The bill before us today is bipartisan, reasonable legislation to reauthorize the CFTC. I believe this bill strikes the necessary balance to actually become law.

I believe H.R. 4413 is reasonable legislation that ensures a well-functioning CFTC, regulates financial entities dealing in the swaps market, and allows end-users to continue using derivatives to hedge the risks associated with their underlying business. 

This bill builds upon the previous bipartisan actions of the Agriculture Committee to further clarify that those not responsible for the financial collapse, end-users who actually use the markets to hedge against risk, do not bear the brunt of new financial regulations.

Having a new farm bill is good for the rural economy. Providing farmers with at least five years of certainty allows them to make long-term planning decisions. The farm bill’s rural development, research and energy programs all benefit local communities and the 16 million American jobs tied to agriculture.

As we most recently saw with the farm bill, Congress can work if members of both political parties come together. It’s going to take that kind of bipartisan effort if we are going to have a serious budget debate.

Just as the House did last week, the Senate approved the 2014 Farm Bill with strong, bipartisan support, providing farmers and ranchers with a strong safety net and the certainty they need for the next five years.

It’s been a challenging and, at times, frustrating process but through it all, the Agriculture Committees persevered and did what we have always done – work together.

Compromise is rare in Washington these days but it’s what is needed to actually get things done. While it’s no secret that I do not support some of the final bill’s provisions, I believe my reservations are outweighed by the need to provide long term certainty for agriculture and nutrition programs.

I rise in strong opposition to H.R. 992, commonly known as the swap push out bill. This bill would effectively gut important financial reforms and put taxpayers on the hook for big banks’ risky behavior.

It is time for members to start making the compromises necessary to put together a bill that can be defended and clearly explained to both our colleagues and the general public. It is time to put together a bill that can pass both Houses and be signed into law by the President.