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: We Can't Afford the President's Budget
Tamara Hinton (202) 225-0184
WASHINGTON – This week during The Ag Minute, Ranking Member Frank Lucas highlights how President Obama's budget proposal is fiscally irresponsible.
Click here to listen to The Ag Minute. The transcript is below.
"The President's budget proposal is in and it's unbelievable.
"For the second year in a row, the Obama budget proposes record-level spending and years of trillion dollar deficits, which will triple the nation's debt over the next decade.
"Unless this is stopped, America's farmers and ranchers, who depend on access to credit, will face a catastrophic situation.
"As the government borrows trillions of dollars more to finance the Obama debt, America's farmers and small businesses will be squeezed out of the credit market or be faced with rapidly rising interest rates.
"In either case, our farmers and ranchers will find it increasingly difficult to borrow the money they need to stay in business.
"Even Agriculture Secretary Tom Vilsack recently acknowledged that shrinking the federal deficit would help farmers by holding down interest rates.
"Unfortunately his boss, President Obama, hasn't gotten the message."
The Ag Minute is Ranking Member Lucas' weekly radio address that is released each Tuesday from the House Agriculture Committee Republicans.