June 27, 2017

House Committee on Agriculture - Ranking Member

Opening Statement by Agriculture Committee Ranking Member Collin C. Peterson

Clearing the Next Crisis: Resilience, Recovery and Resolution of Derivative Clearinghouses

--As Prepared for Delivery--

“Thank you Mr. Chairman. And I’m pleased to welcome today’s witnesses to the Agriculture Committee. It’s been awhile since we’ve reviewed these issues and I look forward to hearing your testimony.

“Central clearing is the backbone of the futures industry. When we wrote Title Seven of Dodd Frank we anticipated that clearing could also become a central component of the swaps industry. Now, nearly 10 years after the financial crisis, that change is taking place. I think we can all agree that making our markets safer is a good thing.

“Today we will discuss current policies that are in place to manage a future crisis, and how clearinghouses are prepared if we find ourselves in a crisis situation again.

“I think it’s important to note that the issues we will discuss today would only happen under extreme circumstances. This is why reviewing these issues now, rather than in the midst of a financial collapse, is important.

“Again, I’m looking forward to today’s hearing. I thank the Chair and yield back.”