The House Committee on Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit raised concerns over potential European "encroachment" on U.S. clearinghouse oversight.
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The U.S. House Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit considered testimony on international developments that could affect the U.S. derivatives markets.
U.S. Senate Agriculture Committee Chair Pat Roberts and Ranking Member Debbie Stabenow expressed support for CFTC Chair Giancarlo's strong commitment to the CFTC-European Commission Equivalence Agreement.
Senate Agricultural Committee members questioned nominees for CFTC Commissioner.
The House of Representatives voted to pass H.R. 4413 , the Consumer Protection and End User Relief Act, which reauthorizes appropriations to the CFTC through 2018 and directs the CFTC to issue rules governing the cross-border regulation of derivatives transactions. The bill also: provides materially increased insolvency benefits for customers of failed FCMs, albeit by effectively subordinating all non-customer claims of an FCM to customer claims (section 102); includes new cost-benefit analyses and procedural requirements for the CFTC (section 203); requires the CFTC to submit, every five