Collin Peterson

Mr. PETERSON

Mr. PETERSON. Mr. Chair, I think I made clear my position. I was hoping that we could work out a bill here that could have support across the board, but I just think that there are areas we have gone into with this bill that are going to cause more harm than good, and I think it is not a good bill. It is not the kind of bill that we need to give the Commission the reauthorization that they need to do their job, so I ask my colleagues to oppose the bill. I yield back the balance of my time.

Mr. PETERSON. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, I oppose this legislation because it will roll back important financial regulations and interfere with the CFTC's ability to do its work. I am very concerned that H.R. 2289 will open the door to the types of things that created the financial mess that we are just beginning to get ourselves out of. So let me be clear. I don't have an issue with many of the provisions that are relevant to end-user protections. In fact, the Dodd-Frank bill that I helped write states very clearly that end users were not the problem, and the CFTC has been very receptive to that fact and taken that into consideration as they have adopted rules. One of my biggest concerns in this bill is the new cost-benefit analysis. This is, in my opinion, all cost and not a lot of benefit unless you are one of the nine big banks who, as far as I am concerned, have not learned a thing from the financial crisis. This not only adds an unneeded layer of government bureaucracy; it opens the doors to lawsuits from major banks seeking to delay or completely derail CFTC rulemakings. I also have serious concerns with the trouble that will be caused by section 314, the cross-border section of this bill. Chairman Massad has been negotiating extensively and in good faith with our European counterparts to harmonize their rules with ours. I have talked to the Chairman a number of times about this, and he has assured me and it has been independently verified that they are 85 percent of the way to getting a deal in this area. This provision in my opinion will cut the negotiators off at the knees. I am worried that this provision will take us back to where we were and what was happening prior to the financial crash. The big banks at that time that have offices both in London and New York were playing us against each other, getting the United States to water down rules by threatening to move their business elsewhere and vice versa, and that was verified on committee trips that we took over to Europe and in discussions with their regulators. The cost-benefit requirement, as I said, along with the cross-border rule, will cost $45 billion over 5 years, according to the CBO. And again, this is a cost that I believe doesn't have a whole lot of benefit. H.R. 2289 has a whole host of other problems. The bill unravels the transparency provided by Dodd-Frank, slows down CFTC staff ability to respond to industry concerns, mucks up the Commission's ability to issue guidance if rules need updating or clarification, and relitigates a disagreement between former commissioners that has no place in this bill. This is a bad bill that can't be fixed. It should be defeated by the House. I urge my colleagues to oppose H.R. 2289. Mr. Chairman, I have a statement from the administration where they have indicated their displeasure with this bill and the fact that they are going to recommend vetoing it. I reserve the balance of my time. Statement of Administration Policy H.R. 2289--Commodity End-User Relief Act (Rep. Conaway, R-TX, June 2, 2015) The Administration is firmly committed to strengthening the Nation's financial system through the implementation of key reforms to safeguard derivatives markets and ensure a stronger and fairer financial system for investors and consumers. The full benefit to the Nation's citizens and the economy cannot be realized unless the entities charged with establishing and enforcing the rules of the road have the resources to do so. The Administration strongly opposes the passage of H.R. 2289 because it undermines the efficient functioning of the Commodity Futures Trading Commission (CFTC) by imposing a number of organizational and procedural changes and would undercut efforts taken by the CFTC over the last year to address end-user concerns. H.R. 2289 also offers no solution to address the persistent inadequacy of the agency's finding. The CFTC is one of only two Federal financial regulators funded through annual discretionary appropriations, and the funding the Congress has provided for it over the past five years has failed to keep pace with the increasing complexity of the Nation's financial markets. The changes proposed in H.R. 2289 would hinder the ability of the CFTC to operate effectively, thereby threatening the financial security of the middle class by encouraging the same kind of risky, irresponsible behavior that led to the great recession. Prior to enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the derivatives markets were largely unregulated. Losses connected to derivatives rippled through that hidden network, playing a central role in the financial crisis. Wall Street Reform resulted in significant expansion of the CFTC's responsibilities, establishing a framework for standardized over-the-counter derivatives to be traded on regulated platforms and centrally cleared, and for data to be reported to repositories to increase transparency and price discovery. The changes proposed in H.R. 2289 would hinder the CFTC's progress in successfully implementing these critical responsibilities and would unnecessarily disrupt the effective management and operation of the agency without providing the more robust and reliable funding that the agency needs. In order to respond quickly to market events and market participants, the CFTC needs funding commensurate with its evolving oversight framework. The Administration looks forward to working with the Congress to authorize fee funding for the CFTC as proposed in the FY 2016 Budget request, a shift that would directly reduce the deficit. User fees were first proposed in the President's Budget by the Reagan Administration more than 30 years ago and have been supported by every Democratic and Republican Administration since that time. Fee funding would shift CFTC costs from the general taxpayer to the primary beneficiaries of the CFTC's oversight in a manner that maintains the efficiency, competitiveness, and financial integrity of the Nation's futures, options, and swaps markets, and supports market access for smaller market participants hedging or mitigating commercial or agricultural risk. If the President were presented with H.R. 2289, his senior advisors would recommend that he veto the bill.

