Mike Conaway: “I would like to start by thanking the chairman of the committee, Frank Lucas, and our ranking member, Collin Peterson…”

“I would like to start by thanking the chairman of the committee, Frank Lucas, and our ranking member, Collin Peterson, for the bipartisan tone that they have set on all of the work that we do in the Agriculture Committee. Under their leadership, we work together to examine the issues under our jurisdiction, and we work together to develop legislative solution to the problems we discover. Their leadership is reflected in the bill we have before us today. Over the past 2 years, the General Farm Commodities and Risk Management Subcommittee has heard from two Commissioners, the exchanges and SROs, market participants, end users, and foreign regulators on a broad cross section of issues facing the CFTC. The testimony and questions that we heard formed the foundation of what has become the Customer Protection and End User Relief Act. True to its name, the Customer Protection and End User Relief Act makes important progress in protecting Main Street. We strengthen safeguards against another MF Global or PFGBest and significantly reduce damage a failed FCM can inflict on its customers. We also protect end users from being roped into registration, reporting, or regulatory requirements that are inappropriate for the level of risk they can impose on financial markets. It is clear that end users did not cause the financial crisis. They do not pose a systemic risk to the financial markets, and they should not be treated like financial entities.…”