Blake Moore: “I join my colleague, the gentleman from Missouri, in urging my colleagues to support H.R. 5471; however, before I get…”

“I join my colleague, the gentleman from Missouri, in urging my colleagues to support H.R. 5471; however, before I get into why we should support the bill, I need to thank all of my partners in this effort. As has been mentioned, Mr. Stivers has been fantastic throughout this entire process. I knew going into this that I had a great Republican partner. I can't say enough about Representative Stivers, but time will not allow me to do it. I had another great bipartisan partner in Representative Gibson on the Agriculture Committee. Of course, it is always a joy to work with a good friend and colleague on the Ag Committee, Representative Marcia Fudge. Mr. Speaker, H.R. 5471 is a true ``end users'' bill. The bill is targeted as it applies to centralized treasury centers, or CTUs, of nonfinancial end user companies. The CTU model enables an end user corporation to efficiently centralize hedging risks for the entire consolidated corporate group, and it is, in fact, a corporate best practice. It permits companies to more efficiently hedge commercial business risk, which was always the intent of Dodd-Frank. The CFTC agrees with the underlying policy of the bill as they have provided no-action relief on this point; however, H.R. 5471 is still needed because, as a practical matter, no-action relief is no substitute for statutory fixes as it creates legal uncertainty when deciding how to organize your global business structure.…”