Frank Lucas

[W]e were able to improve areas most important to end-users--the manufacturers, the energy companies and food processors that use swap agreements to manage price risk so they can provide consumers the lowest cost products.

This bill, if nothing else, certainly needs more consideration not less, and I congratulate you on moving with haste to expose the shortcomings.

My concern is that we don't, in the effort to be so protective and to avoid the tier-one, the tremendous institutions, that we strangle out the whole industry, the whole series of products that fall at that lower tier where a failure would…

Don't you think it is a fair statement... that we won't ultimately drive this market into this one set of hands that have the deepest pockets?

Are you concerned that such a requirement could unintentionally create a bank monopoly in the OTC commodity derivatives market?

I am concerned about the Administration's OTC derivatives proposal which would, seemingly, force non-financial dealers to meet certain capital requirements.

Most believe, as I do, that the language is rather ambiguous and confusing.

I look forward to working with both Chairmen here today, as well as Ranking Member Lucas and other committees of jurisdiction to make sure that we don't lose sight of what is at stake.

Your input today and the input to the Committee and the Members over the coming days and weeks, perhaps months, is critically important.

The Administration's proposal to regulate the over-the-counter derivatives markets will do nothing but increase costs.

I hope they will be able to answer some of the many questions I, and my colleagues on the Committee, will have about the August 11 proposal.

We in the minority appreciate this hearing. This has been 7 hours well spent on a critically important topic, and thank you.

So then under this present bill proposal, it is fair to say the folks back home will pay more to get less, so they can be hotter in the summer, colder in the winter, and stay real close to home?

What this ought to be is about the American people and making sure that all of our citizens have affordable electricity.

So 'no' on the present bill draft and 'no' if the EPA is put in charge of an ag offset program?

I worry that they will not be able to compete with municipal sewer lagoons over who gets that allocation of methane.

If you were a Member of Congress from Louisiana and you voted for the Waxman-Markey bill as it is now, could you go home?

This is a follow-up question I will ask everyone.

The issue before us is the question of how do we address the current draft of this cap-and-trade legislation put forth by Chairman Waxman and Chairman Markey.

AFBF has long been a proponent of renewable fuels and the Renewable Fuel Standard (RFS).

We commend Chairman Peterson, Ranking Member Frank Lucas (R-Okla.), and all Members of the Committee who have introduced H.R. 2409.

The challenges of climate change aren't going to go away.

I fully expect, and this is speculation on my part, they either have a closed rule or a near-closed rule when the bill comes to the floor.

America has to be in a position to lead.

It is absolutely essential that we take action.