Mr. PETERSON. Mr. Chairman, I yield 5 minutes to the gentleman from Georgia (Mr. David Scott).

Mr. PETERSON. I yield the gentleman an additional 2 minutes.

Mr. PETERSON. Mr. Chairman, I yield myself such time as I may consume. With all due respect to my colleagues who have been claiming that the bill does this and does that, there are a lot of groups that have a different view. There are over two-hundred-and-some groups that disagree with how the impacts of these bills were going to affect the markets, including the chairman of the Commodity Futures Trading Commission, who are the people who actually have to administer this law. And we have a letter from the chairman that has a completely different point of view than Mr. Scott has and others in terms of how this will impact the situation. According to the chairman, you know, he is opposed to this. He says: ``I believe that many of the provisions in this bill before the committee are either unnecessary or impose requirements on the Commission that would make it harder to fulfill their mission. The bill limits the agency's ability to respond quickly to both market events and market participants. It will make it more difficult for us to make adjustments to rules and achieve greater global harmonization of swaps rules. With respect to the provisions pertaining to commercial end users' concerns, the agency has sufficient authority to address the goals outlined in the legislation and in most cases has already done so.'' He also states: ``I have concerns that title II of the bill includes language that would complicate the agency's longstanding statutory requirements to consider costs and benefits in its rulemaking, imposing additional, unworkable standards and creating confusion that is likely to lead to more lawsuits instead of policy grounded in data-driven analysis. Had this language been in effect, it would have been harder for the agency to positively respond over the past 10 months to market participants' concerns. Title II also imposes procedural requirements on the agency that, to my knowledge, are not followed by any other independent agency. These changes would make it difficult to manage the agency and to ensure accountability and could weaken the Commission for administrations to come.'' So there is a disagreement of opinion about how this bill will actually impact the marketplace and how it will actually work. And if, as was claimed, it wasn't going to have any effect, I would be here supporting it. In my opinion, this is going to have significant impacts on the way the Commission does its work, and I think it is going to do more harm than good. I reserve the balance of my time.

Mr. PETERSON. Mr. Chairman, I yield 2 minutes to the gentlewoman from Connecticut (Ms. DeLauro).

Mr. PETERSON. Apparently, I have a speaker coming, but she is not here yet, so we could wrap up, I guess.

