Blake Moore: “My amendment is simple. It really seeks to harmonize the regulatory regime for both the security- and commodity- based…”

“My amendment is simple. It really seeks to harmonize the regulatory regime for both the security- and commodity- based swaps. I am so pleased to be joined on a bipartisan basis with Representatives Rick Crawford, Bill Huizenga, and Sean Patrick Maloney in offering this amendment. As we all know, Mr. Chairman, the regulation of the swaps market is under the jurisdiction of both the Securities and Exchange Commission and the Commodity Futures Trading Commission. As such, legislation that amends the swap regulation must be addressed in both the securities law and the Commodity Exchange Act. Mr. Chairman, I have worked with Chairman Hensarling, Ranking Member Waters, and the Committee on Financial Services, and we have offered the same language to amend the securities law section of a bill. This amendment in committee, Mr. Chairman, was adopted by a voice vote. This amendment makes the same minor change to the Commodity Exchange Act section so that the regulatory regime is the same for both security- and commodity-based swaps. This section of H.R. 2289 mirrors legislation, H.R. 1847, sponsored by Representative Crawford and has enjoyed broad bipartisan support and passed both the Committee on Financial Services and Committee on Agriculture without controversy and with the support and blessing of the SEC. So why the amendment?…”