The Committee will meet at 10:00am on Tuesday, May 14 to consider the Agriculture Reform, Food and Jobs Act of 2013 (the 2013 Farm Bill). For more information, visit our Farm Bill page.
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From the devastation of the Dust Bowl in the ‘30s to the historic droughts that parched much of the country last year, weather disasters have played a significant role in the story of American agriculture – as well as the nation’s economic security. This hearing examined the toll weather disasters have taken on American agriculture – which employs 16 million Americans – and what steps can be taken to safeguard the economy from future catastrophes. Witnesses included Dr. Joe Glauber, Chief Economist at the U. S. Department of Agriculture, and Dr. Roger Pulwarty, Director of the National Integrated Drought Information System at the National Oceanic and Atmospheric Administration, as well as farmers and ranchers from across the country.
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The financial crisis of 2008 nearly brought down the global economy and highlighted just how integral derivatives are to the world’s financial markets. That crisis underscored the importance of enforcing common sense rules in financial markets – so that the farmers, small businesses, consumers, manufacturing companies, and major global financial institutions that use these markets are protected and have confidence in the markets’ integrity. Congress passed the Wall Street Reform and Consumer Protection Act in response to this crisis. This hearing will oversee the CFTC’s progress in implementing Wall Street reform and examine the agency’s work in the coming year. It will also consider the collapse of MF Global and look at the agency’s efforts to protect both customers and the integrity of the markets. Chairman Gary Gensler of the CFTC will be the hearing witness.
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