Today, Congresswoman Ileana Ros-Lehtinen, a senior member of the Florida Congressional delegation, announced her support for H.R. 992, the Swaps Regulatory Improvement Act. This act would ensure that the risk-mitigation efforts of financial institutions that use swaps to help people such as manufacturers are not negatively impacted by price fluctuations. This legislation would require that swaps take place in closely monitored financial institutions for the maximum amount of consumer protection and would restore equal protection to US branches of foreign banks, improving market services.
Statement by Ros-Lehtinen:
"It's important to protect American manufacturers and small businesses in order to keep our economy strong. Ensuring risk-mitigation efforts are subject to sound requirements will help our small businesses move forward by cutting costs and complex red tape. Supporting American jobs should be our top priority and I'm glad that this legislation helps empower our small businesses and the communities they serve."