The House Agriculture Committee held a hearing to examine seven legislative proposals amending Title VII of the Dodd/Frank Act. A few proposals dealt with significant issues such as cost benefits studies and limitations on the requirement that derivative activities be conducted outside federal insured financial institutions.Other bills concerned end user issues, indemnification, inter-affiliate swaps, utility company exemptions and a requirement that cross-border regulations be jointly issued by the CFTC and the SEC.
Chairman Lucas said it was his desire to pass the Dodd/Frank “tweets” before turning the Committee’s attention to the reauthorization of the CFTC.
As the first witness, CFTC Chairman Gensler submitted lengthy testimony on the full status of the agency Although silent on the proposed legislation he commented on the need to complete Dodd/Frank regulations, on the importance of the LIBOR investigation and on the fact that the agency’s resources are undersized for the tasks the agency has been given by Congress.
A second panel, comprised mostly of industry and trade association representatives ,testified in support of individual bills.