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: H.R. 3336 Ensures Community Lenders Can Continue to Provide Credit to Job Creators
Tamara Hinton, 202.225.0184
WASHINGTON – This week during The Ag Minute, guest host Rep. Vicky Hartzler discusses H.R. 3336, The Small Business Credit Availability Act, which she introduced to protect small lenders from regulations designed for the largest Wall Street banks and to ensure small businesses have access to credit and risk management tools. It clarifies derivatives regulations so they do not unnecessarily and unintentionally burden important sources of credit to consumers and businesses across the country. The bill passed in the House Agriculture Committee with unanimous support and will be considered today by the full U.S. House of Representatives.
Click here to listen to The Ag Minute. The transcript is below.
"For many farmers, ranchers, and other small businesses across the country, the community and farm credit bank serve as the lifeline for their operations. Those businesses count on receiving a loan or a line of credit to buy new equipment or hire new employees.
"But, some regulations within the Dodd-Frank Act could put that support in jeopardy because it would make it more expensive or nearly impossible for those community banks to use important risk management tools such as derivatives. Further, some proposed regulations would burden small lenders with costly new regulations designed only for the largest Wall Street banks.
"With an already fragile economy, it’s so important that we do all we can to encourage economic activity rather than stifle it. Having access to credit is critical for economic growth.
"That’s why I introduced H.R. 3336, The Small Business Credit Availability Act to protect our community lenders from burdensome regulations that would limit the flow of credit to our job creators.
"H.R. 3336 is a common sense bill that clarifies Congressional intent and ensures that small banks, credit unions, and farm credit institutions can continue to use risk management tools, as well as continue to provide these tools for our farmers, ranchers, and small businesses."
The Ag Minute is Chairman Lucas's weekly radio address that is released from the House Agriculture Committee.