U.S. Rep. Randy Hultgren (IL-14) today released the following statement after introducing legislation to ensure that entities such as farmer cooperatives, utilities, and public power authorities are exempt from regulations included in the Dodd-Frank Act passed by the last Congress. Rep. Hultgren's bill, H.R. 3527 the Protecting Main Street End-Users From Excessive Regulation Act, introduced with bipartisan support, narrows the Dodd-Frank definition of a "swap dealer" to ensure that Congressional intent is realized and that costly and burdensome regulations intended for the largest financial institutions are not imposed on hundreds of end-users.
"At a time when American families' budgets are already stretched, new rules from Washington regulators threaten to increase the volatility of prices for essentials such as food and electricity," said Hultgren, a member of the Agriculture Committee. "Subjecting end-users like agricultural cooperatives and rural electric cooperatives to rules designed for Wall Street is not just illogical, it defies Congressional intent. That is why I have introduced this commonsense, bipartisan bill to ensure that Main Street end-users are protected from this rule, so that they can continue to serve their members and communities, and protect consumers from volatile prices for food and electricity."
Original cosponsors include Democrat Rep. Dan Boren (OK-02) and Reps. Judy Biggert (IL-13), Robert Dold (IL-10), Tim Johnson (IL-15), Adam Kinzinger (IL-11), Leonard Lance (NJ-07), Donald Manzullo (IL-16) and Aaron Schock (IL-18).
"Oklahomans are tired of one-size-fits-all regulations coming out of Washington," said Congressman Dan Boren. "The last thing we need to do is unintentionally hurt rural electric cooperatives and small businesses. I look forward to working with Congressman Hultgren to move this bipartisan legislation forward."
"The rural electric cooperatives in Illinois applaud Congressman Hultgren for his leadership in introducing legislation that will help us continue to provide affordable energy to our consumers," said Duane Noland, President and CEO of the Association of Illinois Electric Cooperatives. "Rural electric cooperatives rely on derivatives to keep costs down for our consumers across the state. Congressman Hultgren's bill clarifies the intent of Congress that end-users like rural electric co-ops be protected from unnecessary and burdensome regulations under the Dodd-Frank Act."