Sen. Tom Harkin Holds a Hearing On Global Warming

Political Transcript Wire › October 15, 2009

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Sen. Tom Harkin Holds a Hearing On Global Warming

SENATE COMMITTEE ON AGRICULTURE, NUTRITION AND FORESTRY HOLDS A HEARING ON GLOBAL WARMING

SEPTEMBER 9, 2009

SPEAKERS: SEN. TOM HARKIN, D-IOWA CHAIRMAN SEN. PATRICK J. LEAHY, D-VT. SEN. KENT CONRAD, D-N.D. SEN. MAX BAUCUS, D-MONT. SEN. BLANCHE LINCOLN, D-ARK. SEN. DEBBIE STABENOW, D-MICH. SEN. BEN NELSON, D-NEB. SEN. SHERROD BROWN, D-OHIO SEN. BOB CASEY, D-PA. SEN. AMY KLOBUCHAR, D-MINN. SEN. KIRSTEN GILLIBRAND, D-N.Y. SEN. MICHAEL BENNET, D-COLO.

SEN. SAXBY CHAMBLISS, R-GA. RANKING MEMBER SEN. RICHARD G. LUGAR, R-IND. SEN. THAD COCHRAN, R-MISS. SEN. MITCH MCCONNELL, R-KY. SEN. PAT ROBERTS, R-KAN. SEN. JOHN THUNE, R-S.D. SEN. CHARLES E. GRASSLEY, R-IOWA SEN. MIKE JOHANNS, R-NEB.

WITNESSES: GARY GENSLER, CHAIRMAN, COMMODITIES FUTURE TRADING COMMISSION

TIMOTHY PROFETA, DIRECTOR, NICHOLAS INSTITUTE FOR ENVIRONMENTAL POLICY SOLUTIONS, DUKE UNIVERSITY

JOSEPH GLACE, VICE PRESIDENT FOR RISK MANAGEMENT AND CHIEF RISK OFFICER, EXELON CORPORATION

DAVE MILLER, CHIEF SCIENCE OFFICER, AGRAGATE AND RESEARCH AND COMMODITY SERVICES DIRECTOR, IOWA FARM BUREAU

JULIE WINKLER, MANAGING DIRECTOR, RESEARCH AND PRODUCT DEVELOPMENT, CME GROUP AND MEMBER OF THE BOARD OF DIRECTORS, GREEN EXCHANGE VENTURE, CHICAGO, ILLINOIS

FRED YODER, PAST PRESIDENT, NATIONAL CORN GROWERS ASSOCIATION

LUKE BRUBAKER, BRUBAKER FARMS, MYERSTOWN, PENNSYLVANIA

FRANK REHERMANN, CHAIRMAN, USA RICE PRODUCERS' GROUP

ANDY BECKSTOFFER, CHAIRMAN AND CEO, BECKSTOFFER VINEYARDS, RUTHERFORD, CALIFORNIA

[*] HARKIN: Good morning, and welcome to this hearing of the Committee on Agriculture, Nutrition, and Forestry on proposals for global warming legislation.

Senator Chambliss is on his way. We have to get started because we're up against kind of a time crunch here. This committee will -- this hearing will adjourn promptly at no later than 12:30.

Our witnesses today will help us examine issues in structuring and regulating markets for greenhouse gas emission allowances. They will share their views of a cross-section of agriculture producers regarding the pending legislation.

Let me start by reiterating the urgency and importance of addressing global warming. I had a chart here that I keep using. If I can have it here again. As the -- I don't know if you can see it from the back, but as this chart showed, the concentration of carbon dioxide in the atmosphere has increased by about 50 percent over the last 150 years. We're now seeing the effects of that in rising global average temperatures.

In fact, in just the -- you can take that back. You can just see how rapidly it's going up, increasingly from about 1980 on up at an ever-increasing rate. And the ten warms years on record all occurred in the past 12 years. And just last week, Science Magazine reported that temperatures in the Arctic are at the highest levels in the past 2,000 years.

In plain words, we humans are changing the Earth's climate. And while we don't know precisely all the consequences of our current climate trends, we do know they are likely to include for severe storms, more frequent and severe heat waves, in addition to rising seas and higher temperatures.

I agree with the majority of Americans who say that we must act to mitigate these effects. We must not simply leave future generations to cope with a hotter and more dangerous climate.

Our committee began to consider the role of agriculture and forestry in reducing greenhouse gas emissions and the cost consequences of cap-and-trade at our first hearing in July. Today, we will examine these issues at the farm level. We'll hear from a corn and soybean farmer, a rice farmer, a grape grower and vintner, and a dairyman.

In addition, we are, obviously, going to hear from the chairman of the Commodity Futures Trading Commission at the outset to talk about the aspect of how these markets might be regulated by the CFTC.

Now, while we couldn't include representatives of end of type of agriculture, I trust the testimony and discussions of these witnesses will begin to provide us with a better sense of on-the-ground effects that our agriculture sector is likely to see under global warming and under mitigation strategies. We'll hear farmers and ranchers, how they might benefit through actions such as the ...

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