Mike Conaway: “They did outstanding work helming a new subcommittee focused on these issues, and I look forward to their diligent…”

“They did outstanding work helming a new subcommittee focused on these issues, and I look forward to their diligent oversight work throughout the rest of the Congress. Similar to the CFTC reauthorization bill passed by the House with overwhelming bipartisan support last year, the Commodity End-User Relief Act is comprised of narrowly targeted changes to the Commodity Exchange Act. The committee has again put together a bill that earned the bipartisan support of our members because we brought the right relief to the right people. With that, Mr. Speaker, I urge the adoption of the rule and support for the underlying act. Mr. McGOVERN. I yield myself such time as I may consume. Mr. Speaker, I just want to point out to my colleague from Washington State with regard to the funding of the CFTC that the agency has never received the funding that it has requested, and that is just a fact. Here we are imposing new requirements, new mandates. CBO, as I mentioned in my opening, estimates that the CFTC will need an additional 30 personnel annually to handle the increased workload imposed by the new cost-benefit analysis requirements of the mandated cross-border rule contained in the provisions in this bill, and so we are asking an agency that has never been properly funded to even do more and not provide it with the proper funding. I don't think that is a smart way to move forward when it comes to an issue so important.…”