“The proposal before us is not serious. You can’t have a serious conversation about getting our budget under control when you take large items like defense off the table, which is really why we’re here. Taking a meat ax to nutrition programs that feed millions of hard-working families, in an effort to avoid defense cuts, is not a serious way to achieve deficit reduction.
“Passing a farm bill this year was already going to be difficult but the Republican Budget approved by the House today lowers the odds significantly. Going through the reconciliation process, before we can actually get to writing a farm bill, will only muddy the waters and is a waste of time.
As the letter states, the Chairman and I worked together to develop a proposal saving $23 billion as part of the Super Committee process. We were the only Congressional Committee that even attempted to do this. And, while it is unfortunate that the Super Committee ultimately failed, this proposal could now serve as the framework for writing the 2012 Farm Bill.
In addition to passing a farm bill, oversight of the CFTC has been a top priority for this Committee and I think it’s important for Chairman Gensler to provide an update on the CFTC agenda for the year along with the Commission’s progress of implementing the financial reforms Congress passed in 2010.
Today, as the Committee marks-up these various bills, I want to reiterate my view that it is premature to move on legislation until we see the final rules. Looking at the Dodd-Frank rules that have already been finalized by the CFTC, I believe it is safe to say that, so far, the CFTC has done a pretty good job.
"Given that futures customers, particularly those in agriculture, were affected by MF Global’s collapse it is necessary that we hear directly from all those involved and find out who knew what, and when they knew it."
The House Agriculture Committee approved the issuance of a subpoena to compel the attendance of Jon Corzine, the Chief Executive Officer of MF Global, at the full committee hearing scheduled for December 8 to examine the MF Global bankruptcy.
Today the leaders of the Senate and House Agriculture Committees sent a letter to the Joint Select Committee on Deficit Reduction recommending a $23 billion cut to mandatory spending within the committees’ jurisdiction.
U.S. House Agriculture Committee Ranking Member Collin C. Peterson, D-Minn., and Rep. Mike Simpson, R-Idaho, today introduced The Dairy Security Act of 2011. The legislation will replace current, outdated dairy programs with new risk management tools addressing the realities of today’s dairy industry, such as rising input costs and a growing export market.
