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: Mr. President, Don't Make Promises in Copenhagen That Will Destroy Our Economy
Tamara Hinton (202) 225-0184
WASHINGTON – This week during The Ag Minute, Ranking Member Frank Lucas highlights the need for President Obama to refrain from making promises on climate change that will destroy our economy.
Click here to listen to The Ag Minute. The transcript is below.
"Soon President Obama will head to Copenhagen, Denmark to attend the United Nations Convention on climate change.
"During a time when our country is suffering from the worst recession in decades with double digit unemployment, when study after study predicts that cap and trade policies will cause higher energy costs and lost jobs, and when polls show that Americans are more concerned about those lost jobs than policies that address climate change – now is not the time for our President to make promises to the international community.
"The U.S. should not act based on the expectations foreign governments may have regarding what the U.S. should do on climate change.
"Some of my idealistic colleagues will say that the U.S. needs to lead on climate change in the world - that we have to set the example. But, I say we should not put our American workers at a competitive disadvantage so that other countries can reap the rewards.
"President Obama should not commit the U.S. to standards that would destroy millions of American jobs and damage our economic competitiveness for decades to come."
The Ag Minute is Ranking Member Lucas' weekly radio address that is released each Tuesday from the House Agriculture Committee Republicans.