Nuclear Regulatory Commission (NRC) Chairman Allison Macfarlane meets with the media to discuss short- and long-term objectives at her agency. Chairman Macfarlane discussed her positions on storing nuclear waste at Yucca Mountain and safety issues at a California nuclear plant. 

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Commodity Futures Trading Commission Chairman Gary Gensler said Tuesday that regulators failed to protect customers of now-bankrupt investment firm Peregrine, from about $200 million in losses. It was part of his testimony at a Senate Agriculture Committee hearing that also looked at the bankruptcy of MF Global, where about $1.6 billion of customer money was lost. The committee also heard from trustees in charge of overseeing bankruptcy proceedings of both companies.
 

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The Senate Agriculture Committee heard arguments for and against a bill that would set uniform standards for the treatment of egg-laying hens and egg labeling. The measure is the product of an agreement between the United Egg Producers and the U.S. Humane Society. The provisions include phasing in larger cages for hens over the next 18 years. Farmers in favor of the bill described it as vital to the future stability of the industry, while a witness opposed to the measure said it would force many smaller egg farmers to leave the business.

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U.S. futures regulator Gary Gensler acknowledged that the regulatory system failed to protect customers of Peregrine Financial Group, which collapsed last week, with its founder admitting to $100 million in fraud.

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Grover Norquist was on Capitol Hill to speak with Republican lawmakers. Democratic Senate leaders briefed on what they see as the problems with Norquist’s pledge not to raise taxes.

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The Senate Finance Committee held a hearing on anti-poverty programs, looking specifically at Temporary Assistance for Needy Families or TANF. That program expires on September 30. It’s a block grant to states that replaced direct federal aid to those on welfare. Witnesses included Ron Haskins of the Brookings Institution, who helped bring the program into existence as a House Republican Staff Director. 

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The Senate Agriculture Cmte. held a markup of the complete farm bill, an event that occurs once every five years. The committee concluded the day with a vote to pass the bill on to the Senate.

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Former MF Global CEO Jon Corzine answered questions about his former firm’s collapse.  Commodity Futures Trading Commissioner Jill Sommers also testified before the Senate Agriculture Committee.

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The Senate Agriculture Committee heard from Agriculture Department officials and livestock producers on the state of the U.S. livestock industry.  The hearing focused on the challenges facing the American livestock industry.  Topics of debate include the rising cost of corn and grain prices as well as new environmental rules handed down by the Department of Agriculture.  The committee hearing also discussed how the U.S. can continue to spur innovation and economic growth in this sector.  Senator Debbie Stabenow (D-MI) chairs the Senate Agriculture Committee.

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The Senate Agriculture Committee looked at implementation of the financial regulation law that President Obama signed last July, and the effect of that legislation on the commodities industry.  The committee also looked at rising commodity prices and the role of speculators, including whether the financial regulations law can prevent price manipulations in the market. 

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