On the recordApril 25, 2012
Chairman Lucas, thank you so much for your support on this issue. It has been a pleasure working with you and your staff during my first term here in Congress and on the Ag Committee. In the committee this year, we have worked hard to protect farms and small businesses from Dodd-Frank red tape. That's why I rise today in strong support of Representative Vicky Hartzler's bill. H.R. 3336 reduces unnecessary regulatory burdens on small financial institutions to ensure they can continue to provide capital to small businesses in their communities. The bill ensures that small financial and farm credit institutions will continue to be able to provide swaps to their loan customers without being considered or registered as swap dealers. I am pleased that the CTFC has come out with a ruling more favorable than the original legislation, but I think it's important still to note that this bill ensures that the CTFC provides an exemption from clearing for small financial institutions that are hedging their own risks. I also want to thank my Illinois colleague, Congressman Bobby Schilling, for his work on this bill. He added a provision particularly important for companies like John Deere and Caterpillar, which has facilities in my district. {time} 1420
