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.
Chairman Combest Statement: President May Break Crop Insurance Promise to Farmers
House Agriculture Committee Chairman Larry Combest (R-Texas) expressed concern regarding reports the president may fail to live up to crop insurance reform, promised during his State of the Union Address:
"The president seems to be repeating an all-too familiar pattern of promises without performance. His budget proposal must not fail to include meaningful funding for meaningful change in crop insurance, as he promised farmers in his State of the Union Address.
"The president should come on board with crop insurance reform. This is a big problem that needs adequate commitment. He should have a funding proposal that fulfills his call for an appropriate means to address the problem."