Chairman Frank Lucas today released the following statement on Scott O'Malia's last day as Commissioner of the Commodity Futures Trading Commission (CFTC). Last month, O’Malia announced he would resign to pursue other opportunities.
The Ag Minute: Cap & Tax Legislation Threatens Our Safe, Abundant and Affordable Food & Fiber Supply
WASHINGTON – This week during The Ag Minute, Ranking Member Frank Lucas highlights how cap and tax legislation jeopardizes our safe, abundant, and affordable food and fiber supply.
Click here to listen to The Ag Minute. The transcript is below.
"We like to say that we have the safest, most abundant, most affordable food and fiber supply in the world. But this isn't just a boastful expression, it is a reality. Our farmers and ranchers are responsible for feeding folks living in our country and throughout the world.
"But, cap and tax legislation threatens that safe, abundant and affordable food and fiber supply. The agriculture industry, as we know it, will not survive under the heavy burdens of a cap and tax policy.
"This week the Agriculture Subcommittee on Conservation, Credit, Energy, and Research will hold two important hearings to learn more about the economic impact of climate change legislation. Witnesses are expected to highlight and discuss various studies that have been completed on the costs of cap and trade on the agriculture industry.
"Although these studies make different assumptions or have different end results, the overwhelming conclusion from each one is that the cost to agriculture is real. Our farmers and ranchers have much to lose and very little, if anything, to gain.
"It is expected that higher energy prices and higher operating costs will decrease farm income anywhere from $5 billion to $50 billion per year. This means that all of us can expect a reduction in our domestic supply of agricultural products and higher food prices.
"My friends, the agriculture industry and rural America cannot afford the devastating economic effects of cap and tax."
The Ag Minute is Ranking Member Lucas' weekly radio address that is released each Tuesday from the House Agriculture Committee Republicans.