United States Cotton Futures Act Amendments

Floor Speech

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Mr. DAVID SCOTT of Georgia. Mr. Speaker, I yield myself such time as
I may consume.

As my colleague from Georgia (Mr. Westmoreland) has just eloquently
stated, there is a great need for this, everybody is in agreement on
it. The Cotton Number 2 contract is needed as a hedging tool for our
cotton industry globally. It is needed so that we can have both
delivery points inside as well as outside the United States because our
global markets are now more global.

As my colleague, Mr. Westmoreland, mentioned, we have not touched
this law since 1916. That is nearly 100 years. You can imagine so much
has changed. It is very, very much more global, and we do not need to
put our cotton participants in trade, in marketing, in commodities at a
disadvantage, as was indicated, to other markets.

This is urgent. If we do not move within the next 3 weeks, so that we
can have this on the books as law in time for our cotton participants in
the United States to be able to function for their year 2015--in the
cotton business you start early, you start in January and February, so
it is very urgent. The legislation benefits everybody. All participants
are in agreement.

The bottom line is that this legislation is about modernization. Our
markets, as I said before, have become much more global. It is a
technical correction. It will help our cotton farmers, our cotton
producers, and those who have to hedge in the marketplace around the
world, and it does not--does not--put our cotton industry in the United
States at a disadvantage globally.

I certainly urge that we all accept this amendment and move forward
with a very, very important part of American industry, the cotton
industry.

I yield back the balance of my time.

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