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Congressman Conaway Statement on Passage of The Customer Protection and End User Relief Act

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Washington, June 24, 2014 | comments

WASHINGTON, D.C. – Congressman K. Michael Conaway (R-Texas) issued the followed statement on passage of the Customer Protection and End User Relief Act:

American agricultural producers, utilities, and other businesses rely on commodities and derivatives markets to serve their customers and compete in a global marketplace.  The Customer Protection and End User Relief Act protects them from costly bureaucratic overreach.  It also significantly reduces the damage a failed Futures Commission Merchant (FCM), like MF Global, can inflict on its customers.

“This common sense, bipartisan legislation prevents the Commodity Futures Trading Commission from imposing burdensome regulations on end-users who do not present a systemic risk to our financial system. These end-users did not cause the financial crisis and they should not be treated like financial entities. 

“This bill also includes a provision that I authored which would require 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.”

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