Date: 1989-09-13
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Chairman. I yield myself such time as I may consume. Mr. Chairman. I am highly pleased to present to the House for its consideration H.R. 2869. the Commodity Futures Improvements Act of 1989. legislation designed to reform the regulation of the Nations futures markets and to Insure the Integrity of its markets. Let me say that the chairman of the subcommittee. the gentleman from Oklahoma . the distinguished ranking minority member. the gentleman from Missouri and all the members of the subcommittee and the staff have done perhaps what I think is one of the most indepth Investigations and oversight on any item of legislation which our committee has handled. at least since I have been chairman. Let me say that no stone was left unturned. that diligent research. Investigation. meetings n the field and in Washington were held with expert advice from the Industry. from the Commission. from the GAO and everyone who would lend a hand. We come to the Members. as always not with the perfect piece of legislation. but assuring. the Members that this is the consensus arrived at after the most exhaustive assessment of the situation. Let me add that this was the normal time frame for us to do this legislation. What happened in Chicago. we had to look at some of the areas. and we addressed that issue. But that was not what triggered the reauthorization of the CFTC. the Commodities Futures Trade Commission. rather. the time frame stipulated that we reathorIze this year. Mr. Chairman. I commend the distinguished gentleman from Oklahoma . the ranking member. the gentleman from Missouri . and all the other members of the subcommittee. We proudly bring to the Members this piece of legislation. Let me Just quote one Item that appeared in the Washington Post of September 5. 1989. I quote: The bill provides the most sweeping changes in futures regulation since the Commodities Futures Trading Commission was created. This isjwhere we start from this morning. and I would hope that our colleagues would support the work of the subcommittee and of the committee. There will be several amendments. This is an open rule. We come to the floor allowing every Member to express their views or offer amendments as they see fit. We think we have handled every circumstance to the limit that we could arrive at consensus. Some of the amendments that will be presented this morning can be accepted. I assume. and some we might not be able to accept. All of the people. all of the Members who have concerns. we can have a dialog. We can assure them that their interest. their expertise and their suggestions can and will be incorporated into our actions regardless of whether they offer amendments or not or whether their amendments are accepted or not. I would hope that we can deliberate on this Issue during the time of debate. go into the amendment procedure and finish this day with what I think would be a tribute to this House and to this membership for the way that they have supported us and our committee. I assure the Members that our committee brings to them our intention that the Members work with us continually into the future in the areas that we might yet need to address. for the subcommittee and its chairman will continue aggressive oversight of this issue and hopefully we will be able to get together with our colleagues in the Senate and come up with a final version of the bill as soon as possible. Mr. Chairman. earlier this year I asked subcommittee Chairman GLENN ENGLISH to carefully review the operations of the Nations commodity exchanges and to recommend to the Committee on Agriculture legislation to enhance the regulation of these markets and to ensure the protection of the users of the markets. H.R. 2869 is the result of many long hours of work by Chairman ENGLISH. the subcommittee ranking minority member TOM COLEMAN. and all of the members of the Committee on Agriculture. H.R. 2869 represents a watershed In the development of the regulation of the Nations commodity futures markets. The bills was unanimously reported to the Committee on Agriculture by the Subcommittee on Conservation. Credit. and Rural Development. and was ordered to be favorably reported to the House by a voice vote. Rather than take the Houses time reciting the bills provisions in detail. I will simply emphasize a few highlights of the legislation.