Liz Friedlander (202) 225-1564
James Ryder (202) 225-0020
Today, House Agriculture Committee Chairman Collin Peterson, D-Minn., played a leading role in the successful completion of the conference committee on H.R. 4173 - Wall Street Reform & Consumer Protection Act.
“While everyone had to make some compromises to come to a consensus, I think that the final outcome of this conference committee will ensure that Wall Street can no longer put America’s economy at risk with irresponsible, unreasonably risky activities that caused the last crisis," Chairman Peterson said.
The House Agriculture Committee played a key role in developing the financial reform legislation, particularly provisions that address increased volatility and speculation in the derivatives markets and that strengthen oversight and increase transparency in the markets for futures, options and over-the-counter products and swaps.
“This legislation reflects nearly three years of public debate and a lot of bipartisan work on derivatives and their effect on the economy," Chairman Peterson said. “The passage of this conference report demonstrates that Congress is serious about finally providing much needed oversight and transparency in the markets for over-the-counter derivatives and ensuring that they will never again threaten the stability of our financial system."
The conference committee resolved differences between the financial reform bills that were passed by the House and Senate. The House and Senate must now vote to approve the conference report before it is sent to President Obama for signature.
Source: House Committee on Agriculture
