The Senate today passed the $289 billion farm bill, which includes the reauthorization of the CFTC and extended its oversight of derivatives trading. The bill reauthorizes the Commodity Futures Trading Commission as the regulator of U.S. derivatives markets, a process that takes place every five years, and also increases the CFTC oversight for electronic energy markets for over-the-counter trading, similar to some rules that apply to futures exchanges.
The Senate approved the bill 81-15; the House approved the bill 318-106 on Wednesday. The majority in both chambers was greater than the two-thirds needed to override a presidential veto. President Bush has opposed some of the subsidies included in the bill.