Congressman Conaway Praises Approval of the Customer Protection and End User Relief Act
Congressman K. Michael Conaway (R-Texas) issued the followed statement regarding the House Agriculture Committee’s passage of the Customer Protection and End User Relief Act:
“True to its name, the Customer Protection and End User Relief Act makes important progress in protecting Main Street. We strengthen safeguards against another Futures Commission Merchant (FCM), like MF Global, misusing customer funds and significantly reduce the damage a failed FCM can inflict on its customers. We also protect end-users from being roped into reporting, registration, or regulatory requirements that are inappropriate for the level of risk they can impose on financial markets. It is clear that end-users did not cause the financial crisis, they do not pose a systemic risk to the US financial markets, and they should not be treated like financial entities.
“One of the most important changes we make is finally requiring the Commission to quantify the costs and benefits of a rule when it is first proposed. This change will strengthen the rulemaking process and will result in better rules and a safer market. This will ensure that regulatory burdens are justified in the real world, not just in the pages of the Federal Register.”