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.
Goodlatte and Hayes Comment on Senate Resolution
WASHINGTON, D.C. – Statement by Chairman Bob Goodlatte (R-VA) and Congressman Robin Hayes (R-NC) regarding the passage of S.J. Res. 4 by the U.S. Senate today:
“We are disappointed that the Senate acted so hastily in disapproving the USDA’s science based minimal-risk rule that would put us on the path of normalizing beef and cattle trade with Canada. Yesterday, a judge in Montana granted a preliminary injunction on re-establishing trade with Canada for live cattle younger than 30 months of age.
The ramifications of this judicial ruling are devastating for the U.S. livestock and beef industry. Testimony before the House Committee on Agriculture hearing Tuesday outlined the numerous ways that the status quo is causing adverse economic harm to our processing industry which has grave long term implications for cattle producers. Moreover, the decision further undermines our nation’s credibility as we seek to eliminate non-tariff trade barriers around the world.
While it is unfortunate that the entire matter is now in the hands of the Federal Courts, we are confident that the Administration will act swiftly to appeal this shortsighted ruling. In light of the recent events in Montana, it is difficult to understand why some Senate members felt so compelled to take action today since it is clear that this issue is far from resolved in the courts.”