House Ag approves cotton futures, forestry bills
June 18, 2015 |12:13 AM
The House Agriculture Committee on Wednesday approved bills to allow for the development of new cotton futures and to give the U.S. Forest Service more authority to deal with lawsuits.
H.R. 2620 would amend the U.S. Cotton Futures Act to allow U.S.-based futures exchanges flexibility in handling foreign-grown cotton and foreign delivery points.
Current law requires that 100 percent of the cotton tendered under a U.S.-listed cotton futures contract be sampled and graded (classed) by the Agriculture Department.
“This restriction has hampered the development of new cotton futures contracts designed to hedge against market risks for foreign-grown cotton or U.S. cotton merchandised abroad,” the House Agriculture Committee said in a news release.
House Agriculture Committee Chairman Michael Conaway, R-Texas, said the bill “will help cotton merchants better hedge against the risks they face while preserving the tools currently available to the U.S cotton industry.”
House Agriculture Committee ranking member Collin Peterson, D-Minn., said the legislation will modernize cotton marketing by giving American-based futures exchanges the ability to use a new tool to handle foreign-grown cotton and foreign delivery points. The legislation will allow the cotton industry to better hedge against risk, which is especially important to compete in today’s global market.”
Peterson also noted that the committee passed similar legislation last year.
“The Resilient Federal Forests Act will give the Forest Service more authority and much needed flexibility to deal with the challenges of process, funding, litigation, necessary timber harvesting and much needed management,” House Agriculture Conservation and Forestry Subcommittee Chairman Glenn Thompson, R-Pa., said.
“This legislation incentivizes rewards and collaboration with the private sector for management activities, while allowing for state and third party funding of projects. Furthermore, in order to reduce unnecessary process and improve agency efficiency, this act will provide the Forest Service new categorical exclusion authorities for commonsense projects.”
Peterson said he had been concerned with the regulations stemming from lawsuits.
“Environmental groups have used the court system to twist laws against agriculture which then leads to policy changes decided by activists and bureaucrats. This “sue and settle” strategy means a less transparent, less accountable process,” Peterson said.
“This bill would simplify forest management activities as a means to reduce some of this behavior,” he concluded.
H.R. 2620 would amend the U.S. Cotton Futures Act to allow U.S.-based futures exchanges flexibility in handling foreign-grown cotton and foreign delivery points.
Current law requires that 100 percent of the cotton tendered under a U.S.-listed cotton futures contract be sampled and graded (classed) by the Agriculture Department.
“This restriction has hampered the development of new cotton futures contracts designed to hedge against market risks for foreign-grown cotton or U.S. cotton merchandised abroad,” the House Agriculture Committee said in a news release.
House Agriculture Committee Chairman Michael Conaway, R-Texas, said the bill “will help cotton merchants better hedge against the risks they face while preserving the tools currently available to the U.S cotton industry.”
House Agriculture Committee ranking member Collin Peterson, D-Minn., said the legislation will modernize cotton marketing by giving American-based futures exchanges the ability to use a new tool to handle foreign-grown cotton and foreign delivery points. The legislation will allow the cotton industry to better hedge against risk, which is especially important to compete in today’s global market.”
Peterson also noted that the committee passed similar legislation last year.
“The Resilient Federal Forests Act will give the Forest Service more authority and much needed flexibility to deal with the challenges of process, funding, litigation, necessary timber harvesting and much needed management,” House Agriculture Conservation and Forestry Subcommittee Chairman Glenn Thompson, R-Pa., said.
“This legislation incentivizes rewards and collaboration with the private sector for management activities, while allowing for state and third party funding of projects. Furthermore, in order to reduce unnecessary process and improve agency efficiency, this act will provide the Forest Service new categorical exclusion authorities for commonsense projects.”
Peterson said he had been concerned with the regulations stemming from lawsuits.
“Environmental groups have used the court system to twist laws against agriculture which then leads to policy changes decided by activists and bureaucrats. This “sue and settle” strategy means a less transparent, less accountable process,” Peterson said.
“This bill would simplify forest management activities as a means to reduce some of this behavior,” he concluded.
