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.
Opening Statement of Chairman Frank D. Lucas Committee on Agriculture Business Meeting to Consider Legislative Improvements to Title VII of the Dodd-Frank Act
Tamara Hinton, 202.225.0184
Thank you all for being here for this business meeting.
Today, we are considering seven bills that are common-sense tweaks to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation before us ensures that Dodd-Frank is implemented as Congress intended and does not unnecessarily burden our job creators. They are intended to restore the balance that I believe can exist between sound regulation and a healthy economy.
Right now, some of the proposed regulations could make using derivatives so expensive that businesses will be forced to stop using them to hedge against risk. That ultimately results in higher costs for consumers and diminished stability in the marketplace.
We have an opportunity to correct these issues with legislative fixes. It is very important to note that every single bill we are considering is bipartisan with Republicans and Democrats both on the Agriculture Committee and the Financial Services Committee supporting them. Further, some of them advanced out of this committee and passed the House during the last Congress only to languish in the Senate.
We are renewing our efforts to get them on the books. This business meeting is a step in that process and I encourage your support for all of these bills.