Customer Protection and End User Relief Act

Floor Speech

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Mr. HUDSON. Mr. Chairman, I rise today to urge my colleagues to support H.R. 4413, which includes language from my bill, H.R. 3814, the Risk Management Certainty Act.

This bill would require CFTC Commissioners to partake in a formal rulemaking process before placing undue burdens on job creators. Without this critical piece of legislation, a misguided CFTC rule will automatically lump costly new regulations on public utilities, energy companies, and other end users that played no part in the financial crisis.

As the regulations currently stand, if a company does more than $8 billion worth of swap business per year, it must register with the CFTC as a swap dealer. Despite rules requiring a study to determine if the threshold is appropriately set, the CFTC is set to arbitrarily lower that level to $3 billion without a vote.

In today's world, where the cost of living continues to rise for millions of American families, we cannot afford for our Nation's job creators and energy providers to bear the brunt of yet another regulatory burden without a full and fair debate and a vote. This bill solves that problem and gives the public the ability to weigh in before a decision is made.

I remain committed to protecting consumers and reducing regulatory burdens on our job creators, and I urge my colleagues to join me in support of this legislation.

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