Rep. Frank Lucas, Chairman of the House Agriculture Committee, today issued a statement in response to the Commodity Futures Trading Commission's (CFTC) surprise "advisory notice" to further regulate cross-border swaps.
The Ag Minute: H.R. 3527 Protects Main Street Businesses from New Regulatory Burdens
Tamara Hinton, 202.225.0184
WASHINGTON – This week during The Ag Minute, guest host Rep. Randy Hultgren discusses the Protecting Main Street End-Users from Excessive Regulation Act (H.R. 3527), which he cosponsored along with a bipartisan group of lawmakers. It ensures that end-users, such as farmers and electric utilities, are protected from a proposed rule designed to regulate the largest banks on Wall Street. The House Agriculture Committee approved H.R. 3527 by voice vote last month.
Click here to listen to The Ag Minute. The transcript is below.
"American businesses are the backbone of our economy. With a fragile economy, it’s critical that we do all we can to eliminate unnecessary regulatory burdens on our job creators.
"Unfortunately, under the guise of Wall Street reform, the Obama administration plans to issue a new regulation that will catch many businesses across the country in a wave of regulations that Congress never intended for them.
"For example, many end-users, such as farmers and electric utilities in our communities, have expressed concerns that a proposed regulation from the Commodity Futures Trading Commission will sweep them into new regulations intended for the largest banks – forcing them to register under a new designation. This new rule will result in costly and unfair new regulatory burdens. Ultimately, this new regulation could lead to higher prices for essentials such as food and electricity.
"That’s why I introduced H.R. 3527, the Protecting Main Street End-Users from Excessive Regulation Act. This bipartisan bill ensures that our small businesses are protected from rules designed to regulate the largest Wall Street firms."
The Ag Minute is Chairman Lucas's weekly radio address that is released from the House Agriculture Committee.