[Congressional Record (Bound Edition), Volume 146 (2000), Part 18]
[Extensions of Remarks]
[Pages 26660-26661]
[From the U.S. Government Publishing Office, www.gpo.gov]



            THE COMMODITY FUTURES MODERNIZATION ACT OF 2000

                                 ______
                                 

                          HON. THOMAS W. EWING

                              of illinois

                    in the house of representatives

                      Thursday, December 14, 2000

  Mr. EWING. Mr. Speaker, today, I am introducing the Commodity Futures 
Modernization Act of 2000 which provides us with an historic 
opportunity to modernize the U.S. futures and over-the-counter market 
laws.
  The time is now to ensure that the United States continued to be the 
world's financial leader. We have two of the three largest futures 
exchanges in the world, however, our antiquated laws and regulations 
prevent them from being as efficient and effective as possible to 
compete in global markets. The legal uncertainty surrounding the U.S. 
over-the-counter markets must be removed to prevent domestic business 
from migrating overseas and causing our share of these $90 trillion 
markets to shrink.
  The Commodity Futures Modernization Act of 2000 contains the major 
provisions of the House passed H.R. 4541. These provisions are in 
titles I and II of the legislation and provide regulatory relief for 
the domestic futures exchanges, legal certainty for over-the-counter 
products, and allow for the trading of single stock futures.
  This latest version of the legislation adds two new titles not 
included in the original House passed bill. Title III, Legal Certainty 
for Swap Agreements, provides guidelines for the SEC's role in 
regulating swaps.
  Title IV, the ``Legal Certainty for Bank Products Act of 2000'', 
excludes identified banking

[[Page 26661]]

products from the Commodity Exchange Act. It provides guidelines to 
determine the proper regulator for hybrid products. If the regulators 
do not agree on who should regulate a product, the court will decide.
  Senator Lugar and Senator Gramm have worked tirelessly in the Senate, 
with the House, and with the Administration to make this bill possible.
  Secretary Summers in coordination with Chairman Rainer and Chairman 
Levitt and countless numbers of their staff put in many hours working 
through this language to reach agreement.
  Finally, I would like to thank Chairman Combest, Chairman Leach, 
Chairman Bliley and all the Ranking Members who have worked so hard on 
this legislation, particularly to pass the H.R. 4541 version of this 
bill through the House, and to produce the final package we have 
presented today. Everyone involved and their staff should be commended 
for their extraordinary efforts.
  It is my hope that this legislation will enable America to continue 
being the world leader in financial markets for decades to come.

                          ____________________