The U.S. Commodity Futures Trading Commission should make the process of adopting Dodd-Frank Act rules more transparent by publicly posting drafts of new regulations for the $601 trillion swaps market for seven days before the agency finalizes them, the chairman of the House Agriculture Committee said.
An extension of U.S. agriculture subsidies to late January was rebuffed yesterday by Senate Democrats, who said they won’t pass any House plan for temporary funding before Congress breaks for the holidays.
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.
House Republican leaders abandoned plans for a one-year extension of U.S. agriculture policy, averting a showdown with farm groups led by the American Farm Bureau Federation who want a new five-year law.
House Agriculture Committee Chairman Frank Lucas and Senate Agriculture Committee Chairman Debbie Stabenow backed a short-term extension of a farm law that lapsed Sept. 30 as the Obama administration warned that unless Congress acts, retail milk prices could almost double.