The House Agriculture Committee approved H.R. 4895, a bill to reauthorize the Commodity Futures Trading Commission (CFTC). Ranking Member K. Michael Conaway (TX-11) and Commodity Exchanges, Energy, and Credit Subcommittee Ranking Member Austin Scott (GA-8) released the following remarks upon passage:
“This reauthorization provides the CFTC with the tools it needs to successfully regulate the U.S. derivatives market, safeguard consumers, and maintain strong leadership and cooperation with global regulators. We’ve included new protections for charitable organizations and church retirement plans so they will not be subjected to regulations designed for Wall Street, as well as ensuring the protection of customers’ hard-earned assets in the case of a commodity broker bankruptcy. I’m proud of the work our members have done to build this strong piece of legislation, and I look forward to its swift consideration before the House of Representatives,” said Ranking Member Conaway.
“In addition to the critical task of reauthorizing the CFTC for five years, this bill contains exciting provisions that will keep CFTC at the cutting edge of technological advancements. I’m especially excited to see what the CFTC is able to accomplish with its new authorities to develop improved research and oversight tools, investigate innovative financial products, and explore emerging technologies. I believe these and other modernizations in this bill will help the Commission maintain fairness and transparency as they work to address the realities of commodity markets in the 21st century,”said Subcommittee Ranking Member Scott.
Source: House Agriculture Committee