My Meeting with The Chairman of the Commodity Futures Trading Commission

In light of ongoing concerns regarding the role that speculators have played in the rise in prices in the agriculture commodity and energy markets, last week I requested a meeting with Walt Lukken, the Acting Chairman of the Commodity Futures Trading Commission (CFTC), to discuss conditions in the commodity markets and the CFTC’s ongoing efforts to ensure proper oversight and transparency.

I was glad to be able to sit down with the Chairman of the CFTC to discuss the pressing issue of transparency and oversight in the commodity markets. I commend the Chairman for the Commission’s ongoing investigations in the agriculture and energy markets, specifically their investigation into the cotton market.  The CFTC takes its oversight responsibilities very seriously, and I appreciate the new initiatives they are taking in light of recent anomalies and inconsistencies in the commodity markets.

Prices for many commodities today are at record levels because of a number of factors. Increased demand from buyers around the world, driven by a weaker U.S. dollar, as well as lower supplies due to weather conditions, has impacted agriculture commodity prices.  The rising costs of inputs due to energy, though, have put a strain on producers and consumers alike.

Agriculture and energy producers need assurance that the futures markets they depend on to help manage their risks and determine prices are functioning well. That is why I was so pleased to meet with the CFTC Chairman last week to discuss the Commission’s actions and also to ask his views on whether or not speculators in the market have become a greater presence than in the past.

As I have said, markets are not always kind, but they are efficient. I believe the CFTC, with prudent oversight from the House Agriculture Committee, must help us to find a balance of thorough oversight and fraud prevention, without overreaction and excessive government intervention.

Working to Improve Health Care

There is no question that our health care system needs improvement. I continue to fight for good legislation that protects Americans, makes health care more affordable and accessible and also ensures that our system is not run by the government. Medical decisions are best made between the doctor and the patient, and I can think of nothing worse than replacing that decision making process with a system run by bureaucrats in Washington.
 
Recently, I cosponsored H.R. 3234, the HSA Improvement and Expansion Act. This legislation would increase the annual contribution limit for Health Savings Accounts (HSAs) from $2,250 to $4,500 for an individual and from $4,500 to $9,000 for a married couple. This legislation allows HSA account funds to be used to purchase health insurance and improves access and availability for individuals who are enrolled in Medicare. I am proud to be a cosponsor of this bill and hope to see it brought to the House floor for a vote soon.

Additionally, last week the House of Representatives passed H.R. 1343, the Health Centers Renewal Act of 2008, by an overwhelming bipartisan margin of 393 to 24. I was proud to cosponsor this bill, as it authorizes continued funding for community health centers. This legislation also creates a new project for integrated health systems that expands access to primary and preventive services for the medically underserved. H.R. 1343 will also provide liability protection for health center practitioners who volunteer.

H.R. 1343 helps address the accessibility of health care, an issue with which Congress continues to grapple. The roughly 1,100 community health centers in America provide high quality, affordable primary health care to more than 16 million Americans, many of whom are uninsured. Individuals helped by community health centers are often in medically underserved areas, many of which are in West Texas and other rural areas.

June 14th is Flag Day

There is a rich and interesting history behind Flag Day. The American Flag is the universal symbol of freedom, democracy and hope. Flag Day was first established by a Proclamation of President Woodrow Wilson on May 30, 1916. Flag Day was celebrated in various communities for years after Wilson's proclamation, but it was not until August 3, 1949, that President Truman signed an Act of Congress designating June 14 of each year as National Flag Day.

On June 14, it is important to take time to reflect on this powerful symbol that represents all that is America. Many of us fly our flag in support of our nation and the troops that fight to protect us all. The American Flag is the symbol of the “Great Experiment” of democracy that has evolved to represent the greatest country in the world.

“The flag of the United States has not been created by rhetorical sentences in declarations of independence and in bills of rights.  It has been created by the experience of a great people, and nothing is written upon it that has not been written by their life.  It is the embodiment, not of a sentiment, but of a history” - Woodrow Wilson

So remember to honor our flag and all it stands for, and all the brave men and women who have fought and paid the ultimate price to protect it. For it is not just a flag, it is the spirit behind America.

To learn more on flag protocol, such as properly flying the flag or disposing of a worn flag, please click here.

As always, when events unfold in Washington, I will be sure to update you. In the meantime, do not hesitate to visit my website at www.randy.house.gov or call my office toll free district wide at (888) 763-1611 or my Washington, DC office at 202-225-4005.

--Randy