Rep. Austin Scott, Chairman of the House Agriculture Committee's Subcommittee on Horticulture, Research, Biotechnology and Foreign Agriculture, held a public hearing to review the impact of enforcement activities by the U.S. Department of Labor (DOL) on specialty crop growers. Specifically, Subcommittee Members addressed growing concerns that DOL is using the "Hot Goods" provision under the Fair Labor Standards Act of 1938 (FLSA) in an arbitrary manner against producers of perishable agricultural commodities without regard for the inevitable destruction of the product and significant economic hardship inflicted on farmers and their employees.
Lucas Praises Lukken for His Service to CFTC
Tamara Hinton (202) 225-0184
WASHINGTON – Ranking Member Frank Lucas issued the following statement today upon hearing of Acting Chairman Walt Lukken’s resignation from the Commodity Futures Trading Commission (CFTC).
“I want to thank Chairman Lukken for the seven years he ably served on and led the Commodity Futures Trading Commission (CFTC). His seven years on the Commission, first as a Commissioner and then as acting Chair, may be the most challenging the CFTC has ever faced. In that span of time, the CFTC had to implement the Commodity Futures Modernization Act (CFMA), the most sweeping reform of the futures market to date.
“Despite the notional value of the futures markets exploding after the passage of CFMA, there was never a single dollar of customer funds lost because of an insolvency of a registered futures commission merchant. I think that speaks to Chairman Lukken and his staff’s dedication to the integrity of the markets.
“As Chairman Lukken moves on to the private sector, I wish him nothing but the best. I would hate to see all of his hard work ruined by merging the CFTC, a defender of market integrity, with others agencies that have not had nearly the success of the CFTC in protecting the integrity of the markets.”