Political Quotes

“Mr. Chair, I rise today to first express my great appreciation to Chairman Michael Conaway and Subcommittee Chairman Austin Scott for their hard work in crafting H.R. 238, the Commodity End-User Relief Act, legislation to reauthorize the Commodity Futures Trading Commission (CFTC). Chairman Conaway and Subcommittee Chairman Austin Scott held four hearings throughout the 114th Congress regarding the CFTC and its future, during which time they invited input from a wide variety of interested stakeholders. I believe that they have struck the right balance in providing the CFTC with the authorizations necessary for the agency to do its job, while increasing oversight, instituting reforms to protect end-users from regulatory overreach, and improving consumer protection against fraud or mismanagement. I am also pleased to see that since the House of Representatives last acted to reauthorize the CFTC, in light of many years of concern about aluminum markets and warehousing practices, the London Metal Exchange has implemented additional reforms to their aluminum warehousing practices and contracts. Now that the London Metal Exchange has been recognized by the CFTC as a Foreign Board of Trade, I look forward to continuing my review of these reforms and their impact on aluminum markets and end users, while remaining hopeful that these changes will accomplish their intended goal.…”