WASHINGTON, D.C. – House Majority Leader Eric Cantor (R-VA) today released the following statement on House passage of H.R. 992, the Swaps Regulatory Improvement Act. This bill amends the Dodd-Frank Act to protect America’s small businesses, farmers, and manufacturers:
“The Swaps Regulatory Improvement Act is the second piece of legislation this week that the House passed to protect America’s businesses and consumers from costly regulations and burdensome red tape. While Dodd-Frank was designed to target big financial firms on Wall Street, it’s effects are hampering small businesses and hurting economic growth. The House acted today to put an end to these onerous regulations and protect American businesses, farmers, manufacturers, and consumers from unnecessary federal over-reach. Chairman Jeb Hensarling, Chairman Frank Lucas, Congressman Randy Hultgren, Congressman Richard Hudson and the Committees on Financial Services and Agriculture have worked hard on this important legislation and I applaud its bipartisan approval.”
H.R. 992, The Swaps Regulatory Improvement Act, amends the Dodd-Frank Act to protect America’s small businesses, farmers, and manufacturers. The derivatives regulations coming out of Dodd-Frank are impacting all kinds of businesses, including: manufactures who are insuring against the risk of rise in prices for the supplies they use, hospitals who are insuring against rising interest rates as they pay for expansions, and even farmers who want to insure against fluctuating prices. The Swaps Regulatory Improvement Act amends Dodd-Frank to ensure that financial institutions would be able to provide risk-mitigation services that the law now prevents.