The Ranking Member of the House Agriculture Committee, Collin Peterson, D-Minn., had strong words Wednesday for H.R. 1573. Speaking before the House Agriculture Committee, following the committee passing the bill along party lines, Peterson said it's curious that a bill, which supposedly corrects the perceived notion of rushing the rules, is now being rushed. H.R. 1573 was introduced the day before the past two week recess and three days after Congress has reconvened, was vote on it. The bill would delay the implementation of many provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act until December 2012
"Republicans first tried to stop Dodd-Frank by using the FY11 continuing resolution to defund the agencies responsible for its implementation," Peterson said. "Since that effort failed, Republicans now turn to this bill, H.R. 1573, legislation designed to push implementation of the derivatives title of Dodd-Frank so far down the line as to run out the clock in the hopes that a Republican is elected President and a new administration can water down the rules or sign the Republicans' Dodd-Frank repeal legislation."
According to Peterson, CFTC Chairman Gensler and SEC Chairwoman Shapiro have been very open about the likelihood of not meeting Dodd-Frank's statutory deadlines. They are not rushing to meet a fixed deadline; they are taking the time to do this right. When asked if they need additional time, they have said no. Peterson added that H.R. 1573 only adds uncertainty to the rule-making process.
"For the derivative end-users who want some delay, I understand your frustration," Peterson said. "Without final definitions of key terms, it is difficult to judge how Dodd-Frank will affect your business or know when to comment on a proposed rule. And, as I have said repeatedly, if the regulators get things wrong - if they finalize an unreasonable rule, if they establish an overly broad definition, if they put forth an implementation schedule that does not make sense for end-users, I will work with any member to rectify it. The important thing is getting this right. I believe we need to let the regulators move forward so we can find out if they get it right and fix it if they do not."