Political Quotes

“Thank you, Mr. Chairman. Mr. Speaker, I rise today in support of S. 2244, a bill to extend the expiration date of the Terrorism Risk Insurance Act. Specifically, I support H.R. 634, the Business Risk Mitigation and Price Stabilization Act that is included as a part of this larger effort. Mr. Speaker, H.R. 634 provides critical regulatory relief to end users, the market participants, businesses, and job creators that use derivatives to manage the risks they face in their daily operations. For example, farmers who need to hedge against the volatility of crop prices and manufacturers who need to hedge against the rising input costs of fuel use derivatives as a part of their business plans. During the consideration of the Dodd-Frank Act, Congress clearly intended to exempt end users from some of the most costly new regulations, such as margin requirements. Margin requirements needlessly divert working capital away from job-creating production and investment; however, the CFTC has narrowly interpreted the law which has negatively impacted end users and their bottom line. Mr. Speaker, including the Business Risk Mitigation and Price Stabilization Act in today's bill permanently fixes this issue for end users. It ensures that those businesses which have been exempted from clearing requirements of their trades are also exempted from margining their trades, just as Congress always intended. The language in H.R.…”