Klobuchar Grills Finance Watchdogs on MF Global Failure

Press Release

U.S. Senator Amy Klobuchar today grilled finance watchdogs on the failure of MF Global and its impact on Minnesota farmers. It is estimated that more than one hundred Minnesota farmers and businesses who have critical accounts with MF Global have been unable to access their funds since the firm filed for bankruptcy in October. During a Senate Agriculture Committee hearing, Klobuchar called on officials from the Commodity Futures Trading Commission (CFTC) to take quick action to give those affected by the MF Global failure access to their funds.

"It is completely inappropriate and outrageous that funds that were supposed to be in segregated accounts weren't properly accounted for -- this isn't Monopoly money, it is the hard earned dollars of Americans,"Klobuchar said. "Our farmers and ranchers need to know that when they use the market to manage risk, some Wall Street banker isn't gambling with their savings. I will continue to work to ensure farmers and ranchers in Minnesota and across the country can access these much-needed funds as quickly as possible."

During the hearing, Klobuchar pressed CFTC Commissioner Jill Sommers, who is leading the Commission's MF Global investigation, for answers on how funds that were supposed to be kept safe in segregated accounts could now be in jeopardy and what the CFTC can do to help farmers and ranchers gain access to their funds as quickly as possible. Klobuchar also highlighted the need to restore faith in the commodity futures market and take steps to prevent this from ever happening again.

Klobuchar's office has been working directly with Minnesotans who lost money due to MF Global's failure and pushing to recover the funds.

Klobuchar is a member of the Senate Agriculture Committee, which oversees agricultural commodities trading, including those traded by MF Global.

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