Y 4. AP6/1:AG8/997/PT.2 AGRICULTURE, RURAL DEVELOPMENT, FOOD HEARINGS BEFORE A SUBCOMMITTEE OF THE COMMITTEE ON APPROPRIATIONS ONE HUNDRED FOURTH CONGRESS SUBCOMMITTEE ON AGRICULTURE, RURAL DEVELOPMENT, FOOD AND NOTE: Under Committee Rules, Mr. Livingston, as Chairman of the Full Committee, and Mr. Obey, as Ranking TIMOTHY K. SANders, Carol MuRPHY, and JOHN J. ZIOLKOWSKI, Staff Assistants PART 2 AGRICULTURAL PROGRAMS Commodity Futures Trading Commission Farm Credit Administration Food and Drug Administration Page 1 219 325 Printed for the use of the Committee on Appropriations AGRICULTURE, RURAL DEVELOPMENT, FOOD HEARINGS BEFORE A SUBCOMMITTEE OF THE COMMITTEE ON APPROPRIATIONS ONE HUNDRED FOURTH CONGRESS SUBCOMMITTEE ON AGRICULTURE, RURAL DEVELOPMENT, FOOD AND NOTE: Under Committee Rules, Mr. Livingston, as Chairman of the Full Committee, and Mr. Obey, as Ranking TIMOTHY K. SANDERS, CAROL MURPHY, and JOHN J. ZIOLKOWSKI, Staff Assistants PART 2 AGRICULTURAL PROGRAMS Commodity Futures Trading Commission Farm Credit Administration Food and Drug Administration Page 1 219 325 24-328 O Printed for the use of the Committee on Appropriations U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1996 For sale by the U.S. Government Printing Office Superintendent of Documents, Congressional Sales Office, Washington, DC 20402 ISBN 0-16-052669-8 57 382 ST 2668 XL COMMITTEE ON APPROPRIATIONS BOB LIVINGSTON, Louisiana, Chairman JOSEPH M. MCDADE, Pennsylvania JERRY LEWIS, California JOHN EDWARD PORTER, Illinois JIM KOLBE, Arizona BARBARA F. VUCANOVICH, Nevada JIM LIGHTFOOT, Iowa RON PACKARD, California CHARLES H. TAYLOR, North Carolina ERNEST J. ISTOOK, JR., Oklahoma JOE KNOLLENBERG, Michigan JAY DICKEY, Arkansas JACK KINGSTON, Georgia FRANK RIGGS, California MIKE PARKER, Mississippi RODNEY P. FRELINGHUYSEN, New Jersey GEORGE R. NETHERCUTT, JR., Washington MARK W. NEUMANN, Wisconsin DAVID R. OBEY, Wisconsin JOHN P. MURTHA, Pennsylvania NORMAN D. DICKS, Washington VIC FAZIO, California W. G. (BILL) HEFNER, North Carolina STENY H. HOYER, Maryland RICHARD J. DURBIN, Illinois RONALD D. COLEMAN, Texas ALAN B. MOLLOHAN, West Virginia MARCY KAPTUR, Ohio DAVID E. SKAGGS, Colorado NANCY PELOSI, California PETER J. VISCLOSKY, Indiana THOMAS M. FOGLIETTA, Pennsylvania ESTEBAN EDWARD TORRES, California JAMES W. DYER, Clerk and Staff Director AGRICULTURE, RURAL DEVELOPMENT, FOOD AND DRUG ADMINISTRATION, AND RELATED AGENCIES APPROPRIATIONS FOR 1997 THURSDAY, MARCH 14, 1996. COMMODITY FUTURES TRADING COMMISSION WITNESSES JOHN E. TULL, JR., ACTING CHAIRMAN, COMMODITY FUTURES TRAD- MADGE BOLINGER, DIRECTOR, OFFICE OF FINANCIAL MANAGEMENT Mr. SKEEN. Let us go on the record. We have with us here today to present the Fiscal Year 1997 budget request for the Commodity Futures Trading Commission, Mr. John E. Tull, Jr., the Acting Chairman of the CFTC. OPENING REMARKS Mr. TULL. Good afternoon, Mr. Chairman and members of the subcommittee. I would like to thank you for inviting me to present the President's fiscal 1997 budget request for the Commodity Futures Trading Commission. With me this afternoon are, on my right, Andrea Corcoran, Director of the Division Trading and Markets; on my left, Madge Bollinger, who is the Director of our Office of Financial Manage ment. Mr. SKEEN. They certainly help your image an awful lot. Mr. TULL. Thank you, sir. That is the reason I brought them. I do believe they help. Mr. SKEEN. I knew that you had a method. Please continue. Mr. TULL. Mr. Chairman, I would like to have my written testimony included in the record, and I will very briefly summarize it. Mr. SKEEN. It will be done. Mr. TULL. As you know, the President's request for the CFTC is $56,601,000. This request represents a modest increase of $3 million or 5.6 percent over the fiscal 1996 level. COMMISSION IMPROVEMENTS Since the Commission last appeared before your Subcommittee, we have made progress in six important areas. First, with the additional funds provided last year, the Commission is making critical improvements to its market surveillance computer system. In par (1) |