Congressman Frank Lucas believes that rural America is worse off because of the rules that have been ginned up from "Dodd Frank Wall Street Reform and Consumer Protection Act " that has now been the law of the land for five years. The Third District Congressman that represents the northwestern half of the state of Oklahoma has two perspectives on the Dodd Frank law from his seat in the US House. From his position as the Past Chairman of the House Ag Committee, he has been involved in the Dodd Frank regulation of the Commodity Futures Trading Commission. In addition, he is a member of the Financial Services Committee- and from his experience on that Committee, he worries about the growing mountain of red tape that is engulfing the smaller community banks across the countryside.
Congressman Lucas told Farm Director Ron Hays that he has participated in oversight hearings held by both Committees to call the Obama Administration regulators to task over excessive rules that have impact on both the CFTC and the ag futures business as well as the smaller banks that serve rural America. Dodd-Frank imposed sweeping new regulations over the financial industry, including the regulation of swaps under Title VII, which had previously not been regulated in the U.S.
Lucas and Hays also talked about the Ag Committee's oversight of the USDA as it related to the 2014 Farm Law and the request by the Congressman to Tom Vilsack to account for how extra resources have been spent in the implementation of the 2014 Farm Law and it's sweeping changes in many areas. Lucas says he continues to wait on a written response from Vilsack on how those monies were spent- and how much is left.
Click here to see more...