Much Ado About Agriculture?
SEC’s Mary Schapiro testified today before the House Agriculture Committee on ways to regulate over-the-counter derivatives, which present a number of risks, “chief among them is systemic risk.”
Has anyone else wondered, Why did Mary Shapiro testify before the House Agriculture Committee?
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Financing for agriculture is tough right now. Commodity price volatility is exacerbated by speculative trading. Yet, hedging risk is critical to agriculture. Banks play in all those markets through derivatives.
But the real reason is probably that the Agriculture Committee wants a bite at the apple, so to speak.