Charles W. Stenholm: “I rise in support of provisions contained in the Conference Report on H.R. 4577 that will enact legislation to reform…”

“I rise in support of provisions contained in the Conference Report on H.R. 4577 that will enact legislation to reform the Commodity Exchange Act. It is a great accomplishment that an agreement has been reached on this matter. It would not have occurred without the dedication and determination of the gentleman from Illinois, Mr. Ewing. Mr. Speaker, the agreement tackles and accomplishes the three main tasks the Agriculture Committee set for itself at the beginning of our CEA reform process: Modernizing our Commodity Exchange Act regulatory system; Providing legal certainty for our over-the-counter derivatives market; and Repealing the outdated prohibition on the trading of single stock futures in the U.S. Mr. Speaker, the agreement is broadly supported by the Administration, by the President's Working Group on Financial Markets, and by the financial services industry. Mr. Speaker, the portions of this bill that reform our regulation of trading on futures exchanges will hopefully bring about opportunities for great improvement in the efficiency of our markets. The Commodity Futures Trading Commission deserves the credit for the design of these provisions. As included in this bill, the reform provisions serve as our acknowledgment that as technology and research transform our trading systems, Congress must ensure that regulatory statutes are well-suited to helpful innovations. Mr.…”