President Obama signed into law HR 2620, which backers say will encourage development of new types of cotton futures contracts that help growers hedge their risks. The bill rocketed through Congress in a few weeks with little opposition. Until now, U.S. law required all cotton tendered under futures contracts traded on U.S. markets to undergo USDA sampling and grading. Backers of HR 2620 said the requirement was a costly inconvenience for foreign-grown cotton and U.S. cotton being sold abroad. When the House Agriculture Committee approved the bill on June 17, sponsor David Scott, a Georgia Democrat, said, “I remain committed to ensuring that our U.S. farmers, markets, and market participants remain competitive on the world stage.”