Washington, D.C. - Today, Agriculture Committee Chairman K. Michael Conaway (R-TX) and committee members began Part I of a two-day hearing series to review the U.S. Department of Agriculture (USDA) organization and program administration. USDA officials from the Farm and Foreign Agricultural Services (FFAS), Natural Resources and Environment (NRE), and Research, Education and Economics (REE) serve... Read more »
By Chairman K. Michael Conaway When I became Chairman of the House Agriculture Committee in January of this year, I had one primary goal: to ensure that America’s farmers and ranchers have the policies in place that they need to feed, fuel, and clothe the nation while ensuring stability and consistency for farmers, ranchers, consumers, markets, and rural communities. After all, agriculture is the ... Read more »
Washington, D.C. - Today, Chairman K. Michael Conaway (R-TX) said in his opening statement he opposes any increase in funding for the Commodity Futures Trading Commission (CFTC) until it is reauthorized. The following statement was delivered at the House Agriculture Committee’s hearing Dodd-Frank Turns Five: Assessing the Progress of Global Derivatives Reforms. To view the full opening statement, ... Read more »
Remarks as prepared for delivery: Thank you all for joining us today and welcome to today’s full committee hearing Dodd-Frank Turns Five: Assessing the Progress of Global Derivatives Reforms. The 2008 financial crisis prompted global leaders to reevaluate the regulatory regime for derivatives. In Pittsburg and again in Cannes, global leaders set out five categories of reforms – clearing, margining... Read more »
Washington, D.C. - 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... Read more »
Washington, D.C. - Today, the House Agriculture Committee held a public hearing to conduct general oversight of the U.S. Department of Agriculture. USDA Secretary Tom Vilsack testified, taking questions from committee members on various programs and projects the department manages and executes. Members referenced reports by USDA Inspector General Phyllis Fong (OIG) and the U.S. Government Accounta... Read more »
Remarks as prepared for delivery: I want to welcome the Secretary today and thank him for being here. He and his staff have worked hard to fulfill many of the Committee’s oversight requests this first seven months. We appreciate your cooperation and your staff working with my staff. It is Congress’ responsibility implicit in the U.S. Constitution and explicit in the House Rules to conduct oversigh... Read more »
Washington, D.C. - Today, Rep. K. Michael Conaway (R-TX), Chairman of the House Agriculture Committee, issued the following statement on the fifth anniversary of the Dodd-Frank regulatory overhaul. “Five years have passed since President Obama signed the massive rewrite of our nation’s financial system into law, promising the bill would promote financial stability and put an end to the causes of t... Read more »
Washington, D.C. - Today the House Agriculture Committee approved H.R. 2620, a bill that amends the United States Cotton Futures Act to allow for the development of certain new cotton futures contracts. Current law requires that 100% of the cotton tendered under a U.S.-listed cotton futures contract be sampled and graded (classed) by the USDA. This restriction has hampered the development of new c... Read more »
Remarks as prepared for delivery: I talk frequently about the importance of derivatives markets for managing risk. Today, the Committee will take up H.R. 2620 to allow cotton merchants, ginners, and shippers the opportunity to try and craft a new futures contract that better matches the risks they face in a global market place. H.R. 2620 would provide flexibility to U.S. futures exchanges on how f... Read more »
