Ms. FUDGE. Mr. Speaker, I yield myself such time as I may consume.
Today, we debate and will vote on H.R. 2779, a bill that addresses a critical issue facing American businesses.
I want to thank my fellow Ohioans, Steve Stivers and Ms. Moore, and our collective staffs for all their hard work on this important piece of legislation.
This bill that I co-introduced with my colleague Mr. Stivers will exempt derivatives trades between two affiliates of the same corporation from clearing, execution, and margin requirements. This legislation would prevent internal, inter-affiliate swaps from being subject to requirements that were designed to apply only to certain external swaps. These internal swaps are used by many American corporations in multiple sectors of our economy.
Under the Dodd-Frank financial reform law, there is no distinction between inter-affiliate and external swaps. The regulation of inter-affiliate trade should reflect the economic reality that internal trades do not increase systemic risk. As our Nation's economic recovery is getting underway, we need to ensure American businesses remain competitive. We all remember the financial crisis and the pain of recovery that is still evident today. We cannot and should not return to the wild days of Wall Street. That is why I voted for the Dodd-Frank law and why I continue to support it.
However, we should allow American businesses acting in good faith to effectively manage risk. By failing to clarify these important distinctions within Dodd-Frank, we run the risk of stalling job growth and potentially passing costs on to consumers.
Together with our colleagues in the Committee on Financial Services and the Committee on Agriculture, we have strengthened the language of the bill to ensure it cannot be used to evade other financial regulations. H.R. 2779 was approved by the House Financial Services Committee by a vote of 53 0, and the House Agriculture Committee passed it by unanimous voice vote.
It is possible for Democrats and Republicans to work together on legislation that stands to benefit American businesses and our Nation's economy. I urge my colleagues to vote ``yes'' on H.R. 2779, and I reserve the balance of my time.