05-13-2008, 05:03 PM
|
|
Senior
|
|
Join Date: Jun 2007
Posts: 163
Thanks: 0
Thanked 16 Times in 12 Posts
|
|
All Eyes on Washington
The big news this week is the farm bill which is close to passing the House and Senate. Inside that farm bill are provisions that would require U.S. forex dealers to have a minimum adjusted net capital of $20 million in addition to requirements that all introducing brokers be registered with the CFTC.
The big question is if Bush vetoes the bill will the Congress have enough votes to override his veto? According to this story the override vote will be a very close one:
http://deltafarmpress.com/topstory/farm-legislation-0513/
Quote:
|
Chambliss, a Republican, has promised to try to override a White House veto. With other Republicans also taking such a stand, does President Bush have the votes to sustain a veto? It will be “very close” said Ed Schaefer, USDA secretary, during a May 9 press conference. Schaefer then played the populist and tied subsidy levels to U.S. families having trouble paying rising food prices. If politicians listen to such families “then we’re going to sustain the veto.”
|
Of course, the forex provisions are a sideshow in this fight, which has become a fight primarily over farm subsidies. The $20 million capital requirement has been agreed upon by the powers that be. So now the question is not if, but when. A veto override means this capital requirement will be enforced by the end of the year for sure.
Developing…
|
