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 O'Malia Departure
Tamara Hinton, 202.225.0184
WASHINGTON – Chairman Frank Lucas today released the following statement on Scott O'Malia's last day as Commissioner of the Commodity Futures Trading Commission (CFTC). Last month, O’Malia announced he would resign to pursue other opportunities.
“Scott O’Malia never lost sight of the fact that regulatory actions have consequences both intended and unintended. He served as a voice of reason and an advocate for a balanced approach to regulatory reform in the U.S.
“I appreciated his leadership as chairman of the agency’s Technology Advisory Committee, which was crucial in highlighting that technology is at the center of our markets and the Commission must modernize to fulfill its responsibility.
“I am grateful for his service and I wish him well in all of his future endeavors.”