OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Commodity End-User Relief Act

Floor Speech

Date: June 9, 2015
Location: Washington, DC
Issues: Finance and Banking

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Mr. Chair, I thank the gentlewoman from Wisconsin (Ms. Moore), and I rise in full support of her amendment, but I join Ranking Member Peterson in his opposition of the bill before us.

Although reauthorization of the Commodity Exchange Act is an important endeavor, this legislation rolls back critical Dodd-Frank reforms and places unnecessary restrictions on the Commodity Futures Trading Commission. The changes proposed in this underlying bill would stifle the Commission's capacities to respond to a rapidly changing market and would add unneeded layers of government bureaucracy.

The underlying bill, H.R. 2289, threatens the financial stability of hard-working Americans by encouraging the same type of risky behavior that led to the recession just 7 years ago.

I urge my colleagues to join me in supporting the Moore amendment. However, I urge my colleagues to use great caution and join me in voting against the underlying bill.

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