FOR IMMEDIATE RELEASE - October 13, 2011
USCC, Bryan Goettel 202-463-5682
NAM, Jeff Ostermayer 202-637-3090
BRT, Kirk Monroe 202-496-3269
API, Cathy Landry 202-682-8122
NREIT, Ron Kuykendall 202-739-9400
RER, Xenia Jowyk 202-639-8400
FEI, Liliana DeVita 973-765-1021
ARA, Richard Gupton 202-457-0825
WASHINGTON, D.C.—The Coalition for Derivatives End-Users today endorsed House and Senate bills that would reform the Dodd-Frank financial regulation law in ways that would minimize adverse impacts on the economy and focus regulatory attention on reducing systemic economic risk.
“The Coalition for Derivatives End-Users is committed to pragmatic, sensible reforms that promote economic growth, allow U.S. companies to manage risk and enhance the stability and transparency of U.S. financial markets,” said Michael Bopp, Counsel to the Coalition for Derivatives End-Users. “Although the Coalition supports the objectives of the Dodd-Frank law, it is a blunt instrument that can hurt companies that had no role in the financial crisis. The Coalition supports a more refined approach that focuses on the real problems. We applaud House and Senate leaders who are attempting to fix the Dodd-Frank Act so that it meets its goals without harming U.S. companies.”
The Coalition for Derivatives End-Users endorsed derivatives-related provisions of the following reform bills:
- S. 1650, the Dodd-Frank Improvement Act of 2011, introduced by Senators Mike Crapo (R-ID) and Mike Johanns (R-NE), takes steps to protect derivatives end-users, who pose no systemic risk to the U.S. financial system, from provisions of the Dodd-Frank law. Click here to view the Coalition for Derivatives End-Users letter of support for S. 1650.
- H.R. 2779, a Bill to Exempt Inter-Affiliate Swaps from the Regulatory Requirements of Title VII of the Dodd-Frank Act, introduced by Representatives Steve Stivers (R-OH) and Marcia Fudge (D-OH), would reduce the regulatory burden on derivatives end-users. Click here to view the Coalition for Derivatives End-Users letter of support for H.R. 2779.
- H.R. 2682, the Business Risk Mitigation and Price Stabilization Act of 2011, introduced by Representatives Michael Grimm (R-NY), William Owens (D-NY), Gary Peters (D-MI) and Austin Scott (R-GA), would create a partial exemption from margin requirements for derivatives end-users. Click here to view the Coalition for Derivatives End-Users letter of support for H.R. 2682.
The Coalition for Derivatives End-Users includes the following major U.S. business associations:
- Agricultural Retailers Association
- American Petroleum Institute
- Business Roundtable
- Commodity Markets Council
- Financial Executives International
- National Association of Corporate Treasurers
- National Association of Manufacturers
- National Association of Real Estate Investment Trusts
- The Real Estate Roundtable
- U.S. Chamber of Commerce
Since its inception in 2007, the Center for Capital Markets Competitiveness has led a bipartisan effort to modernize and strengthen the outmoded regulatory systems that have governed our capital markets. The CCMC is committed to working aggressively with the administration, Congress, and global leaders to implement reforms to strengthen the economy, restore investor confidence, and ensure well-functioning capital markets.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.
www.uschamber.com @USChamber www.chamberpost.com