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