Mr. PETERSON

Mr. PETERSON. Madam Speaker, I strongly support the Energy Efficiency Improvement Act, which will create a special category for large volume water heaters in the Department of Energy's new energy efficiency standards. Without this bill, manufacturers would no longer be able to make large volume water heaters, which are commonly used in Minnesota homes. This legislation is necessary because the DOE failed to recognize the many benefits that large-volume water heaters provide, like bringing more renewable energy onto the grid, and allowing power plants to run more efficiently. The Department then made a problematic rule even worse by pulling a waiver for this technology three weeks before the rule went final this month. This could have been where the story ended, but a diverse coalition of stakeholders had been working together to ensure that this technology can continue to be used. They know that using electricity in a smarter way not only saves consumers money, but it is also good for the environment and helps to stabilize the grid. That is why industry, environmental and energy efficiency stakeholders support these hot water heaters when used as part of demand response systems. I hope that with the passage of this bill, the Department can get quickly reverse course, and move forward. This is good, reasonable legislation and I urge my colleagues to vote yes.

Mr. PETERSON

Mr. PETERSON. I thank the gentleman. Mr. Chairman, I am proud to be an original cosponsor of H.R. 1029, the Science Advisory Board Reform Act, and I urge my colleagues to vote in support of this bill. The Science Advisory Board's work is important in making sure that the EPA considers all scientific information when writing regulations that will impact American farmers, families, and small businesses. Unfortunately, concerns have been raised about the current review process. In listening to the debate, people need to understand that this is merely an advisory board, that these folks are not the ones who are making the decisions. I would argue that, if there is one thing that the EPA needs, it is sound advice, and they wouldn't get themselves into all of this trouble that they continue to get themselves into over water in the U.S. and every other thing that you can name. We have got a business in my district that has complied with everything they have asked. It did a 90 percent reduction in emissions from its outside wood furnaces, and now the EPA has come with a regulation that will put them out of business and cost 250 jobs in my district, and it is just on and on. I think that it would be good for the EPA to get advice from people whom, maybe, they aren't listening to. Under the current process, it is just not working. They are, I think, only hearing from one side of these arguments. I don't know what people are afraid of, as you are going to have advice coming from people who actually know what is going on with some of these issues, and I think that is a good thing. This legislation addresses those concerns, and it builds on the work that we did in the 2014 farm bill. I think this bill is necessary, as I said, to make sure that there is the right kind of input in the EPA. I don't know if it is going to solve all of the problems, but it will help ensure a more balanced and independent Science Advisory Board, and it will help alleviate some of the unintended consequences that are surrounding current EPA regulations, so I encourage my colleagues' support.

Mr. PETERSON

Mr. PETERSON. I thank the gentleman. Mr. Chairman, I rise in support of H.R. 185, the Regulatory Accountability Act of 2015. This is commonsense legislation, and I urge my colleagues to support it. Our farmers, ranchers, and businesses are all feeling the burden of increased regulation, and we need to act to ensure that they are not regulated out of business. We all understand how difficult it is to pass legislation, but it is sometimes often even harder to get the regulations written correctly. Sometimes you don't recognize the legislation that passed when they are done with it. Rather than following the intent of the law, we have seen interest groups using the regulatory process to interpret the law in their best interests. This should not be the case. H.R. 185 will create a more streamlined, transparent, and accountable regulatory process and give the American people a stronger voice in agency decision-making. Specifically, the bill requires agencies to choose the lowest cost rulemaking alternative, streamlines administrative hearings to provide for more stakeholder input, and provides for more judicial review of new agency regulations. Similar legislation received bipartisan support in the House in previous Congresses, and I urge my colleagues to again support these commonsense reforms.

