New Kissell Amendment on Derivatives Markets Transparency and Accountability Act

Earlier this week the House Agriculture Committee met to hear testimony and discuss legislation to improve the transparency and accountability of the derivatives market. Rep. Larry Kissell, NC-08 proposed an amendment to this legislation that will help lend some good old fashioned common sense to the boards that oversee the commodities market. His proposal will require that farmers, ranchers and grain elevator operators - average Americans directly affected by commodities trading - have a seat on these boards. This will diversify the boards and take some power from the financial elite that have a grip on the financial services industry as a whole. The amendment was approved by the committee and included with the legislation.

Commodity Futures Trading Commissioner, Bart Chilton, had this to say:

Congressman Kissell showed what a difference a proactive leader working for consumers can accomplish. Within weeks of being sworn in as a Member of Congress, Larry Kissell took a tough issue and fought against the monied interests. His amendment will ensure that consumers, farmers and average citizens will have an increasing voice in decision-making in this industry. Exchange boards, and other regulated entities like investment banks that are publicly-traded, will have average citizens on their boards. That will make us better as a nation thanks to Congressman Kissell.

As Larry questioned the gentlemen giving testimony he was the same Larry we've come to know and respect. He was modest and showed through his questions that he was concerned about the average families who were hurt by the steep increases in the prices of food, gas and fuel oil that we see when speculation drives their prices unnaturally high.

Larry explained his amendment:

I think that it is very important that we keep our commodity exchanges financially stable and healthy. I believe that adding the common sense of farmers, ranchers, grain operators, and consumers will do just that.

Common sense has come to Washington and his name is Larry Kissell.

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Comments

Video on the way

It was a very intense committee meeting based on the video. Larry was great. I'm so proud of him and so happy we worked so hard to get him elected.



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Vote Democratic! The ass you save may be your own.

Good coverage Betsy

Can anyone imagine what Robin Hayes would have done in this situation. Wouldn't have authored this amendment, probably
would have fought it had someone else presented it. Kissell
has been on the ground since DAY ONE showing us all what TRUE and honest representation means.

I happened to be on Capitol Hill the day before President Obama's inauguration and in dropping by his office, I noticed that he was in the reception area in the front of his office
talking to EVERYONE who came by to pick up tickets. I did not see this in ANY of the other offices that I walked past or was in that day.

He's the real deal and I am afraid he is going to make us expect more from ALL our other leaders!

Real representation from a

real Representative of the people. I am SO happy Larry is in Congress. Perhaps others will watch and learn what it is to take that Oath seriously.

North Carolina. Turning the South Blue!

This would be a great thing if it gets passed, but...

I think when the Senate gets it, that amendment will be targetted by the Repukes, mainly, but also a few of our 'corporate' Dems. It surely would make my day if we get some real sunshine of those markets. Keep at it, Larry!

If the senators are willing to limit CEO pay

I have a feeling this might pass. I don't think this bill requires 60 votes in the Senate to pass. I'll have to check on that. The real challenge is getting it out of committee in the Senate. Let's see who we can start working on there.



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Vote Democratic! The ass you save may be your own.

This is just so new

a representative of the people actually doing the work of the people for the people. Good on Larry!