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Ag Committee approves CFTC legislation

By a voice vote, the House Agriculture Committee approved the Consumer Protection and End-User Relief Act.   The bipartisan legislation reauthorizes and improves the operations of the Commodity Futures Trading Commission.  In addition, it adds supplementary protections for customers to prevent another failure like MF Global and Peregrine Financial.

House Agriculture Committee Chair Frank Lucas says the legislation ensures the CFTC can continue to working in the most efficient and effective way.  “This bill would also cement key protections for futures customers into law,” he says.  “And, it mitigates the regulatory load on America’s job creators like our farmers, ranchers, small businesses, government utilities, and manufacturers.”

Ranking member Collin Peterson says the legislation, “Ensures a well-functioning CFTC, regulates financial entities dealing in the swaps market, and allows end-users to continue using derivatives to hedge the risks associated with their underlying business.”

The bill will head to the full House for consideration.