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: Overregulation is Hurting Business Growth
Tamara Hinton, 202.225.0184
WASHINGTON – This week during The Ag Minute, Chairman Frank Lucas discusses how the threat of overregulation is hurting economic growth. The uncertainty created by the volume of new regulations makes it difficult for businesses to invest in new workers and job-creating expansions. This week, the House Agriculture Committee will hold a hearing to learn more about the 2012 agenda for the Commodity Futures Trading Commission (CFTC). The Committee will continue its oversight of the CFTC as it investigates the MF Global collapse and promulgates Dodd-Frank regulations. Committee Members will address the costs created by CFTC rules which would regulate Main Street businesses with a heavy hand designed for Wall Street firms.
Click here to listen to The Ag Minute. The transcript is below.
"It’s been said that the nine most terrifying words in the English language are, 'I’m from the government and I’m here to help.'
"The Obama administration seems to feel that the best way to help America is through hundreds of thousands of pages of new regulations.
"Right now, the administration has more than 26 hundred regulations in development. They cover everything imaginable—from farming to financial markets, and from housing to health care.
"It’s a full-time job for business owners to keep up with all the regulations that will affect them. With so much uncertainty, it’s no wonder that businesses are reluctant to make investments in new technology and new employees.
"The most noticeable example of this is the Dodd-Frank regulations being developed right now. Not only are they incredibly complex, but they are overly broad. Main Street businesses are getting caught up in rules that were intended for the largest Wall Street traders.
"Americans can’t afford any more government 'help' if it comes in the form of costly regulations."
The Ag Minute is Chairman Lucas's weekly radio address that is released from the House Agriculture Committee.