[Congressional Record Volume 161, Number 4 (Friday, January 9, 2015)]
[Extensions of Remarks]
[Page E41]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




H.R. 37--PROMOTING JOB CREATION AND REDUCING SMALL BUSINESS BURDENS ACT

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                  HON. HENRY C. ``HANK'' JOHNSON, JR.

                               of georgia

                    in the house of representatives

                        Friday, January 9, 2015

  Mr. JOHNSON of Georgia. Mr. Speaker, on January 7, 2015 I 
inadvertently voted yes on Roll Call number 9, on H.R. 37--the so-
called ``Promoting Job Creation and Reducing Small Business Burdens 
Act''. I intended to vote no on this bill and I wish to make my 
position clear for the record.
  I oppose this bill because it undermines the Dodd-Frank Wall Street 
Reform Act. This important law was passed in response to the worst 
financial crisis since the Great Depression and it was designed to 
ensure that Wall Street will never again be able to destroy our 
economy. The crisis was made worse by the widespread trading of complex 
financial derivatives, many of which were not understood by those 
engaged in their trade, and many of which were not used by ``end 
users'' engaged in traditional hedging of risk. Dodd-Frank protects our 
economic security by requiring over-the-counter derivatives to be 
regulated by both the Commodity Futures Trading Commission (CFTC) and 
the Securities and Exchange Commission (SEC). This bill would undermine 
those protections by forbidding regulators from imposing requirements 
that margin or collateral be provided for derivatives transactions 
involving commercial companies. The legislation is also harmful in that 
it entirely eliminates statutory authority for the Commodity Futures 
Trading Commission (CFTC) and the Securities and Exchange Commission 
(SEC) to regulate margin and collateral at non-bank derivatives dealers 
serving commercial end users.
  Even though regulators have not proposed to require any margin of 
commercial end users at this time, it is inappropriate to completely 
eliminate the ability of central derivatives market regulators to take 
action in this important area. This is a clear attempt by Republicans 
to delay and weaken implementation of core parts of the Dodd-Frank Act 
at the expense of main street, and our future economic security.
  Unfortunately, this misguided bill was brought to the floor with 
complete disregard for proper legislative process. Legislation such as 
this should be considered by committees and members should have the 
opportunity to offer amendments. This did not occur in this instance 
and instead was brought directly to the floor on a suspension of the 
normal House rules that apply.
  Although I inadvertently voted ``yes'' on this bill, I am encouraged 
that H.R. 37 did not pass the house and I stand in solidarity with my 
colleagues who voted no.

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