Rep. Love Sponsors Bill to Facilitate International Business

WASHINGTON D.C. –Utah’s globally-connected business community benefits from having options to manage its import and export risk. Unfortunately, the small nonbank financial firms that serve the foreign exchange needs of many of Utah’s small and medium-sized companies have become subject to a rule promulgated by the Commodity Futures Trading Commission (CFTC) that was meant to mitigate the risk of major financial firms with substantial exposure to the financial system. That rule requires the raising of additional capital, resulting in additional costs to customers.

Congresswoman Mia Love has announced she is sponsoring bipartisan legislation (H.R. 6162) to help those smaller nonbank entities dealing in foreign exchange better compete in the marketplace and continue to help their customers manage their foreign exchange risk. H.R. 6162 would give state regulated nonbank entities the same relief from the CFTC rule that was granted to community banks with less than $10 billion in assets.

Rep. Mia Love:

“Utah’s small businesses deserve sensible regulation, and this legislation levels the playing field to benefit those small nonbank foreign exchange companies,”

Al Manbeian, Managing Partner, GPS Capital Markets, Inc.:

“Small and medium-sized companies that are engaged in global commerce are vital to the US economy. More and more of these companies are turning to firms specialized in foreign exchange to manage the foreign currency risks inherent in international business. We appreciate Congresswoman Love and Congressman David Scott (D-Georgia) for introducing legislation that will allow these small companies and financial entities to operate efficiently and effectively in Utah, Georgia, and the U.S. and world marketplace.”

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    repName Mia Love  
    helpWithFedAgencyAddress Utah 4th District Office
    9067 South 1300 West Suite101
    West Jordan, UT 84088
    Phone: 801-996-8729
    Fax: 801-987-8631
    district 4th District of Utah  
    academyUSCitizenDate July 1, 2016  
    academyAgeDate July 1, 2016  
    academyApplicationDueDate October 30  
    repStateABBR UT  
    repDistrict 4  
    repState Utah  
    repDistrictText 4th  
    SponsoredBills Sponsored Bills  
    CoSponsoredBills Co-Sponsored Bills