Senate Agriculture Committee Chairman Richard Lugar (R-IN) has urged President Clinton to "expeditiously nominate" a candidate to fill the chair post at the Commodity Futures Trading Commission.  Current chair Brooksley Born's term expires in April.

Lugar told the president he prefers a candidate "who has a broad understanding of the financial marketplace and who recognizes the importance of this industry to agriculture.  Strong leadership is critical for this agency as our committee begins to debate the fundamental policies that underlie its existence."

The Commodity Exchange Act, which authorizes the CFTC, expires in 2000.  The Senate ag panel has jurisdiction over reauthorization.

Clinton's nomination of Tom Erickson to fill a vacant post on the CFTC is pending before the Senate Ag Committee.  A nomination hearing will be scheduled after the April recess, Lugar says.

"The laws governing the futures and derivatives industry require adjustment to accommodate the growth and innovation in these markets," Lugar's letter to Clinton said.  "Without legislative reform, business and jobs may begin to move overseas, harming our economy and significantly diminishing the U.S. government's ability to influence policies involved these instruments."