Rep. Austin Scott, Chairman of the House Agriculture Committee's Subcommittee on Horticulture, Research, Biotechnology and Foreign Agriculture, held a public hearing to review the impact of enforcement activities by the U.S. Department of Labor (DOL) on specialty crop growers. Specifically, Subcommittee Members addressed growing concerns that DOL is using the "Hot Goods" provision under the Fair Labor Standards Act of 1938 (FLSA) in an arbitrary manner against producers of perishable agricultural commodities without regard for the inevitable destruction of the product and significant economic hardship inflicted on farmers and their employees.
Ag Committee Begins Hearing Process in Advance of CFTC Reauthorization
Tamara Hinton, 202.225.0184
WASHINGTON – Today, the House Agriculture Committee began a series of hearings in advance of writing legislation to reauthorize the Commodity Futures Trading Commission (CFTC). The agency's statutory authorization expires at the end of the fiscal year. Members of the Committee heard perspectives from the futures and swaps market, including the two largest derivatives exchanges, a futures commission merchant whose customers are farmers and ranchers, and industry trade associations who represent hundreds of companies.
"Today was a first step in the process of gaining a greater understanding of the regulatory challenges that members of the derivatives marketplace face. We learned there is still work to be done to ensure regulations are implemented in a sensible manner that gives businesses certainty, maintains the integrity of the marketplace, and guarantees our global competitiveness. The Committee will continue to hold hearings in the coming weeks to hear perspectives from end-users, futures customers, and the CFTC, so Members have a complete picture of how the agency is working and what improvements need to be made," said Chairman Frank Lucas.
Written testimony provided by the witnesses is linked below.
Mr. Terrence A. Duffy, Executive Chairman and President, CME Group, Inc., Chicago, Illinois
Mr. Jeffrey C. Sprecher, Chairman and CEO, IntercontinentalExchange, Inc., Atlanta, Georgia
Mr. Daniel J. Roth, President and CEO, National Futures Association, Chicago, Illinois
The Honorable Walter L. Lukken, President and CEO, Futures Industry Association, Washington, D.C.
Mr. Stephen O’Connor, Chairman, International Swaps and Derivatives Association, Inc., New York, New York
Mr. William Dunaway, Chief Financial Officer, INTL FCStone, Inc., Kansas City, Missouri