The U.S. House of Representatives has passed the conference report on the Wall Street Reform and Consumer Protection Act or H.R. 4173.
"I am pleased the conference report contains many of the provisions the House
Agriculture Committee endorsed in three different bills on these topics," House Agriculture Committee Chairman Collin Peterson (D-Minn.) said. "This bill will mitigate the outrageous price spikes in commodity markets that we first saw two years ago, bring greater transparency to the derivatives market through mandatory clearing and ensure that end users can continue using derivatives to hedge risk."
He went on to emphasize that the comprehensive legislation represents a middle ground between the House and Senate products. “While no one got everything they wanted in this bill, I think we got a bill that will help prevent another crisis in the financial markets like the one we experienced in 2008," Peterson said.
The House Agriculture Committee played a key role in developing the financial
reform legislation; particularly provisions that address increased volatility and speculation in the derivatives markets and that strengthen oversight and increase transparency in the markets for futures, options and over-the-counter products and swaps.
The Senate must now vote to approve the conference report before it then would head to President Obama for his signature.
Source: U.S. House Committee on Agriculture