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.
Agriculture Subcommittee Holds Hearing on Commodity Futures Modernization: Hears from Chair of the Commodity Futures Trading Commission
AGRICULTURE SUBCOMMITTEE HOLDS HEARING ON COMMODITY FUTURES MODERNIZATION
Hears from Chair of the Commodity Futures Trading Commission
WASHINGTON, D.C. - Congressman Jerry Moran, Chairman of the House Agriculture Subcommittee on General Farm Commodities and Risk Management, today chaired a hearing to review the regulatory and enforcement activity since the passage of the Commodity Futures Modernization Act. Testifying before the Subcommittee was James Newsome, Chairman of the Commodity Futures Trading Commission (CFTC).
“Maintaining the transparency and integrity of the marketplace serves the best interests of American consumers and ensures U.S. competitiveness in the global economy,” Moran said.
Congress passed the Commodity Futures Modernization Act (PL 106-554) in December 2000. The Act is generally regarded as one of the most significant changes in regulations of the futures industry in the last 25 years.
In his testimony, Chairman Newsome said, “I am excited by the remarkable changes we have seen in just the short time since enactment of the Commodity Futures Modernization Act. I firmly believe that it was the right legislation to pass at the right time and that its principles-based approach has already proven to be a workable and effective means of overseeing markets that play a crucial role in the U.S. economy."
“This is a good time to ensure that the CFTC has the authority it needs,” Moran concluded.
The Subcommittee will hold a second hearing, featuring a wide range of futures markets participants, on June 19, 2003.