First, Title II of HR 4413 imposes onerous new administrative burdens on the CFTC whose practical effect will be to delay the Commission's ongoing Dodd-Frank rulemaking and encourage costly litigation. We need more certainty - not less certainty - when it comes to regulating our derivatives markets, and HR 4413 would take us in precisely the opposite direction.
Second, Title III of HR 4413 would make it much more difficult for the CFTC to regulate cross-border derivatives transactions that pose a risk to the U.S. economy. The legislation creates this vulnerability by substituting foreign derivatives rules for U.S. law unless the CFTC and the
Third, neither this legislation ? nor the FY 2015 House Agriculture-FDA Appropriations bill, which proposes to slash the CFTC's budget by 22 percent below the President's request ? does anything to provide the CFTC with the resources it needs to police fraud and excessive speculation in our derivatives markets on behalf of end users and consumers.
For these reasons, I urge a no vote on HR 4413, and I yield back the balance of my time.
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