Chairman Scott, Ranking Member Scott Following Meeting with European Financial Regulatory Body
Washington, February 13, 2020
Washington, DC – House Agriculture Committee’s Commodity Exchanges, Energy, and Credit Subcommittee Chair David Scott and Ranking Member Austin Scott, both of Georgia, issued the following statement Thursday after meeting with financial market regulators from the European Commission (EC) to discuss new amendments to the European Union’s European Market Infrastructure Regulations (EMIR 2.2) that could potentially subject U.S. clearinghouses to regulation within the EU:
“The Commodity Futures Trading Commission (CFTC) is a capable, competent financial regulator which has a proven record of safekeeping American derivatives markets. We support the CFTC’s work in forging consensus and building a cooperative framework to promote strong, well-regulated global derivatives markets.
“Unfortunately, the European Commission’s proposal to regulate third party clearinghouses disrupts that work and sets back the cause of cooperation. We have existing agreements and cooperative work underway, and Europe should not use the disruptions of Brexit to move the goalposts on that collaboration.
“We told our European colleagues in no uncertain terms that our continued partnerships and the stability they bring depend on all countries coming to the table in good faith. If they’re unable to do that and continue to try to exert foreign control over U.S. markets, we in Congress will make sure that the CFTC is empowered to defend our sovereignty and protect our market interests.”