House Ag Committee Approves Legislation to Reauthorize Commodity Futures Trading CommissionThu, 14 May 2015 11:29:55 CDT
The House Agriculture Committee approved H.R. 2289 Thursday, the Commodity End-User Relief Act, by voice vote. Introduced by Chairman K. Michael Conaway (TX-11), Rep. Austin Scott (GA-8), and Rep. David Scott (GA-13), this bipartisan bill will reauthorize and improve the operations of the Commodity Futures Trading Commission (CFTC), as well as ensure robust markets, consumer protections, and a balanced approach to regulations impacting job creators.
“I am proud to introduce this bipartisan legislation with my colleagues, and I appreciate the work of the Ag Committee last Congress laying the important groundwork. This bill codifies new practices instituted by the CFTC and other market regulators to protect customer margin, it includes a strong cost-benefit analysis measure to produce better rules, and it provides relief for end-users from burdensome requirements currently in place. The derivatives market exists to help businesses manage their risk, and this bill will bring positive reforms to help these markets run efficiently and effectively for market participants, financial intermediaries, and end-users alike,” said Chairman K. Michael Conaway.
“I believe my colleagues and I came away with a bill that addresses the regulatory challenges facing end-users and derivatives market participants,” said Congressman Austin Scott. “As Chairman of the Commodity Exchanges, Energy, and Credit Subcommittee, my focus has always been to provide relief to end-users like our farmers, ranchers, utilities, and manufacturers while achieving a balance between market integrity and market access. The diverse perspectives we heard from the Commission, market participants, and end-users were instrumental in drafting this legislation, and I am proud of the bipartisan solution we have achieved,” said Congressman Austin Scott, Chairman of the Commodity Exchanges, Energy, and Credit Subcommittee.
“I am pleased to be an original cosponsor of this bill, which will reauthorize the Commodity Exchange Act. Through substantive hearings of the subcommittee where I serve as the Ranking Member, I have heard the plea from end users, CFTC Commissioners and market participants regarding the need for reauthorization. Today, we answer that plea with legislation that has been introduced in bipartisan fashion. I look forward to continuing to work with my colleagues to ensure a sound and competitive futures market,” said Congressman David Scott, Ranking Member of the Commodity Exchanges, Energy, and Credit Subcommittee.
The text of the bill can be found here. A summary of the legislation can be found here. Other information on today’s markup can be found here.
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