Commodity Exchanges, Energy, and Credit

Remarks as prepared: Good morning. Thank you for joining the Commodity Exchanges, Energy, and Credit Subcommittee for our last installment of our three-part hearing series examining the implementation of the derivatives market reforms envisioned by world leaders following the 2008 global financial crisis. Today, we will wrap up the series with a focus on clearing and trade execution requirements. Throughout this series, we’ve reiterated many times that our goal is not an indictment of the reform... Read more

Today, the House Agriculture Committee’s Subcommittee on Commodity Exchanges, Energy, and Credit held a public hearing to review the impact of the Dodd-Frank Act on derivatives markets and participants. Members of the subcommittee examined the unintended consequences of some of the most important regulations following the financial crisis: the new capital standards and margin requirements for banks, non-bank swap dealers, and other market participants. “Main street businesses that rely on deriva... Read more

Remarks as prepared: Good Morning. Thank you for joining the Commodity Exchanges, Energy, and Credit Subcommittee for today’s hearing, which is the second in a series to examine the implementation of Dodd-Frank over the past five years. In February, we held our first hearing to talk about swap data standards and transparency. During today’s hearing, we’ll talk about the unintended consequences of some of the most important regulations following the financial crisis: the new capital standards and... Read more

Today, Rep. Austin Scott (GA-8), Chairman of the House Agriculture Committee’s Subcommittee on Commodity Exchanges, Energy, and Credit, held a hearing to examine tightening credit conditions in farm country. This is the second in a series of hearings entitled Focus on the Farm Economy, where each subcommittee will examine the growing pressure in rural America from the perspective of the subcommittee. Members heard from a series of witnesses who explained the impact the collapse in net farm incom... Read more

Remarks as prepared: Good morning, and welcome to today’s hearing. This is the second in a series of hearings that each subcommittee is holding on the state of the farm economy. As we know, the agricultural economy is highly cyclical. Given the recent 56 percent drop in net farm income and the hard times that inevitably come along with that, I believe it is important to hold hearings like the one today to make sure the credit needs of producers are being met and will continue to be met, particul... Read more

Remarks as prepared: Good Morning. I want to start today by thanking you for joining the Commodity Exchanges, Energy, and Credit Subcommittee for our first meeting of 2016. As many of you may remember, the full House Committee on Agriculture held a hearing last July on the implementation of Dodd Frank over the five years since it was passed. That hearing highlighted some of the remaining challenges that regulators must still tackle to complete the derivatives market reforms envisioned by world l... Read more

Remarks as prepared for delivery: Good Morning. Thank you for joining us today for this hearing of the Commodity Exchanges, Energy, and Credit Subcommittee as we continue the Agriculture Committee’s work toward CFTC reauthorization. Thus far, we’ve appreciated the opportunity to hear perspectives on reauthorization from end-users and market participants. Their testimony has been vital to helping us gain a better and more complete understanding of ways in which our regulatory structure could bett... Read more

Today, the House Agriculture Committee continued its series of hearings in advance of writing legislation to reauthorize the Commodity Futures Trading Commission (CFTC), which lapsed in September 2013. Members of the Subcommittee on Commodity Exchanges, Energy, and Credit Subcommittee, chaired by Rep. Austin Scott (R-GA), held a public hearing to examine the reauthorization of the CFTC from the perspective of market participants. The subcommittee heard from a panel of end-users yesterday. “This ... Read more

Remarks as prepared for delivery: Good Afternoon. Thank you for joining us for our second meeting of the Commodity Exchanges, Energy, and Credit Subcommittee of the House Committee on Agriculture. Yesterday, we kicked off the work of this new subcommittee by hearing from several representatives from the community of derivatives end users on their thoughts regarding the CFTC reauthorization process this committee will be undertaking in the days ahead. Today, we will continue that examination with... Read more

Remarks as prepared for delivery: Good Afternoon. I’d like to welcome you to the inaugural hearing of the Commodity Exchanges, Energy and Credit subcommittee of the House Committee on Agriculture. I am honored that Chairman Conaway asked me to serve the Committee this Congress by chairing our newest subcommittee. When Mr. Conaway asked me to step into this role, he said that he wanted to ensure that the Committee never lost sight of the importance of derivatives markets not only to our tradition... Read more