Chairman Frank Lucas issued the following statement welcoming the news that the U.S. Department of Agriculture (USDA) will move forward with implementing the Actual Production History (APH) adjustment for 2015 spring-planted crops. This crop insurance provision in the Agricultural Act of 2014 allows yield adjustments when losses are widespread and beyond the control of producers.
Lucas Statement on House Passage of CFTC Reauthorization Bill
Tamara Hinton, 202.225.0184
WASHINGTON – Today, Chairman Frank Lucas of Oklahoma issued the following statement after the U.S. House of Representatives passed H.R. 4413, the Customer Protection and End-User Relief Act of 2014, by a vote of 265-144.
"I am pleased to have the support of my colleagues on a bill that touches nearly every part of the economy. This legislation reauthorizes the Commodity Futures Trading Commission through 2018 and ensures that the agency is working in the most efficient and effective way. It also cements key protections into law for futures customers, such as our nation’s farmers and ranchers, and reduces the regulatory load on end-users who represent 94 percent of American job creators. I am hopeful that the Senate will take up this wide-ranging, bipartisan bill in a timely fashion so market participants have the certainty they deserve," said Chairman Frank Lucas.
More information, including the text of the legislation, can be found at this link.