Chairman Frank Lucas today released the following statement on Scott O'Malia's last day as Commissioner of the Commodity Futures Trading Commission (CFTC). Last month, O’Malia announced he would resign to pursue other opportunities.
Lucas Praises Bipartisan Passage of Bills Promoting Market Certainty and Economic Growth
Tamara Hinton, 202.225.0184
WASHINGTON – Chairman Frank Lucas of Oklahoma issued the following statement after the U.S. House of Representatives passed H.R. 634, the Business Mitigation and Price Stabilization Act, H.R. 742, the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013, H.R. 1038, the Public Power Risk Management Act, and H.R. 1256, the Swap Jurisdiction Certainty Act.
"Combined these bipartisan bills represent sound policy to encourage market certainty and economic growth. H.R. 634 recognizes that end-users use swaps to hedge against risk and they should be able to continue that practice without costly margin requirements. H.R. 742 provides a technical correction to Dodd-Frank to allow the sharing of swap data across borders to ensure market integrity. H.R. 1038 protects Americans from electricity and natural gas rate increases that would be caused by regulatory overreach. And, H.R. 1256 requires that the Commodity Futures Trading Commission and the Securities and Exchange Commission finally coordinate and issue a joint rule governing cross-border swaps transactions. I hope the Senate will follow our lead and consider these bills quickly," said Chairman Frank D. Lucas.
The vote tallies of each bill demonstrate the bipartisan nature of these reform efforts. H.R. 634 passed 411-12; H.R. 742 passed 420-2; H.R. 1038 unanimously passed 423-0; and H.R. 1256 passed 301-124. All of these bills were considered and approved by the House Agriculture Committee on March 20, 2013.