2014: Schweikert Voted Against Demanding That The Commodity Futures Trading Commission Take Action Against High Energy Prices By Reining In Over-Speculation In Energy Derivatives. In June 2014, Schweikert effectively voted against an amendment that, according to Congressional Quarterly, "would [have] require[d] an investigation and report on the number of swap and security-based swap market participants that have moved their headquarters or operations out of the U.S. to avoid compliance with swaps requirements. It would urge the Commodity Futures Trading Commission to use its authority to curb excessive speculation and price distortion for energy swaps and commodities." According to a separate Congressional Quarterly article, the underlying bill "would reauthorize the Commodity Futures Trading Commission through 2018 and would largely exempt end users, or nonfinancial companies that use derivatives to hedge risks from tough rules on derivatives under the 2010 financial regulatory overhaul known as Dodd-Frank." The vote was on a motion to recommit the bill to the House Agriculture Committee with instructions that it be reported back immediately with the specified amendment. The House rejected the motion by a vote of 191 to 220. [House Vote 348, 6/24/14; Congressional Quarterly, 6/24/14; Congressional Quarterly, 6/24/14; Congressional Actions, H.R. 4413]
Motion's Sponsor Said Her Amendment Would Combat Energy Speculation-Driven Gas Price Increases, Tell Americans About Companies That Have Moved Overseas To Evade U.S. Trading Rules, And Ensure That Foreign Companies Had To Abide By U.S. Rules Against Market Fraud And Manipulation. According to the Congressional Record, Rep. Ann McLane Kuster (D-NH), the motion's sponsor, said, "My amendment would help keep gas prices in check by requiring that the CFTC use its full authority to immediately curb excessive speculation and price distortion in economic markets. In addition, this amendment would require the CFTC to report when companies move their operations abroad simply to avoid the rules governing U.S. markets. When companies relocate their headquarters or outsource jobs to evade consumer protections, the American people deserve to know. Finally, my amendment would ensure that foreign businesses comply with U.S. laws to prevent fraud and manipulation in our markets. American companies must already follow antifraud and anti-manipulation [sic] rules, which protect consumers and the integrity of our markets. Surely, we can all agree that foreign companies must also follow the same safeguards against fraud and abuse that apply to American companies." [Congressional Record, 6/24/14]
Opponent Argued That The Proposed Amendment Presented New And Unknown Language, And That Those Concerned About Gas Prices Should Instead Support House Republicans' Energy Production Proposals. According to the Congressional Record, House Agriculture Committee chairman Frank Lucas (R-OK) said, "I must say, though, in all respect to my colleague, I don't believe this particular language ever came up in any of the markups; so I must respectfully, in that regard, say that this is the wrong hour to be suggesting this language. But I will go farther than that to say to my friends, if you are concerned about the price of fuel, if you are concerned about the availability of energy for industry and for individuals, we have some really good legislation out here that you should consider. You should be looking at H.R. 3301, the North American Energy Infrastructure Act; you should be looking at H.R. 6, the Domestic Prosperity and Global Freedom Act; you should be looking at H.R. 4899, the Lowering Gasoline Prices to Fuel an America That Works Act. If you really want to make a difference, work for those pieces of legislation, support those pieces of legislation; but otherwise, let's take the bill that has been so carefully crafted, let's reject the motion to recommit with instructions, and let's just pass the bill." [Congressional Record, 6/24/14]