The NAM applauds the action of the House Agriculture Committee earlier today in reporting out two bills that are critical to derivatives end-users like manufacturers. These bills, H.R. 634, the “Business Risk Mitigation and Price Stabilization Act of 2013” and H.R. 677 the “Inter-Affiliate Swap Clarification Act” are key priorities for manufacturers and will ensure that end-users are fully exempt from posting margin and that inter-affiliate trades are not treated the same as market-facing trades and are exempt from clearing requirements.
As a steering committee member of the Coalition for Derivatives End-Users the NAM has been leading in advocating for the passage of these bills. Today’s mark-up came on the heels of last week’s House Ag Committee hearing where the Coalition had two witnesses testify in support of these bills including NAM member company Honeywell who testified in support of H.R. 634. That these bills were reported out of the House Agriculture Committee so quickly following the hearing is a solid indication that strong support exists for end-users.
We now look forward swift consideration of these two common-sense, cost and job saving bills in the near-term by the House Financial Services Committee in the coming weeks and the NAM will be leading the charge to have this accomplished.
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