House Agriculture Committee Chairman Collin C. Peterson of Minnesota released the following statement today regarding the floor vote on H.R. 6604, the Commodity Markets Transparency and Accountability Act of 2008:
“With the support of more than 290 Members of Congress, including more than 75 Republicans, H.R. 6604 was well on its way to being passed over the two-thirds vote requirement, sending a clear signal that transparency and enforcement would return to the commodities and futures markets. Then Republican leadership demanded that Members change their votes in order to protect President Bush.
H.R. 6604 is a bipartisan bill that passed the Agriculture Committee by voice vote. It is the product of a comprehensive series of hearings to examine the issues surrounding futures trading from all sides. And it clearly has enough support to pass this House. We will continue to pursue meaningful steps to address the conditions that have thrown some futures markets into disorder and hope that Members will have the courage of their convictions to join us.”