Mr. PETERSON

Mr. PETERSON. Mr. Speaker, I rise today to recognize the dedicated service of my long time district staff assistant, Sharon Josephson. After 24 years of service to me and the constituents of Minnesota's Seventh District, Sharon retired at the end of the 113th Congress. Sharon began working for me when I was elected to Congress in 1990, and very ably served the people of Minnesota's Seventh District, handling nearly every issue and concern that our office faced. Over the years, Sharon drove countless miles through a geographically large and rural district to help constituents, communities and businesses navigate federal issues. In the wake of severe flooding events, Sharon worked with community leaders throughout the Red River Valley as they dealt with the challenges of clean up, recovery and mitigation of future events. She was a steady presence at meetings of watershed districts, the Red River Basin Commission, the Fargo/Moorhead Diversion, the Red River Retention Authority and many others. As a former educator, Sharon enjoyed speaking to classrooms around the district about the workings of Congress and the political process. She also coordinated the Military Academy nominations process, helping many high school students achieve their dreams of attending places like West Point, the Air Force Academy, and the Naval Academy. Sharon was a trusted advisor that I called on for advice on a regular basis. It will be difficult to see her leave and she will be missed by so many. After many years of dedicated public service, Sharon will now be able to enjoy more time with her husband Roger, children Sarah, Dan, and Martha, granddaughter Sophia, and another grandchild who will be born later this month. So again, Mr. Speaker, I am proud to recognize Sharon's service to the House of Representatives and her dedication to Minnesota's Seventh District. I wish her all the best in her retirement.

Mr. PETERSON

Mr. PETERSON. Mr. Speaker, I rise today to recognize the dedicated service of my Chief of Staff, Cherie Slayton. After more than 30 years of government service, Cherie will be retiring at the end of this Congress. Cherie started her career as an elevator operator. She went on to work for former Senator Frank Church and Congressmen Norm Dicks and Larry LaRocco before joining my staff in 1995. Cherie began as an Executive Assistant in my office and, in 2011, was named Chief of Staff. Throughout this time, Cherie has been a calm and steady voice in a sometimes-chaotic environment, offering good judgment and trustworthy service. Quite frankly, I don't know if I would have made it through some days without her. But more important than the day to day work here in Washington, Cherie has served the people of Minnesota's Seventh Congressional District. Over the years she has developed numerous personal relationships--listening to the concerns of our constituents--and it is these friendships that have made Cherie an invaluable member of my team as well as a staunch advocate for Minnesotans. It is also part of the reason it is so difficult to see her go. After so many years of dedicated public service I know that she is looking forward to spending more time with her husband Tom, children Tom and Kate, and her granddaughter Ellie. So again, Mr. Speaker, I am proud to recognize Cherie's service to the House of Representatives and her dedication to Minnesota's Seventh District. I wish her all the best in her retirement.

Mr. PETERSON

Mr. PETERSON. Mr. Speaker, I rise in strong support of this legislation and also want to thank the gentleman from Wisconsin for his kind words on behalf of the family and the people of the State. Jim Oberstar passed away this year, as we all know, and we lost a great advocate for transportation and infrastructure. He and I served together for many years in this Congress, and we worked closely together as representatives of rural districts in Minnesota. One thing that I really admired about Congressman Oberstar, he wasn't afraid to take tough positions and do what he thought was right. As chairman of the Transportation and Infrastructure Committee, he supported an increase in the gas tax, so that we could ensure long-term sustainable funding for our Nation's transportation needs. That is one thing he and I both agreed on, and I know he met strong resistance for expressing those views. Beyond his work on the committee, Congressman Oberstar was passionate about his district and the people he represented. He was a tireless advocate, and he made sure that the Eighth District had a voice through his leadership and in the caucus. Mr. Speaker, the legacy of Jim Oberstar will live on in Minnesota and across the country for decades to come, and I know that he would be proud to have this highway and national scenic byway in Minnesota named in his memory, and as has been indicated, we will all miss his tremendous expertise and advocacy for transportation in this country. Mr. Speaker, I urge my colleagues to join me in support of this legislation.

