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.
House Agriculture Committee Reviews USDA Farm Bill Proposals
WASHINGTON - Today, the House Agriculture Committee reviewed the U.S. Department of Agriculture's Farm Bill recommendations with Agriculture Secretary Mike Johanns.
Agriculture Committee Chairman Collin C. Peterson of Minnesota convened the Agriculture CommitteeÆs first hearing of the 110th Congress and thanked the Secretary for the time and consideration that went into his Farm Bill proposal.
"The Committee is receiving Farm Bill input from many sources, including USDA, and I was pleased to see that Secretary Johanns included some good ideas in his proposals, even though there are some areas where we disagree," Chairman Peterson said.
"I intend to make sure that we protect the safety net, while adding new initiatives that will revitalize rural America and help our country achieve energy independence. It is an ambitious agenda, but I am confident that we can do it."
Ranking member Goodlatte also welcomed the Secretary's testimony.
"Today, we had the opportunity to engage in a good dialogue with Secretary Johanns and delve into the details of the USDAÆs farm bill proposal. One of the ideas warranting further investigation is the proposal to convert the current price-based counter-cyclical program to a revenue-based counter-cyclical program. We need to understand exactly how that might work and the implications for farmers and ranchers," said Ranking Republican Bob Goodlatte.
Prior to the hearing, the Committee held a short business meeting to approve the Oversight Plan and staff list. The members unanimously approved both items.
Secretary Johanns' testimony and the Committee Oversight plan are available on the Committee website.