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U.S. House Agriculture Committee Ranking Member Collin C. Peterson, D-Minn., made the following statement after the House Agriculture Committee approved H.R. 1573 along party lines. The bill would delay the implementation of many provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act until December 2012.
“The consequences of H.R. 1573 are severe. Provisions that would address speculation in the marketplace, prevent another AIG-like bailout, fight manipulation, combat fraud and take on insider trading would all be delayed. The mandatory clearing and public reporting requirements, which ensure a more open and transparent market, would also be delayed. Frankly, I can’t figure out this bill’s objective, except to push financial reform implementation so far down the line in the hope that these provisions never go into effect.
“The CFTC is taking the time to do this right. They have testified before the Committee on plans to review and address concerns expressed in public comments, garner additional input through public hearings and roundtables and extend comment periods as new information and new rule proposals come to light. Extending the law’s implementation would only add uncertainty to the rule-making process.
“It’s curious that a bill, which supposedly corrects the perceived notion of rushing the rules, was rushed through the Committee only 20 days after its introduction and following a two week recess. This is not serious, thoughtful, legislation. This is a partisan game to score political points, and the American people deserve better."
Peterson opening statement at markup of H.R. 1573
Source: House Committee on Agriculture
