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Opening Statements

Thompson Delivers Opening Statement at Full Committee Business Meeting

Remarks as prepared for delivery:

Thank you, Mr. Chairman.
 
Let me start by offering my appreciation to you, your staff, and our colleagues who engaged in negotiating today's markup. There were a number of bills dropped from today's meeting due to the need for further revisions, vetting, and technical assistance. I appreciate this decision. And while there are other pieces of legislation that were ready for markup but not included in today's proceedings, we look forward to working with the Chairman on those important priorities.
 
Last July, the President issued an executive order promoting competition in the American economy under the guise industry consolidation was increasing prices for families, wreaking havoc on our supply chains, decreasing wages for workers, and stifling innovation and economic growth.
 
At the time, the Majority jammed through, and the President signed into law, billions in new spending under the pretext of COVID relief, and the White House had begun soon-to-be failed attempts to pass trillions more under the President's alleged "Build Back Better" initiative. All the while, the Biden Administration continued to pursue the same regulatory assault on agriculture and industry it had mounted before admitting inflation was even a problem.
 
Ten months later, the White House continues to argue consolidation is to blame for fractured supply chains and historic inflation, as most mainstream economists scratch their heads.   
 
This disinformation has seeped into Congress through hearings and legislation focused on issues such as cattle markets, energy, and most recently, adult and infant formula.

Mr. Chairman, I would like unanimous consent to submit a recent Morgan Stanley report into the record. The report directly states, "The slack created by the covid recession is being absorbed faster than usual. While some of this is due to supply disruptions created by the lockdowns, we think it was more so due to excessive fiscal stimulus provided during the pandemic, particularly the $1.9 trillion package at the end of March 2021… In our view this was what turbocharged consumption and drove inflation to 40-year highs." 
 
We are here to discuss a selection of bills that range in theme, scope, purpose, and impact. While a few are solid pieces of legislation and offer a dash of hope, others simply demonize industries and kick the policy can down the road.
 
Mr. Chairman, I think most of us would agree our farm families need immediate action to address skyrocketing input costs, supply chain uncertainties, and other challenges. I think we can also agree these crises cannot be mitigated with studies, task forces, third parties, and big government. We need manufacturers, importers, industry, farmers, and other players at the table. We need this Administration to stop its irresponsible regulatory actions and the Majority to stop fueling the fire with out-of-control spending packages and haphazard policy.   
 
I look forward to today's discussion and to continued work with the Chairman to develop commonsense solutions to the crises our rural communities are facing.
 
With that, I yield back.

For a full list of the bills under consideration at today's Business Meeting, click here.

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