Political Quotes

“Mr. Chairman, 5 years of bipartisan committee work has contributed to the drafting of H.R. 238, the Commodity End-User Relief Act. It is time we passed it for the sake of businesses across the United States who need greater certainty in managing their risk. In advance of writing this legislation to reauthorize the CFTC, the House Committee on Agriculture held 22 hearings on the future of the Commission and the state of the derivatives industry. I mention the number 22 to highlight how extensive the data collection and deliberation has been. To make this reauthorization as complete and thorough as possible, those 22 hearings collected feedback and testimony from every segment of the futures and swaps markets, from end users to regulators. We have used the testimony to draft legislation that will make derivatives markets work better for those who need them most: businesses trying to manage their risk. But not only is this reauthorization language exhaustively researched, it has also already been approved by this Chamber multiple times, starting in the 113th Congress. In the 113th Congress, the Committee completed H.R. 4413, which passed the House with strong bipartisan support. In the 114th Congress, we put forward the Commodity End-User Relief Act of 2015, which was very similar to H.R. 4413, and also passed the House with support from both parties. Now, not only is H.R. 238 virtually identical to the reauthorization bill, which passed the House last Congress, H.R.…”