House Ag Looks at Legislation Aimed at Improving Dodd-Frank Act
The House Agriculture Committee met Thursday to review several legislative proposals to amend Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposals are the culmination of the committee's oversight efforts of the Commodity Futures Trading Commission as it writes rules for Dodd-Frank. House Ag Chair Frank Lucas says the committee has heard from numerous market participants with the same concerns. He says they fear some of these regulations will make using derivatives so expensive that businesses will be forced to scale back or stop using them to hedge against risk. That increases the costs for consumers and reduces stability in the marketplace. Lucas says the proposals examined Thursday would ensure Dodd-Frank is implemented in a way that doesn't disrupt markets or harm the economy.
The committee examined H.R. 634 - the Business Risk Mitigation and Price Stabilization Act; H.R. 677 - the Inter-Affiliate Swap Clarification Act; H.R. 742 - the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013; H.R. 992 - the Swaps Regulatory Improvement Act; H.R. 1003 - which would require the CFTC to assess the costs and benefits of its actions; and H.R. 1038 - the Public Power Risk Management Act. One draft proposal - the Swap Jurisdiction Certainty Act - was also reviewed.
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