Blaine Luetkemeyer: “Hundreds of American businesses, large and small--from manufacturers, to utilities, to agricultural businesses, to…”

“Hundreds of American businesses, large and small--from manufacturers, to utilities, to agricultural businesses, to airlines--use derivatives every day to manage their business risks and to reduce their exposure to price fluctuations. Without derivatives, businesses and their customers would face increased prices for the goods and services these businesses provide. The derivatives these businesses use are not risky. They played no role in the financial crisis. Nevertheless, they were targeted in the Dodd-Frank Act, which increased their price and decreased their availability. Since the beginning of the 112th Congress in 2011, the Financial Services Committee and the Agriculture Committee have worked together to clarify that title VII of the Dodd-Frank Act should not burden Main Street businesses with a costly compliance regime that would stifle growth and job creation. These efforts have produced bipartisan bills, including many sponsored by Democrats, that have passed the House with large majorities. The bill under consideration is yet another. H.R. 5471 is sponsored by my Democratic colleague on the Financial Services Committee, Representative Gwen Moore, and is cosponsored by another colleague, Representative Steve Stivers.…”