Today, the House Agriculture Committee held a hearing to assess the progress of global derivatives reforms since the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law five years ago. Dodd-Frank imposed sweeping new regulations over the financial industry, including the regulation of swaps under Title VII, which had previously not been regulated in the U.S.
The Ag Minute: Kerry-Lieberman Cap and Tax Bill Recycled Version of Waxman-Markey
WASHINGTON – This week during The Ag Minute, Ranking Member Frank Lucas discusses the Kerry-Lieberman cap and tax bill introduced in the Senate last week, and the efforts of the Obama Administration to implement a job-killing cap and tax program whether Congress passes a bill or not.
Click here to listen to The Ag Minute. The transcript is below.
"Senators John Kerry and Joe Lieberman introduced their much anticipated climate bill in the Senate last week.
"Try as they may to call this bill something different than cap and tax, it’s not. It’s simply a recycled version of the Waxman-Markey cap and tax bill that narrowly passed the House last June.
"I voted against that bill because the agriculture sector and those who live and work in rural America would be hit the hardest.
"It’s no coincidence that this cap and tax bill was unveiled the same week the Environmental Protection Agency released a rule stating it would begin regulating greenhouse gases by requiring energy producers and manufacturers to obtain permits.
"The Obama administration has not been shy about its intentions to bully Congress into passing a job-killing cap and tax bill. It has made it clear that it’s ready to expand EPA authority and regulate if it deems necessary.
"But, what is clearer is how out of touch the administration is to hardworking Americans who are already enduring rising gas prices, food prices and energy costs. Americans can’t afford cap and tax – no matter how the administration and the Democratic leadership try to sell it."
The Ag Minute is Ranking Member Lucas's weekly radio address that is released every week from the House Agriculture Committee Republicans.