Mr. PETERSON

Mr. PETERSON. Mr. Speaker, I thank the gentlewoman from Wisconsin and the others for their work on this legislation. H.R. 5471 provides further clarity to those using the derivatives market to hedge against risk and builds upon language in H.R. 4413, legislation approved by the House last summer to reauthorize the CFTC. The bill before us today makes it clear that if an affiliate of a company already exempted from clearing engages in a swap with a swap dealer or major swap participant in order to hedge or mitigate commercial risk, those swaps would also be exempt from the clearing requirement as long as they use an appropriate credit support measure. While it is my understanding that the CFTC would prefer to address this issue through agency action, I also believe that they are supportive of this language. Because H.R. 5471 improves the work already done by the House, I urge my colleagues to support this bill.

Mr. PETERSON

Mr. PETERSON. Mr. Speaker, I rise today to honor the life and service of Bill Frenzel, U.S. Representative of the 3rd District of Minnesota from the 92nd through the 101st Congress, who sadly passed away on Monday, November 17th at the age of 86. Bill retired from Congress right as I was elected to office to serve Minnesota, but I was lucky enough to have gotten to know him during my tenure in the Minnesota Senate and later serving as the Representative from the 7th District on Minnesota. He left a great legacy and was an honorable public servant. Born in St. Paul in 1928, Bill attended Dartmouth College where he received both his Bachelor's and Master's degrees. Following graduation, Bill served as a lieutenant in the United States Naval Reserve during the Korean War from 1951 to 1954. Prior to his election to the U.S. Congress, Bill served for 8 years in the Minnesota House of Representatives, amongst other boards and executive committees. Bill had a successful career representing Minnesotans during his tenure in Congress. Rising to Ranking Member on the House Budget Committee, and a long tenure on the House Ways and Means Committee, he became known around Washington as an expert in budget and fiscal policy. He served as a Congressional Representative to the General Agreement on Tariffs and Trade (GATT) for 15 years. After serving 10 terms, Bill decided to retire, telling the Star Tribune, ``You ought to go out when you're hitting .300, rather than deteriorating.'' Following his retirement from Congress, Bill did not slow down. He served as Chairman of the Ripon Society until 2004, and has been a guest scholar at the Brookings Institution since his retirement, serving as a director of the Brookings Governmental Affairs Institute. In 1993, President Bill Clinton appointed Bill as a special adviser to help work with the Republican party to pass the North American Free Trade Agreement. Subsequently, President George W. Bush appointed Bill to the Social Security Commission, and to the Advisory Committee on Trade Policy and Negotiations. Up until his death, Bill continued to chair numerous boards and commissions, furthering his legacy as a devoted public servant and policy maker. Not only a brilliant mind, Bill had a knack for lighting up a room around him. He had an engrained sense of integrity that he embodied throughout his life and career. Known around Washington for his ``doodles,'' Bill was able to maintain a sense of lightness and humor, while navigating difficult policy negotiations. Bill Frenzel leaves behind a monumental legacy in Washington and Minnesota, but his crowning achievement was that of his family: his wife Ruthy and his three daughters, Debby, Pam and Mitty, and two grandchildren. My prayers go out to them during this time of grief and loss. Mr. Speaker, I rise to honor Bill's life and legacy, as he was truly a giant in Washington and the U.S. Congress. It is in that sense that I invite my colleagues to join me in remembering his service, and that we may all serve to honor his work.

Mr. PETERSON

Mr. PETERSON. Mr. Chairman, I thank the gentleman. I rise today in strong support of H.R. 5078, the Waters of the United States Regulatory Overreach Protection Act. As others have said, H.R. 5078 would prohibit the EPA and the Army Corps of Engineers from redefining waters of the United States under the Clean Water Act. The bill would also prohibit implementation of the interpretive rule for agriculture which, while it probably was meant to provide some clarity to farmers and ranchers, only creates more confusion and is bad for agriculture. This legislation is necessary because, in my view, the EPA does not seem to understand the real world effects that these regulations will have on farmers across the country. We still don't have any clear definition of a wetland in agriculture, an issue that is dating back to the eighties and nineties. Maps used by the USDA were unclear then and often mislabeled wetlands. This rule would not clarify it. It would only add more to the uncertainty that we are facing in that regard. In my State, the USDA's Natural Resources Conservation Service has done a great job working with farmers to encourage voluntary conservation efforts. This rule would severely disrupt those positive efforts. I urge my colleagues to support this legislation.

