On Wednesday – the U.S. House approved several measures considered and approved by the House Agriculture Committee in March. Combined – House Ag Chairman Frank Lucas says the bipartisan bills represent sound policy to encourage market certainty and economic growth. H.R. 634 – the Business Mitigation and Price Stabilization Act – passed 411 to 12. Lucas says the measure recognizes that end-users use swaps to hedge against risk and they should be able to continue that practice without costly margin requirements. Lucas says the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 – H.R. 742 – provides a technical correction to Dodd-Frank to allow the sharing of swap data across borders to ensure market integrity. The House approved that measure 420 to 2. In a unanimous 423 to zero vote – the House passed H.R. 1038 – the Public Power Risk Management Act. According to Lucas – the bill protects Americans from electricity and natural gas rate increases that would be caused by regulatory overreach.
Finally – Lucas says the Swap Jurisdiction Certainty Act – H.R. 1256 – requires that the Commodity Futures Trading Commission and the Securities Exchange Commission finally coordinate and issue a joint rule governing cross-border swap transactions. That measure was approved 301 to 124. Lucas is hopeful the Senate will consider these bills quickly.
Source: NAFB News Service