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.
Lucas Statement on the Senate Ag Committee's Farm Bill
Tamara Hinton, 202.225.0184
WASHINGTON – Chairman Frank Lucas issued the following statement after the U.S. Senate Committee on Agriculture, Nutrition, and Forestry approved the Agriculture Reform, Food and Jobs Act of 2012.
"I commend Chairwoman Stabenow, Ranking Member Roberts and the other members of the Senate Ag Committee for advancing their farm bill today. This is an important first step in the development of the next Farm Bill. I look forward to concluding the House Agriculture Committee’s hearing process and working with Ranking Member Peterson and members of the Committee to write the House bill in the coming weeks.
"I am disappointed by the Senate bill’s commodity title because it does not work for all of agriculture. It fails to provide producers a viable safety net and instead locks in profit for a couple of commodities.
"I have made it clear that my chief priority is making certain that the commodity title is equitable and provides a safety net for all covered commodities and all regions of the country. A shallow loss program is not a safety net. It does not provide protection against price declines over multiple years and it does not work for all commodities."