Mr. PETERSON

Mr. PETERSON. Mr. Speaker, I rise today to honor Sergeant Eric Kilian of the Hutchinson, Minnesota Police Department, a brave law enforcement officer from the 7th Congressional District who was recently awarded the 2014 Police Officer of the Year award by the Minnesota Police and Peace Officers Association--the largest organization of professional law enforcement officers in the State. Sgt. Kilian has served as a law enforcement officer for over 22 years and was recently recognized for his heroic actions during an occurrence that took place last October in Hutchinson. When responding to a report of a suspicious person, Sgt. Kilian was faced with a dangerous suspect likely under the influence of methamphetamines. The suspect engaged the officer in a physical altercation and attempted to disarm him and take command of his service weapon. Running out of options and thinking quickly, Sgt. Kilian discharged his weapon in the suspect's chest. The injured perpetrator attempted to escape but collapsed nearby. Sgt. Kilian then proceeded to administer first aid until paramedics arrived. The suspect ultimately survived after being transported for medical treatment. Based on Sgt. Kilian's actions, a dangerous situation was resolved, and a life was saved. Sgt. Kilian's professional response to the incident demonstrates his excellence as a law enforcement officer and I would like to recognize his brave actions before this Chamber. Mr. Speaker, as a long-time friend, supporter and ally of the Minnesota law enforcement community, I am proud to recognize the sacrifices our officers make in the line of duty each and every day. I, along with all my colleagues, owe a great deal of gratitude to the Americans who make this a safer country every single day. It is a great honor to represent these heroic men and women and I invite my colleagues in the House to join me in congratulating Officer Kilian on receiving this recognition.

Mr. PETERSON

Mr. PETERSON. I thank the gentlelady. Mr. Speaker, I rise today to support H.R. 935, the Reducing Regulatory Burdens Act, which will relieve farmers, foresters, and other pesticide applicators from a potentially costly regulatory burden that would do little, if anything, to protect the environment. The legislation simply makes clear congressional intent by amending both the Clean Water Act and the Federal Insecticide, Fungicide, and Rodenticide Act, FIFRA, to prohibit permits for pesticide application when pesticides are applied consistent with FIFRA. This legislation is necessary following a 2006 decision by the Sixth Circuit Court of Appeals that overturned an EPA rule which specifically exempted permitting of certain pesticide applications under the Clean Water Act. The Court's decision preempts FIFRA by the Clean Water Act for the first time in the history of either statute. Clean Water Act permitting requirements place a significant burden and responsibilities on the States and the EPA. These National Pollution Discharge Elimination System permits do not reduce the amount of pesticides being used or bring about additional water monitoring. I know many of my colleagues share my concern about the regulations coming from the EPA, and frankly, the last thing we need to do, we need the EPA to do, or the lawyers or the judges who don't understand agriculture, is to have them tell farmers how to farm or add another meaningless paperwork exercise to their workload. The courts are not the place to make agriculture policy, and this legislation takes a step to address that. Additionally, this bill is identical to legislation passed by the House last Congress with broad and strong bipartisan support. So I urge my colleagues to show that same support today.

