Costa Applauds CFTC Rule That Helps Consumers Save on Power Bills

Fresno, CA— Congressman Jim Costa (Fresno-D) released the following statement after the Commodity Futures Trading Commission (CFTC) approved a rule that would exempt producers, utility companies, and other non-financial entities from being required to register as swap dealers when they enter into energy contracts with government-owned utilities.

The rule, in many ways, reflects the intent of bipartisan H.R. 1038, the Public Power Risk Management Act of 2013, which was co-sponsored by Rep. Jim Costa and introduced in March of 2013.

"Today's CFTC ruling is a commonsense approach to addressing a damaging and unintended regulatory issue of Dodd-Frank," said Rep. Jim Costa. "This approved ruling will help ensure that public power utilities have the ability to provide Americans with electricity and natural gas at reasonable and consistent rates."

"However, it is still imperative the Congress move forward and pass H.R. 1038, the Public Power Risk Management Act, as it will ensure that this regulatory change, which benefits the American people, will not be rescinded in the future."

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