Rep. Frank Lucas, Chairman of the House Agriculture Committee, and Rep. Doug LaMalfa today issued statements after the Commodity Futures Trading Commission (CFTC) voted, 4-0, to exempt producers, utility companies, and other non-financial entities from being required to register as swap dealers when they enter into energy contracts with government-owned utilities.
House of Representatives Preserves Farm Bill Integrity
October 4, 2001. – Preserving the integrity of "The Farm Security Act" as a balanced farm bill with market-responsive commodity support and vastly increased opportunity for conserving practices on farmlands, the U.S. House of Representatives voted Thursday afternoon 200 to 226, rejecting an amendment to remove 40 percent of farmers" safety net funding.
"Farmers and ranchers forge the first link in the nation's food chain and have always been wise managers of soil and water resources that are make or break in the business of agriculture," said House Agriculture Committee Chairman Larry Combest (R-Texas). "Informed rejection of the amendment affirms the United States Congress' solid support and unwavering understanding of the hard work by farmers day in and day out."
Rejection of the amendment underscores the broad base of support for the farm bill's balanced provisions, including an 80 percent increase in conservation funds. The failed amendment had attempted to immediately move critically needed crop support funding away from producers and then delay potential additional conservation funding. Agriculture Committee Chairman Combest said the mid-afternoon vote affirms congressional support for the entire House of Representatives' approval on final passage later in the day.
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