Mr. PETERSON

Mr. PETERSON. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of H.R. 4653, legislation that reauthorizes the U.S. Commission on International Religious Freedom. I would like to begin by commending Representative Frank Wolf, the author of this important legislation, along with Representative Chris Smith, for their leadership on international religious freedom issues and for their hard work on this bill. Article 18 of the Universal Declaration of Human Rights States that: Everyone has the right to freedom of thought, conscience, and religion; this right includes freedom to . . . manifest his religion or belief in teaching, practice, worship, and observance. Yet, every day religious communities around the world are subject to escalating violence, persecution, and discrimination. In Sudan, a woman just faced a trial for apostasy, and was initially sentenced to death. China has banned fasting during Ramadan in Muslim- majority areas. In Nigeria, Christians and Muslim communities live in fear of the fanatical terrorist group Boko Haram. In Iran, the regime continues to persecute members of the Baha'i faith. These and the many other examples of religious intolerance around the world are unacceptable. In keeping with our values, the United States has a responsibility to speak out against violations of religious freedom wherever they might occur. USCIRF's work to defend religious freedom ranges from conducting research and publishing reports and analysis for public consumption, to offering advice and guidance to lawmakers on religious freedom violations around the world. I believe religious freedom is a cornerstone of a strong democracy. And democracies, especially the United States, have a responsibility to support religious freedom around the world. Mr. Speaker, I urge my colleagues to join me in supporting H.R. 4653, and I reserve the balance of my time.

Mr. PETERSON. Mr. Speaker, I have no more speakers, so I encourage all of my colleagues to support H.R. 4653. I yield back the balance of my time.

Mr. PETERSON

Mr. PETERSON. Mr. Speaker, I yield myself such time as I may consume. I want to thank Foreign Affairs Committee Chair Royce, the subcommittee Chair Chris Smith, and Ranking Members Engel and Bass for their support of this legislation. I first heard about this problem when a constituent from my district, Kristin Zeidler of Montevideo, called my office to explain her family's situation. Kristin and her husband, Gregg, adopted a 4-year-old girl from the Democratic Republic of the Congo. Their adoption has been recognized by both the United States Government and the Congolese Government since December of 2012, but they are not being allowed to bring this little girl home. That is because, in September 2013, adoptions from the DRC were effectively suspended as the Congolese immigration authorities stopped issuing exit permits to adopted children. The Zeidler family has been fighting for the last year and a half to bring their little girl home. This is just one example of more than 800 Congolese children and their adoptive American families who are caught up in the ongoing adoption crisis in the DRC. Just to put this into context, this is over 10 percent of the total number of children who were adopted internationally by American families last year worldwide. The majority of the impacted cases are in their final stages and are merely awaiting the last step to bring home their legally adopted children. This legislation takes a pragmatic approach, seeking to keep both sides at the table and to lead us towards a positive resolution. The resolution recognizes the Congolese Government's concerns about the ethical and transparent adoption process, and it respectfully requests that the issuance of exit permits and the adoption process resume. Most importantly, H.R. 588 encourages a continued dialogue between our two countries on this issue. I hope that our mutual interests in the welfare of these children can lead us to a solution. Turmoil in the region makes official estimates difficult, but we know there are millions of orphans living in the Democratic Republic of the Congo. With hundreds of American families like the Zeidlers being impacted by the suspension, we have a responsibility to act. A child's right to a family is a basic human right that is worthy of protection. I am leading a letter with Representatives Eddie Bernice Johnson, Michele Bachmann, and Trent Franks to President Obama, asking him to address this issue when he meets with President Kabila at the United States-Africa Leaders Summit here in Washington, D.C., next month. I urge my colleagues who support this resolution today to also consider signing the letter. Once again, I am very grateful to committee Chairman Royce and to subcommittee Chairman Smith for their attention to this important issue, and I am also grateful for the support of the Adoption Caucus cochairs--Congresswoman Bachmann and Congressmember Bass--and of Ranking Member Engel. With that, Mr. Speaker, I reserve the balance of my time.

