Today, Rep. K. Michael Conaway (R-TX), Chairman of the House Agriculture Committee, issued the following statement regarding legislation introduced by Senator Hoeven (R-ND) and Senator Stabenow (D-MI) that ties repeal of country of origin labeling (COOL) to both the elimination of existing market driven programs and the establishment of a so-called voluntary country of origin (COOL) labeling program for beef, pork, and chicken. This new voluntary program would operate under similar rules as the program found to violate U.S. international trade rules.
Ag Committee Approves Bipartisan Legislation to Tweak Dodd-Frank Act
Tamara Hinton, 202.225.0184
WASHINGTON – Today, the House Agriculture Committee approved seven legislative proposals amending Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bills are the culmination of the committee's oversight efforts of the Commodity Futures Trading Commission (CFTC) as it writes rules for Dodd-Frank. All but one of the bills advanced on a voice vote. H.R. 992, the Swaps Regulatory Improvement Act, was approved by a vote of 31-14.
"I appreciate the bipartisan leadership of my colleagues on the bills that advanced today. Our effort is to ensure that America's job creators - our farmers, ranchers, small businesses, government utilities, and manufacturers - are not overburdened by financial regulations. Without these important changes, regulations could deter businesses from hedging against risk, which is contrary to the purpose of financial regulatory reform," said Chairman Frank Lucas.
The bills include the following:
H.R. 634, the Business Risk Mitigation and Price Stabilization Act, ensures that end-users can continue to use derivatives to manage business risks without being subject to costly margin requirements.
H.R. 677, the Inter-Affiliate Swap Clarification Act, ensures that transactions between affiliates within a single corporate group are not regulated as swaps.
H.R. 742, the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013, would allow data sharing between U.S. and international regulators and swap data repositories without adding an unnecessary layer of legal bureaucracy.
H.R. 992, the Swaps Regulatory Improvement Act, amends Section 716 of the Dodd-Frank Act to limit the swap desk push-out requirement so that it only applies to certain swaps based on certain asset-backed securities and does not disadvantage U.S. institutions compared to their international counterparts who have no similar restrictions.
H.R. 1003 would require the CFTC to assess the costs and benefits of its actions.
H.R. 1038, the Public Power Risk Management Act, would allow producers, utility companies, and other non-financial entities to continue entering into energy swaps with government-owned utilities without danger of being required to register with the CFTC as a swap dealer.
H.R. 1256, the Swap Jurisdiction Certainty Act, would direct the CFTC and the Securities and Exchange Commission to adopt a joint rule on how they will regulate cross-border swaps transactions as part of the new requirements created in the Dodd-Frank Act.