Frank Lucas

I appreciate the Chairman holding this timely and important hearing to examine the real challenges that are facing both the U.S. and international regulators.

This is an important subject matter and something on which we all need to focus.

I would like to yield 2 minutes to the gentlelady from Missouri (Mrs. Emerson), a tireless voice for rural American production of agriculture.

The regulators are doing as best as they can given the tools that they have.

So, we should go back and look at what we did and get some people to give us some kind of a sense of what our culpability in this whole situation is.

I would like to see us go back and look at the CFMA in 2000.

We are putting pressure on these guys to make enough money to stay in business, and then this is what happens.

I think we have something going on like that in these markets.

The bedrock of their trust in these markets is based on the fundamental protections provided by mandatory segregation of customer funds.

It is beyond unfortunate that for a second time in less than a year, this Committee is examining the circumstances of a futures commission merchant bankruptcy where customer funds were not properly segregated.

I would say to the gentleman from Pennsylvania that, when we come with our comprehensive farm bill, things that have been identified by many people as a concern, like the direct payments, will not be there. We will address all spending in…

The gentleman from Pennsylvania is exactly right. That is the goal of our language in this bill, and it will be the additional efforts that we will undergo in the comprehensive farm bill that will follow soon.

I would note to my colleague, the ranking member, I have one additional speaker, and then myself for whatever close I may have.

I would like to yield 4 minutes to the gentlewoman from Missouri (Mrs. Hartzler), who is the primary sponsor of our important piece of legislation today.

The State Association of Kansas Watersheds (SAKW) supports funding of the P.L. 83-566 (PL-566) watershed program as an inclusion in the Conservation Title of the 2012 Farm Bill.

The forefathers that thought prevention was much wiser to deal with must be turning over in their graves at the way we look at flood control today.

How many Federal programs can show a return on investment of 15-25% for each and every year since the early 1950's that the PL-566 program can.

It is going to be a very challenging process

We need a 5 year bill so that we can give certainty to our farmers

I see America, not in the setting sun of a black night of despair ahead of us, I see America in the crimson light of a rising sun fresh from the burning, creative hand of God.

I am greatly worried about the future of hunger in America with respect to your recent proposal to cut funding for SNAP.

I like doing things in the neighborhood, coming from just across the line to the south.

Today, we're here to listen.

This hearing of the Committee on Agriculture entitled, The Future of U.S. Farm Policy: Formulation of the 2012 Farm Bill, will come to order.

It is vitally important that the commodity title give producers options so they can choose the program that best works for them.