The U.S. Commodity Futures Trading Commission would face limits on its ability to impose rules on derivatives traded overseas and on manufacturers that use swaps to hedge business risks under bipartisan congressional legislation curbing the scope of the agency’s powers.
The U.S. House passed and sent the Senate a much-delayed bill to set agricultural policy for five years, as rural Republicans and urban Democrats overcame objections about farm subsidies and food-stamp cuts.
The House Agriculture Committee canceled tentative plans to draft a new farm bill after its top Democrat sought a commitment that the legislation will be considered by the full chamber, according to committee leaders.
The House Agriculture Committee’s top Democrat criticized Republican leaders for failing to schedule a vote on a new farm-policy bill, saying time to pass the measure before the current law expires is “running out.”
Farm-state lawmakers in the House have conceded they probably won’t be able to attach a long-term extension of U.S. farm policy to any deal to avert tax increases and budget cuts set to take effect in the new year, and will now go back to the drawing board.
Growers of corn, cotton and other crops may have to accept reduced subsidies in the next farm bill as budget-cutting becomes necessary to contain record deficits, House Agriculture Committee Chairman Collin Peterson said.
House Speaker John Boehner lost support from more than one-fourth of his Republican colleagues as the chamber rejected a $939 billion agricultural-policy bill, the latest in a series of embarrassments handed to him by his own party.