A letter signed by key leaders in the Senate and House has been sent to the heads of the Federal Reserve, Commodities Futures Trade Commission and Securities Exchange Commission. The letter urges the agencies to provide an exemption from margin requirements for end-user transactions. The writers stressed the need to limit regulatory burdens that could have the unintended effect of driving up costs for end-users increasing costs for consumers and diverting capital from opportunities to promote economic growth and job creation.
Senator Debbie Stabenow, D-Mich., chairwoman of the Senate Ag Committee, says new protections are necessary to prevent future government bailouts and economic meltdowns. It's critical to protect end-users to continue bolstering the economic recovery.
Senator Tim Johnson, D-S.D., chairman of the Senate Committee on Banking, Housing, and Urban Affairs, notes that the regulators must carefully coordinate their rulemakings with international reform efforts to avoid placing American businesses at a competitive disadvantage that could send good paying American jobs overseas.
Representative Frank Lucas, R-Okla., chairman of the House Committee on Agriculture says an exemption for end-users means more cash working for the economy. Right now, we need to do everything we can to ensure the economy is growing and creating jobs for Americans across the country.