News Column

House Passes Garrett Amendment to H.R. 4413, the Customer Protection and End-User Relief Act

June 24, 2014

WASHINGTON, June 24 -- Rep. E. Scott Garrett, R-N.J. (5th CD), issued the following news release:

The House of Representatives today approved H.R. 4413, the Customer Protection and End-User Relief Act. Introduced by Rep. Frank Lucas (R-OK), the legislation reauthorizes the Commodity Futures Trading Commission (CFTC) to better protect futures customers; to provide end-users with market certainty; to make basic reforms to ensure transparency and accountability at the Commission; and to help farmers, ranchers, and end users manage risks to help keep consumer costs low.

Representative Scott Garrett, Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, successfully amended the bill to address duplicative and overly burdensome requirements on behalf of pensioners, savers, retirees, endowments, municipalities and many other investors. Rep. Garrett's amendment was adopted by a strong bipartisan majority, 252-158.

"At a time when millions of American households are approaching retirement and their investment returns are significantly reduced because of the Federal Reserve's low interest rate policies, it is important that government public policy minimizes the regulatory costs of investing for retirees, pensioners, and savers. We must strike the right balance between ensuring investors have the ability to earn adequate returns on their investments with appropriate regulatory oversight of our financial markets. I'm very glad that my amendment, which would help restore this balance and protect investors, was adopted."

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Source: Targeted News Service

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