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 The legislation will replace current, outdated dairy programs with new risk management tools addressing the realities of today’s dairy industry, such as rising input costs and a growing export market.

The dairy safety net did not work in 2009 and it won’t work if similar events occur now. Current dairy programs are not keeping pace with the challenges facing today’s industry. In fact, the current levels of support will actually decrease in September of next year.

U.S. House Agriculture Committee Ranking Member Collin C. Peterson, D-Minn., today announced that Rep. Mike Simpson, R-Idaho, has joined efforts to reform dairy programs. Simpson is the lead Republican proponent of discussion draft legislation released by Peterson last month.

As we begin today’s oversight hearing, I want to express my concern that the Committee is ignoring some of its important oversight responsibilities.

U.S. House Agriculture Committee Ranking Member Collin C. Peterson, D-Minn., today made the following statement after releasing a dairy reform discussion draft that would offer protection, create stability and inspire growth in the dairy sector.