Opening Statement by House Ag Committee Ranking Member Collin C. Peterson Business Meeting to Consider H.R. 1840, H.R. 2682, H.R. 2779, H.R. 2586, H.R. 2779, H.R. 2586, H.R. 3336 and H.R. 3527

“Thank you Mr. Chairman. For the past year, our Committee has held several hearings and listened to a host of stakeholders who are concerned about how the Dodd-Frank Act is being implemented with regard to improving oversight and accountability in derivative markets. At each of these hearings, I have recommended patience and caution for those seeking to change the law.

“Today, as the Committee marks-up these various bills, I want to reiterate my view that it is premature to move on legislation until we see the final rules. Looking at the Dodd-Frank rules that have already been finalized by the CFTC, I believe it is safe to say that, so far, the CFTC has done a pretty good job.

“For example, during a legislative hearing last year, we heard concerns about business conduct standards and the potential impact they could have on pension plans’ ability to use swaps to hedge risk. Earlier this month, the Commission approved a bipartisan final rule establishing business conduct standards. The general feeling I get from the pension plans is that the CFTC got the final rule right.

“I talk frequently with Chairman Gensler and from what he has told me, I am confident that much of what we are considering today is not necessary. The CFTC is going to get this right. To date, most of the final rules coming out of the Commission have bipartisan support and are addressing the concerns that stakeholders have expressed to both us and the Commission.

“I know the CFTC’s steady progress is driving the Republican Congressional leadership crazy. It is hard to peddle fear of agency overreach when the agency acts responsibly and truly listens when putting together a final product. It is a shame that we are focusing so much attention on problems that MAY happen instead of the problems that HAVE happened like the thousands of customers still waiting for their money from MF Global. Unfortunately in this town, people are often more interested in scoring political points than actually trying to solve real and present problems.

“I understand and support the Chairman in bringing three of the bills we are considering before the Committee today, even if I may not support them on their merits. The House Financial Services Committee

has already acted upon them, and the Chairman’s leadership has only given the Committee until February 1st to act or else be discharged. Although I think it is premature to consider these three bills based on their content, the members of this Committee should have the right to lend their voices – pro or con – before the Republican leadership takes them away from us.

“Two of these bills have not been acted upon by other Committees, and I believe we could wait to see the CFTC’s final rules. The fact that the CFTC may consider the swap dealer definition in the coming weeks could give us great insight as to whether provisions in both bills are necessary. But, as I well know, being Chairman has its privileges and one of them is setting the Committee’s agenda. So, here we are.

“The sad part of this exercise is that we may find out later it wasn’t even necessary. What is potentially even sadder is that even if we do find that any of these bills ARE necessary, they have no future. The majority of Senate Republicans and their leadership have dedicated themselves to the repeal of Dodd-Frank. Even if the CFTC gets something wrong and we try to fix it, the Senate Republicans will filibuster any correction unless they get to add some poison pill amendment that guts the heart of law. Senate Republicans are not interested in making the law work better; they just want to kill it.

“With that Mr. Chairman, I appreciate your yielding me time and I yield back.”