Steve Stivers: “I would like to thank the gentleman from Missouri for yielding me time. I also would like to thank the gentlelady from…”

“I would like to thank the gentleman from Missouri for yielding me time. I also would like to thank the gentlelady from Wisconsin (Ms. Moore) for all her work on this bill. She has been dedicated and engaged and hardworking and willing to compromise to move this effort forward to help a lot of Main Street businesses that are in my district, her district, and that dot the map of America. I also want to thank Ms. Fudge and Mr. Gibson for their collaborative efforts and their work through the Agriculture Committee on this bill as well. Mr. Speaker, this bill is the culmination of over 2\1/2\ years' work. In 2012, Ms. Moore, Ms. Fudge, Mr. Gibson, and I joined together to introduce legislation that clarified rules under the Dodd-Frank Act with regard to margin clearing and reporting requirements of interaffiliate transactions. What that means is a lot of Main Street businesses in various industries, from agriculture to consumer products, that work across international boundaries use this central treasury unit structure to offset competing or offsetting risks, and that way they can decide what their total aggregate risk is and then make it much more affordable for a corporation. Unfortunately, under the Dodd-Frank Act and the way the rules were interpreted by the Commodity Futures Trading Commission, these companies were being charged double or triple the cost by imposing these central clearing unit ways of managing risk.…”