Blake Moore: “Thank you, Ms. Fudge. I would, first of all, like to thank Chairman Bachus and Ranking Member Frank and, on the…”

“Thank you, Ms. Fudge. I would, first of all, like to thank Chairman Bachus and Ranking Member Frank and, on the subcommittee, Chairman Garrett and Ranking Member Waters, Mr. Stivers and Ms. Fudge from the Ag Committee, for their leadership that kept the bill moving; other members of the Financial Services Committee--Mr. Perlmutter, Mr. Himes, Mr. Miller, Mr. Dold, Mr. Gibson, among others--for all of their input on this legislation. This is a bill--and some people here today, Mr. Speaker, may be surprised to know that it enjoys bipartisan support because it ensures, number one, the vitality of U.S. and global commerce by exempting interaffiliate swaps, or those swap transactions used internally by companies in all our districts, from clearing, margin, and execution requirements. But H.R. 2779 also preserves the all-important reforms of the over-the-counter swap markets enacted as part of Dodd-Frank while providing swap end users that exemption that is responsive to their legitimate business needs for flexibility, risk management, and price stability. Now, in Congress, 4 years is an eternity; but I have not forgotten the 2008 financial crisis and the human hardship that it caused and continues to cause in Milwaukee and all across America. The work continues, and this bill is a part of that. I can tell you, Mr.…”