The House Agriculture Committee today approved H.R. 4413, the Customer Protection and End-User Relief Act, by voice vote. Reps. Frank Lucas (OK-3), Collin Peterson (MN-07), K. Michael Conaway (TX-11), and David Scott (GA-13) introduced the bipartisan legislation to reauthorize and improve the operations of the Commodity Futures Trading Commission (CFTC), as well as address concerns relating to protecting customers from another failure such as MF Global and Peregrine Financial. It is the product of a multi-year process that included hearing perspectives from market participants, end-users, futures customers, and the CFTC.
"I appreciate the bipartisan support of this legislation, which ensures that the federal agency tasked with regulating the multi-trillion dollar derivatives market is working in the most efficient and effective way. This bill would also cement key protections for futures customers into law. And, it mitigates the regulatory load on America's job creators like our farmers, ranchers, small businesses, government utilities, and manufacturers. I look forward to advancing this common-sense legislation in the House," said Rep. Frank Lucas, Chairman of the House Agriculture Committee.
"This is reasonable legislation that ensures a well-functioning CFTC, regulates financial entities dealing in the swaps market, and allows end-users to continue using derivatives to hedge the risks associated with their underlying business. I am proud that the Agriculture Committee is demonstrating to the rest of Congress that it is possible to pass legislation in a bipartisan way. I urge my colleagues to continue this bipartisanship as H.R. 4413 advances in the House," said Rep. Collin Peterson, Ranking Member of the House Agriculture Committee.
The text of the bill can be found here. A summary of the legislation can be found here.