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.
Ag Committee Advances Reconciliation Proposal
Tamara Hinton, 202.225.0184
WASHINGTON – Today, the House Agriculture Committee advanced, by voice vote, the proposal to satisfy reconciliation instructions required by House Concurrent Resolution 112. Instructions included making policy changes that resulted in one, five, and 10 year saving estimates of $7.7 billion, $19.7 billion, and $33.2 billion, respectively.
The proposal achieves these savings by making common sense reforms in the Supplemental Nutrition Assistance Program (SNAP), formerly known as the food stamp program. Over the last 10 years, the cost of the SNAP program has grown 270 percent. The Committee proposed closing loopholes, reducing waste and abuse, and increasing the integrity of the program to ensure SNAP serves only those households who qualify for the program. The proposal would cut costs by 4 percent.
"Every one of these proposals represents common sense and good government in a time of fiscal restraint. There is no denying that SNAP provides important support for many Americans. That’s why it’s important that we ensure the integrity of this program. Today, the Committee demonstrated that we are committed to doing our part to reduce the debt and provide nutrition assistance for American families most in need," said Chairman Frank Lucas.
A copy of the proposal can be found here.