Rep. Frank Lucas, Chairman of the House Agriculture Committee, and Rep. Doug LaMalfa today issued statements after the Commodity Futures Trading Commission (CFTC) voted, 4-0, to exempt producers, utility companies, and other non-financial entities from being required to register as swap dealers when they enter into energy contracts with government-owned utilities.
The Ag Minute: Proposed GIPSA Rule Deserves More Scrutiny, Economic Analysis
Tamara Hinton, 202.225.0184
WASHINGTON – This week during The Ag Minute, guest host Rep. Reid Ribble, discusses the need for the U.S. Department of Agriculture (USDA) to consider further public comment and an economic analysis of the proposed Grain Inspection, Packers and Stockyards Administration (GIPSA) rule before making it final. On May 18, a bipartisan group of lawmakers from the U.S. House of Representatives sent a letter to Secretary of Agriculture Tom Vilsack asking that producers be given the opportunity to comment on the economic analysis of the proposed rule.
Click here to listen to The Ag Minute. The transcript is below.
"I’m Congressman Reid Ribble from Wisconsin’s 8th Congressional District. As a freshman on the Agriculture Committee I’ve become concerned about the process associated with the Grain Inspection, Packers and Stockyards Administration (GIPSA) rule dealing with livestock markets.
"We all agree that transparent and efficient markets benefit producers, processors, retailers and consumers – and I believe that our laws governing market practices should be strictly enforced.
"However, producers I talk with express concerns that this far reaching rule will create economic uncertainty for them and prove highly disruptive to our nation’s livestock sector.
"While this rule was prompted by the 2008 Farm Bill, troublesome provisions go far beyond Congressional intent.
"I was proud to lead the bipartisan effort by 147 members of Congress demanding the Secretary of Agriculture put this rule on hold until its full implication can be considered with a thorough economic impact analysis.
"America’s farmer and ranchers will succeed if we restrain bureaucratic interference. This proposed rule should be carefully considered with respect to its unintended consequences, particularly for those it is purported to protect: producers."
The Ag Minute is Chairman Lucas's weekly radio address that is released from the House Agriculture Committee.