipulation and excessive speculation, and that preserve the interests of bona fide hedgers and consumers."

The letter continued: "While we acknowledge the deficit crisis our country faces and commend Republican and Democratic leaders for their calls to rein in federal spending, it is important to acknowledge the Commission??s needs. Historically, the CFTC has been underfunded, understaffed, and under-resourced. Last year, Congress expanded existing CFTC authority to include unregulated and opaque derivatives markets, increasing the size of CFTC-regulated markets by more than 15 times. Further, newly emerging market trends and technologies continue to challenge the CFTC given its insufficient staffing and technology needs. Therefore, now is not the time to withhold or cut CFTC funding. Doing so may further jeopardize security, stability and confidence in the U.S. commodity markets.

"As businesses and consumers that depend on transparent and functional commodity derivatives markets, we urge adequate funding for the CFTC for fiscal years 2011 and 2012 that are necessary to implement new authorities and meet emerging market challenges," the letter concluded.