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 Welcomes McAllister to the House Agriculture Committee
Tamara Hinton, 202.225.0184
WASHINGTON – Chairman Frank Lucas today welcomed Rep. Vance McAllister, who represents the Fifth District of Louisiana, to the House Agriculture Committee. Rep. McAllister is a small business owner who is serving his first term in the U.S. House of Representatives.
"I am pleased to welcome Congressman McAllister to the Agriculture Committee. Vance understands how important agriculture is to both our state and national economies. His perspective and insight will be valuable as the committee ensures reforms in the new farm bill are implemented as Congress intended, begins reauthorizing the Commodity Futures Trading Commission, and works to reduce the regulatory burdens on our farmers and ranchers," said Chairman Frank Lucas.
"I’m very satisfied with the subcommittees I’ve been assigned to serve on and look forward to trying to reform the food stamp program, working to give farmers the full support they need and helping bring energy producers to our district. All three largely impact the Fifth District and allow me the ability to serve as their voice in Washington," said Rep. Vance McAllister.
Rep. McAllister will serve on three subcommittees: General Farm Commodities and Risk Management; Conservation, Energy, and Forestry; and Department Operations, Oversight and Nutrition.
Mindful of the harm regulations can inflict on small businesses, Congressman McAllister today introduced the Commodity Delivery Relief Act. Under new regulations, the Commodity Futures Trading Commission (CFTC) is treating established contracts that result in actual physical delivery of a commodity, such as natural gas, as a swap. This raises operating costs and will negatively impact natural gas and utility rates across the country. The Commodity Delivery Relief Act prevents the CFTC from imposing this unnecessary and costly regulation on companies that make arrangements to ensure the efficient, physical delivery of commodities necessary to conduct their core business operations.