Washington, D.C. -- Congressman Tom Emmer (MN-06) participated in a markup today for the House Committee on Agriculture’s reauthorization of the Commodity Futures Trade Commission (CFTC). Emmer offered one of the seven amendments to the bill—his first as a Member of Congress.
Emmer’s amendment modifies the Commodity Exchange Act by clarifying that the clearing relief exemption for small banks and savings associations also extends to the holding companies of those associations.
“This morning, I was pleased to offer my first amendment,” said Emmer. “Through this addition, holding companies with $10 billion or less in assets will have greater flexibility to hedge their risks, particularly when it comes to rising interest rates. Overall, the CFTC reauthorization bill is a strong piece of legislation that addresses a number of concerns expressed in recent hearings. I appreciate my colleagues’ consideration of my amendment, and look forward to continuing to advocate on this bill’s behalf in the full House.”
“This bill codifies new practices instituted by the CFTC and other market regulators to protect customer margin, it includes a strong cost-benefit analysis measure to produce better rules, and it provides relief for end-users from burdensome requirements currently in place. The derivatives market exists to help businesses manage their risk, and this bill will bring positive reforms to help these markets run efficiently and effectively for market participants, financial intermediaries, and end-users alike,” said Agriculture Committee Chairman K. Michael Conaway.
Emmer’s amendment passed unanimously by voice vote. The CFTC reauthorization bill is a bipartisan piece of legislation that passed committee and awaits further action in the House. For text of the full bill, click here. To view the text of Emmer’s amendment, click here.