Cantor: House to take up Ag approps and CFTC reauthorization in June
June 06, 2014 | 03:03 PM
The House of Representatives will take up the fiscal year 2015 Agriculture appropriations bill and the reauthorization of the Commodity Futures Trading Commission in June, House Majority Leader Eric Cantor, R-Va., said in a memo to Republican members distributed today.
Cantor said he expects the House Republicans “to continue its responsibility to judiciously allocate taxpayer money in June with three more appropriation bills” and listed Transportation, Housing and Urban Development, Agriculture and Defense as those bills.
There are rumors that the Agriculture appropriations bill will come up next week, but there has been no announcement so far.
“Rumors sometimes can be true. Nothing is definite,” said a knowledgeable House Republican aide.
Cantor also said he expects to move the CFTC reauthorization bill to the House floor in June.
“The last reauthorization of the CFTC occurred in 2008, before the height of the financial crisis and prior to the enactment of the Dodd-Frank Act. Since then, the CFTC has been granted broad new authorities to supervise the futures and swaps markets,” Cantor wrote.
“Many of the CFTC’s new rules have negatively impacted end-users, such as our farmers, ranchers, manufacturers, small businesses, and utilities, by making it more difficult and costly to manage risks associated with their businesses. As a result, millions of working middle class Americans will be negatively impacted by a law that was enacted to reform our financial system.”
“Americans will pay higher electric and natural gas utility rates and higher prices at the grocery store due to new CFTC regulations,” he added.
“In response, the House will consider H.R. 4413, the Customer Protection and End User Relief Act, authored by [House Agriculture Committee] Chairman Frank Lucas [R-Okla.] This bipartisan legislation that would provide meaningful relief from overly-burdensome requirements from the CFTC at a time when we need less government involvement in our businesses.
“In addition, the bill would improve the operations of the CFTC and would provide important safeguards in our futures markets to better protect market participants and preserve their ability to effectively manage risk,” Cantor said.
Cantor said he expects the House Republicans “to continue its responsibility to judiciously allocate taxpayer money in June with three more appropriation bills” and listed Transportation, Housing and Urban Development, Agriculture and Defense as those bills.
There are rumors that the Agriculture appropriations bill will come up next week, but there has been no announcement so far.
“Rumors sometimes can be true. Nothing is definite,” said a knowledgeable House Republican aide.
Cantor also said he expects to move the CFTC reauthorization bill to the House floor in June.
“The last reauthorization of the CFTC occurred in 2008, before the height of the financial crisis and prior to the enactment of the Dodd-Frank Act. Since then, the CFTC has been granted broad new authorities to supervise the futures and swaps markets,” Cantor wrote.
“Many of the CFTC’s new rules have negatively impacted end-users, such as our farmers, ranchers, manufacturers, small businesses, and utilities, by making it more difficult and costly to manage risks associated with their businesses. As a result, millions of working middle class Americans will be negatively impacted by a law that was enacted to reform our financial system.”
“Americans will pay higher electric and natural gas utility rates and higher prices at the grocery store due to new CFTC regulations,” he added.
“In response, the House will consider H.R. 4413, the Customer Protection and End User Relief Act, authored by [House Agriculture Committee] Chairman Frank Lucas [R-Okla.] This bipartisan legislation that would provide meaningful relief from overly-burdensome requirements from the CFTC at a time when we need less government involvement in our businesses.
“In addition, the bill would improve the operations of the CFTC and would provide important safeguards in our futures markets to better protect market participants and preserve their ability to effectively manage risk,” Cantor said.
