Chairman Frank Lucas today released the following statement on Scott O'Malia's last day as Commissioner of the Commodity Futures Trading Commission (CFTC). Last month, O’Malia announced he would resign to pursue other opportunities.
Agriculture Subcommittee Examines Crop Insurance Program
Tamara Hinton, 202.225.0184
WASHINGTON – Today, Rep. K. Michael Conaway, Chairman of the House Agriculture Committee's Subcommittee on General Farm Commodities and Risk Management, held the first audit hearing on farm policy. This audit of agricultural programs is the first step in the farm bill process. Each chairman of the six subcommittees will hold hearings to examine programs in their respective jurisdictions to determine spending trends and confirm how programs work together.
Today's hearing examined the Federal Crop Insurance Program, which is a cornerstone of U.S. farm policy. Subcommittee Members looked for ways to reduce duplication between crop insurance and other farm programs, and examined whether the current administration and funding of the crop insurance program is sufficient to meet producer risk management needs.
"Today marks an important step in what I believe will prove to be a productive process in telling the success story of American Agriculture. It was fitting that we began by examining crop insurance as it represents a cornerstone for many in today's farm policy. As we move forward it is critical to producers across the country that the basic mission of crop insurance remain effectively intact; the private-public partnership remains vital to both the effectiveness and efficiency of Federal Crop Insurance and I commend Administrator Murphy's vocal support of this unique partnership. I look forward to working with Ranking Member Boswell and other Members of the Committee as we move forward with the 2012 Farm Bill process," said Chairman K. Michael Conaway (R-TX).
"Among the many farm programs I support, I highly value crop insurance and believe it must be structured to ensure a free market place for insurance agents across the nation. Iowa has more than 92,000 farms and more than 30 million acres in production, and I understand the challenges that farmers and those in the agriculture business face today. We are making progress to help the American farmer and I valued today's discussion on the crop insurance program," said Ranking Member Leonard L. Boswell (D-IA).
Written testimony provided by the witness is linked below.
Mr. William J. Murphy, Administrator, Risk Management Agency, U.S. Department of Agriculture, Washington, D.C.