Reps. Frank Lucas, Collin Peterson, K. Michael Conaway, and David Scott on Monday introduced H.R. 4413, the Customer Protection and End-User Relief Act, a bill to reauthorize and improve the operations of the Commodity Futures Trading Commission, as well as address concerns relating to protecting customers from another market failure such as MF Global and Peregrine Financial.
The bill is the product of a multi-year process that included hearing perspectives from market participants, end-users, futures customers, and the CFTC, the committee said. Lawmakers say the bill will maintain the integrity of the marketplace and guarantee global competitiveness.
"This bill builds upon the previous bipartisan actions of the Agriculture Committee to further clarify that those not responsible for the financial collapse – end-users who actually use the markets to hedge against risk – do not bear the brunt of new financial regulations, "Rep. Collin Peterson, ranking member of the House Agriculture Committee commented in a statement.
In preparing the bill, the Subcommittee on General Farm Commodities and Risk Management held four hearings and the full ag committee also held a hearing on the legislation.
Legislators are expected to advance the bill in the House Ag Committee this week during a business meeting scheduled for Wednesday at 9 a.m. CT, and then prepare for full House consideration.
Find full text of the bill, H.R. 4413, the Customer Protection and End-User Relief Act, from the House Ag Committee website. Also view a summary of the House Ag Committee's CFTC reauthorization bill.
Source: House Ag Committee