The Futures Industry Association (FIA) sent a letter to leaders in the U.S. House of Representatives this week voicing its support for the Commodity End User Relief Act.
H.R. 238 would reauthorize the Commodity Futures Trading Commission, which hasn’t had statutory authorization for four years. It would also update its statute.
The bill was sponsored by U.S. Rep. Michael Conaway (R-TX) and introduced in the House on Jan. 4.
“H.R. 238 contains prudent internal risk controls to safeguard market data and improved customer protections sought by the market participants who rely on derivatives to manage their risks,” wrote FIA President and CEO Walt Lukken.
“These are examples of policy enhancements that have garnered tremendous favor in recent years as evidenced by the bi-partisan support they have received in previous Congressional sessions,” he said.
Lukken also applauded two amendments to the bill – one that regulates automated trading and another that addresses Ownership and Control Reporting (OCR).
“In particular, FIA would like to lend our support to the bipartisan Duffy/Scott amendment protecting critical intellectual property that is key to the innovative culture in the United States, wrote Lukken.
The House of Representatives on Thursday passed a bipartisan amendment offered by U.S. Reps. Sean Duffy (R-WI) and David Scott (D-GA) to prohibit the CFTC from taking intellectual property without first issuing a subpoena.
The FIA is also supportive of U.S. Rep. Vicky Hartzler’s (R-MO) amendment recognizing the need to improve the quality of information submitted for the CFTC’s surveillance and large trader reporting programs.