Thank you Chairman Roberts, Ranking Member Stabenow and members of the Committee.
I am honored to testify before you today as the President’s nominee to serve as the thirteenth Chairman of the U.S. Commodity Futures Trading Commission (CFTC).
I want to thank many of you for the courtesy of meeting with me leading up to this hearing and over the past few years. I have learned a lot from you about the issues facing America’s farmers and users of commodity futures. I am grateful for the opportunity today to listen to your concerns and answer your questions.
With your permission, Chairman Roberts, I would like to introduce members of my family who are here with me today. I am joined by my wife and best friend of 28 years, Regina, our sons Luke and Henry, and my brother Dr. Timothy Giancarlo. My daughter Emma could not join us because of work commitments.
I am also pleased to introduce my mother, Mrs. Ella Jane Keegan, a registered nurse. Together with my recently deceased father, a physician, she founded a fifty- year-old family business caring for the elderly, where I worked growing up. My parents taught my three brothers and me to arrive early to work, to leave things better than we found them and to give thanks at night for the blessings of this wonderful country. They also taught us that there is no job worth doing that doesn’t require hard work and no service worth providing that is beneath your dignity. I am grateful for these lessons and for their love and constant support.
I appeared before this Committee in 2014 upon my nomination as Commissioner to the CFTC by President Obama. At that hearing, I presented my background in commercial law and business. I also acknowledged my rather obvious character flaw of not having been raised on a farm. Nevertheless, I committed then to learning everything I could about the agricultural sector.
When I was a practicing lawyer, I always tried to spend time with new clients at their business offices to learn what they did and how they did it. I believe you cannot truly serve someone you represent unless you first dig in and understand how they make a living.
In the three years, I have served at the CFTC, I have had the honor to meet with hundreds of Americans who depend on CFTC-regulated derivatives markets. I have travelled to Kansas, Michigan, Indiana, Illinois, Iowa, Minnesota, South Dakota, North Dakota, New York, Missouri, Kentucky, Ohio, Montana and more to meet with farmers, ranchers, energy producers, and small and large manufacturers, all of whom use our markets to hedge production and price risk.