Chairman Frank Lucas issued the following statement welcoming the news that the U.S. Department of Agriculture (USDA) will move forward with implementing the Actual Production History (APH) adjustment for 2015 spring-planted crops. This crop insurance provision in the Agricultural Act of 2014 allows yield adjustments when losses are widespread and beyond the control of producers.
December 8, 2012 - MF Global Bankruptcy Hearing
December 8, 2011 - the House Agriculture Committee held a public hearing to examine the MF Global bankruptcy and reports that as much as $1.2 billion in customer funds have gone missing. The disappearance of customer funds from MF Global has badly shaken the trust that farmers, ranchers, and businesses across America place in futures trading.
The hearing marked the first public comments about the circumstances surrounding the bankruptcy from MF Global’s former CEO, Jon Corzine.
Members questioned Corzine and other witnesses about the events leading up to the bankruptcy and the whereabouts of customer funds.