As a Kansas congressman and then senator, Bob Dole was far ahead of his colleagues in understanding the benefits of futures for U.S. agriculture. A World War II combat veteran, Dole rose to the highest levels of the Republican Party and became a major figure on the U.S. political scene for several decades. Throughout his political career, he was a friend and supporter of the futures industry on many legislatives issues and often spoke at FIA events. Perhaps his most notable contribution to the industry was his leadership in the tax law reforms that provided 60/40 tax treatment for gains and losses on the futures transactions. As a member of the Senate Agriculture Committee and as chairman of the Senate Finance Committee, he recognized that futures were not long-term investments and appreciated that they deserved a different tax treatment than securities investments. Thanks to his work, grain elevators using futures markets were able for the first time to guarantee forward pricing contracts to farmers.
