Rep. Frank Lucas, Chairman of the House Agriculture Committee, today issued a statement in response to the Commodity Futures Trading Commission's (CFTC) surprise "advisory notice" to further regulate cross-border swaps.
Chairman's Statement: President's Pledge to Support Risk Management Reform
WASHINGTON, D.C. — House Agriculture Committee Chairman Larry Combest (R-TX) issued the following statement regarding President Clinton's promise to support Congress in providing effective risk management for American farmers and ranchers:
"I was pleased to hear that the president realizes that we need to provide our farmers with a better safety net as we move towards a market-based agricultural economy. While he did not provide any details in this regard, I was encouraged by his willingness to work with Congress to ensure the future prosperity of America's farming and ranching families."
"Reforming the current risk management system is going to take a lot of hard work and we won't be able to do it overnight, which is why, as we plan for the long term, we also need to make the system work in the interim. I'm looking forward to seeing what resources he allocates in his upcoming budget to fix these major problems."