Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 2682. I would like to thank Chairman Lucas and Ranking Member Peterson for their leadership on this important issue, as well as Mr. Scott from the Agriculture Committee, and our colleagues on Financial Services, Mr. Peters, Mr. Green and, of course, Mr. Grimm. As a cosponsor of H.R. 2682 and as one of the authors of this legislation, I believe that the definition of an ``end user'' needs to be very specific to ensure that the CFTC implements the intent of Congress in exempting true end users from certain derivatives regulations. My district in upstate New York includes a number of entities that would be inappropriately captured as swap dealers under the proposed CFTC rules, including agricultural cooperatives, farm credit institutions, community banks, and electric cooperatives. Clearly, none of these entities were intended by Congress to be covered by these regulations. While each of them uses derivatives to meet their business needs, they are not engaging in derivatives transactions as their primary businesses. If forced to comply with the increased margin and clearing requirements, it could make the services currently offered by end users cost prohibitive and impede their ability to conduct business, likely resulting in higher prices for my constituents and diverting capital that could otherwise be invested and used to help create jobs.…”