Mr. PETERSON. Mr. Speaker, I yield back the balance of my time. General Leave

Mr. PETERSON

Mr. PETERSON. Mr. Chairman, I yield myself such time as I might consume. The bill before us today is bipartisan, reasonable legislation to reauthorize the CFTC. I believe this bill strikes the necessary balance to actually become law. The Dodd-Frank Act tasked the CFTC with implementing a variety of new regulations to better protect the derivative market participants, and while the Commission has made great progress, recent cases have demonstrated there is more work that needs to be done. H.R. 4413 better protects farmers and ranchers who use the futures markets by cementing into law several new regulatory provisions that arose out of the MF Global bankruptcy and the fraud that occurred at Peregrine Financial. The bill requires electronic confirmation of customer fund account balances held at depository institutions and prohibits firms from moving customer funds from one account to another without regulators' knowledge. The bill also examines two issues that have recently gained notoriety: high-frequency trading and funding for the CFTC. Michael Lewis' book ``Flash Boys'' has made high-frequency trading a hot topic. But what many people don't realize is that high-frequency trading in securities markets is very different from high-frequency trading in futures and other derivatives markets. This is why the bill directs the CFTC to thoroughly examine this practice and report back to Congress their findings. And once we have a better understanding of high-frequency trading in the markets regulated by the CFTC, we can then determine if further legislative action is necessary. The bill also directs GAO to examine CFTC's funding needs. There has been a lot of debate in the House about the agency's funding level and how the fund should be used. And I am not sure anybody really knows. So having an independent third party, like the GAO, look at this question will better inform the debate going forward. As the chairman said, H.R. 4413 also provides some much-needed clarity to end users, agriculture and energy producers, and others who actually use the derivatives market to hedge against risk and did not cause the financial collapse. Congress never intended for these end users to be regulated in the same manner as financial entities, and H.R. 4413 makes that clear. The bill also incorporates legislation already passed by the House, with strong bipartisan support, including end user margin exemptions, indemnification requirements, and relief for municipal utilities. I know Members have raised concerns about two particular provisions in this bill, the cost-benefit section and the cross-border section. The cost-benefit language mirrors President Obama's Executive Order 13563, which imposed cost-benefit assessment standards on all government departments. I didn't hear any complaints about increased workload when the executive order was issued. But there are some complaints about what is in this bill. I guess because the executive order exempted cost-benefit standards from legal challenges, some have suggested that the financial industry will use this bill's new standards to challenge CFTC rulemaking. But, frankly, I think the financial industry will continue to sue the CFTC regardless of whether we change the cost-benefit standards or not. It is the industry's nature to fight regulation. We will also be considering some amendments to address these concerns, and I look forward to this debate tonight. Finally, I have heard some fears that this bill gives some foreign interests an automatic exemption from U.S. swap rules. So let's be clear. The CFTC has adopted these cross-border provisions. The SEC has not. And what it says in this bill is, if they don't agree, then the current regulations stay in place. So the CFTC's cross-border guidance is going to continue to be effective and remain in place, and whatever cross-border rule the SEC finalizes next week will also be effective. And what it says in this bill is that if they can ever reconcile those two things, then there could be some changes in how the cross-border rule is administered. But given the history of these two agencies, the chances of them actually coming together on this are probably slim to none. We have been waiting 14 years for joint rules regarding portfolio margining for products under their respective jurisdictions. So their record of cooperation is not good. And as I said, right now, the CFTC has rules. They say that if somebody is doing business in the U.S., they are going to have to come under U.S. law, and that is the way it is going to stay. So, Mr. Chairman, this bill is not perfect. But if we waited for perfection, we would be waiting forever, and we wouldn't be able to vote for anything. This bill deserves our support so we can move the process along to the Senate and hopefully see a bill signed into law before the CFTC reauthorization expires in September. I urge my colleagues to support H.R. 4413, and I reserve the balance of my time.

Mr. PETERSON. Mr. Chairman, I am now pleased to yield 5 minutes to the gentlewoman from California (Ms. Waters), the ranking member of the Financial Services Committee.

Mr. PETERSON. Mr. Chairman, I am now pleased to yield 6 minutes to the gentleman from Georgia (Mr. David Scott), the ranking member of the relevant subcommittee.