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House Committee on Agriculture: Weekly Roundup
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| Must Read |
| President’s Insurance Ideas Rejected “‘I would hope that we would reject the president’s proposal on crop insurance,’ House Agriculture Committee Chairman Frank Lucas (R-OK) told Agriculture.com Wednesday. The effect of those cuts will be to raise premiums and farmers in some marginal areas may decide not to participate, Lucas said. Because an insurance program pools risk of a large number of participants, that could weaken crop insurance.” (Agriculture.com)Obama’s Budget: The Decline and Fall of the American Economy President Obama also promised when he was running for office in 2008 that he would cut the budget deficit in half by the end of his first term. But the budget deficit projected for 2012 in the budget he just released is $1.327 trillion. The deficit in 2008 was $458.6 billion, less than half one trillion, the former all time record. As The Wall Street Journal explained yesterday, Obama’s new budget includes: “Another deficit of $1.327 trillion in 2012, also an increase from 2011, and making four years in a row above $1.29 trillion. The last time that happened? Never.” (Forbes)
CFTC May Move Enforcement Staff to Dodd-Frank Oversight Roles “The U.S. Commodity Futures Trading Commission says it will shift enforcement staff to meet Dodd- Frank Act demands in 2012, after failing last year to adequately oversee CME Group Inc., the world’s largest futures exchange.” (Bloomberg) |
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| House Ag Committee Action |
| The White House Released their FY 2013 Budget Proposals. Lucas criticized the agricultural proposals in a statement, saying, “The President’s budget demonstrates that neither rural America nor fiscal discipline is a priority for this administration. Raising taxes on small businesses and ignoring the real drivers of trillion dollar deficits is a failure of leadership.The agriculture community remains committed to doing its part in deficit reduction. However, this proposal shows a lack of perspective and understanding in how agriculture can realistically contribute.”
The Ag Minute: H.R. 3527 Protects Main Street Businesses from New Regulatory Burdens
As guest host of The Ag Minute, Rep. Hultgren discusses how the Obama administration, under the guise of Wall Street reform, plans to finalize a proposed rule next week at the Commodity Futures Trading Commission (CFTC) that could catch many businesses across the country in wave of regulations that Congress never intended for them. On February 23, the CFTC is scheduled to vote on Dodd-Frank Act regulations that define which banks, hedge funds, and energy companies will be designated as swap dealers. Rep. Hultgren introduced H.R. 3527 to ensure end-users, like farmers and electric utilities, are protected from regulations designed for largest banks on Wall Street. |
| House Highlights |
| Thursday, February 15, 2012 The Small Business Subcommittee on Healthcare and Technology held a hearing on broadband accessibility for small businesses.
Friday, February 17, 2012
The Appropriations Subcommittee on Agriculture, Rural Development, FDA, and Related Agencies Hearing on 2013 Budget
The House passed the Conference Report for the Middle Class Tax Relief and Job Creation Act of 2012 |
| Senate Highlights |
| Wednesday, February 15, 2012Senate Agriculture Committee Farm Bill Hearing: Energy and Economic Growth for Rural America
Senate Agriculture Committee Business Meeting: The Committee voted out pending nominations, including Michael T. Scuse for Under Secretary of Agricluture for Farm and Foreign Agricultutral Services
Friday, February 17, 2012
The Senate passed the Middle Class Tax Relief and Job Creation Act of 2012 by Unanimous Consent. |
| Looking Ahead |
Senate Farm Bill Hearing Schedule for February, March
- February 29, 2012: Strengthening Conservation through the 2012 Farm Bill
- March 14, 2012: Healthy Food Initiatives, Local Production and Nutrition
- March 21, 2012: Risk Management and Commodities in the 2012 Farm Bill
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