DFA’s Gallagher Represents NMPF at CFTC Agriculture Panel Meeting

Edward Gallagher, head of risk management for Dairy Farmers of America, represented NMPF at a July 25 meeting of the Commodity Futures Trading Commission (CFTC)’s Agricultural Advisory Committee.

The five-hour meeting was the first for the panel in two years. The committee met at CFTC’s Washington headquarters to discuss implementation of the Dodd-Frank Wall Street reform law and other issues.

Gallagher raised several issues of concern to dairy farmers, including the need to exempt forward contracts from rules covering options trading, and relief for farmers from having to buy new financial entity identification numbers, known as Legal Entity Identifiers or LEIs, annually.

Gallagher said the CFTC staff was sympathetic on forward contracting and that former CFTC Commissioner Michael Dunn, who also attended the meeting, picked up on his concerns over LEI purchases.

Gallagher added that CFTC Chairman Gary Gensler participated in the entire meeting and wanted to learn more about issues affecting farmers. “I was very much impressed with his interest in our issues,” Gallagher said. “I believe he is really trying to limit Dodd-Frank’s impact on farmers.”