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 Questions CFTC's Pace for Writing New Regulations
Tamara Hinton, 202.225.0184
WASHINGTON – Today, the House Agriculture Committee held a public hearing to review implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The hearing was to address specific concerns that the Commodity Futures Trading Commission (CFTC) is issuing too many rules too quickly to the detriment of adequate cost-benefit analysis, deliberation, and meaningful public comment.
"As we work to revive the economy and create new jobs, we simply can't afford sweeping new regulations that are poorly vetted, that impose substantial costs that outweigh the benefits for our financial system and our economy, or that are crafted in the interest of speed rather than in sound policy," said Chairman Frank Lucas.
"It is important that we get this right and that the CFTC remain on track to implement the law in a responsible manner and as Congress intended. If implemented properly, the derivatives title of Dodd-Frank could prove to be a major benefit to commercial end users of derivatives by bringing greater transparency and competition to an opaque, closed market," said Ranking Member Collin Peterson.
Written testimony provided by the witnesses is available below and can be found on the Committee's website by clicking here.
The Honorable Gary Gensler, Chairman, Commodity Futures Trading Commission, Washington, D.C.
Mr. Edward Gallagher, President, Dairy Risk Management Services, Dairy Farmers of America, and Vice President, Risk Management, Dairylea Cooperative, on behalf of the National Council of Farmer Cooperatives, Syracuse, NY
Mr. Lee Olesky, Chief Executive Officer, Tradeweb, New York, NY
Mr. Terrence A. Duffy, Executive Chairman, CME Group, Inc., Chicago, IL
Mr. Robert Pickel, Executive Vice Chairman, International Swaps and Derivatives Association, Inc., New York, NY
Mr. Scott C. Morrison, Senior Vice President and CFO, Ball Corporation, on behalf of the Coalition for Derivatives End-Users, Broomfield, CO
The Committee also held a business meeting prior to the hearing to approve the oversight plan for the 112th Congress. The oversight plan will be submitted simultaneously to the House Oversight and Government Reform Committee and the House Administration Committee as required under House Rule X clause 2(d)(1).