Tuesday, the House passed H.R. 2289, the Commodity End-Users Relief Act, by a vote of 246-171. Introduced by House Agriculture Committee Chairman K. Michael Conaway (TX-11), Rep. Austin Scott (GA-8), and Rep. David Scott (GA-13), this bill reauthorizes the Commodity Futures Trading Commission (CFTC), which has operated without Congressional authorization for nearly two years.
“I am proud to put forth this strong, bipartisan bill that has a positive impact on virtually every portion of our nation’s economy,” Chairman Conaway said. “H.R. 2289 builds on the work of the previous two Congresses to reauthorize the CFTC and contains important customer protections, enhances the Commission’s cost-benefit analysis requirements, and provides relief for end-users from burdensome requirements. I appreciate the support of my colleagues in ensuring these markets run efficiently and effectively.”
In advance of writing H.R. 2289, the Agriculture Committee held a series of hearings where committee members heard from the full range of market participants, including end-users, financial intermediaries, and agency commissioners. Rep. Austin Scott and Rep. David Scott, the Chairman and Ranking Member of the Commodity Exchanges, Energy, and Credit Subcommittee, respectively, released statements upon the committee’s passage of H.R. 2289.