Today, the House Agriculture Committee held a hearing to assess the progress of global derivatives reforms since the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law five years ago. Dodd-Frank imposed sweeping new regulations over the financial industry, including the regulation of swaps under Title VII, which had previously not been regulated in the U.S.
Lucas Statement on Ryan's Proposed Budget Plan
Tamara Hinton, 202.225.0184
WASHINGTON – Today, Chairman Frank Lucas issued the following statement regarding Budget Committee Chairman Paul Ryan's Fiscal Year 2013 Budget Resolution.
"Chairman Ryan's proposed budget demonstrates that House Republicans are willing to lead and make the difficult decisions necessary to tackle our debt and deficit crisis. I don’t support every detail and proposed cut, but writing and passing a budget is the most basic function of governing and requires leadership and political courage from the President and Congress.
"It is my sincere hope that the House's leadership will compel the President and the Senate to finally recognize that the $5 trillion that has been added to our debt since President Obama took office is not acceptable to the American people. Waiting another 1,000 days for the Senate to produce a budget is equally unacceptable.
"Rural America, production agriculture and the House Agriculture Committee are willing to do our part in reducing the deficit. The current Farm Bill expires in September and the House Agriculture Committee is continuing its farm bill process with a series of field hearings to receive input from producers on how to craft responsible policy that contributes to deficit reduction. Additional hearings in Washington, D.C. will quickly follow field hearings.
"I'm proud of the bipartisan tradition at the House Agriculture Committee and have no doubt it will continue over the coming months as we work tirelessly writing a new Farm Bill. I would caution people about reading too much into the numbers or policy proposals in either the President's budget or the Ryan budget. They are only suggestions. During our process, both policy and deficit reduction targets will be developed in conjunction with Ranking Member Peterson and Members of the Committee as we write a fiscally responsible Farm Bill that ensures Americans continue to have a safe, affordable, and stable food supply."