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House Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit Chairman David Scott of Georgia delivered the following remarks today at a full committee business meeting on the reauthorization of the Commodity Futures Trading Commission.

[As Prepared for Delivery]

"Thank you, Mr. Chairman, for holding this hearing. As you know, issues surrounding the Commodity Futures Trading Commission are important to me as Chairman of our Subcommittee on Commodity Exchanges, Energy, and Credit. 

"I appreciate that the work we’re doing here today. It is both important and necessary. I also am grateful for the bipartisan approach we’ve taken as a committee in doing that work.

"This bill takes great steps to provide integrity and transparency in our commodity markets, while at the same time building resiliency and fostering greater cooperation with international regulators.

"But there is one thing this bill does that I want to draw special attention to, because it’s an issue particularly important to the people of our nation.  

"This bill will expand the Office of Minority and Women Inclusion at the CFTC, and establish an internship program that will expand the ability of our students and young people to learn on the job at the CFTC, a great institution.

"The Office will help CFTC to assess its diversity policies, as well as those of the entities it regulates. It will help to ensure diversity in CFTC’s workforce, as well as encourage the inclusion of minorities, women and minority-owned businesses in CFTC’s procurement process.

"The bill will also establish and maintain a paid internship program for students from 1890s historically black colleges and universities, schools that serve Hispanic and Latino students, 1994 tribal colleges, and those schools that serve the territories.

"As those of us who are proud alumni of these exemplary institutions, and anyone who has worked closely with these schools can attest, these great institutions are brimming with bright leaders looking for a chance to excel. It’s our hope that through this internship program these talented students will capitalize on opportunities through learning at the highly distinguished Commodity Futures Trading Commission that they would not have access to otherwise. 

"This internship program and the provisions included in this bill are historic steps forward for the CFTC and are great reminders of what we can do when we all work together in this extraordinary bipartisan way."