The House Agriculture Committee approved H.R. 1573, “Extending the Deadline for Implementation of Title VII of Dodd-Frank,” on a straight party-line vote. The legislation would extend the July 2011 deadline for implementing Title VII by 18 months.

The legislation maintains the existing deadline for defining the key terms of derivatives regulations for end-users; requires additional forums for public input; and retains the existing timelines for reporting over-the-counter contracts, which will allow regulators to develop rules based on hard data instead of estimates.

According to Committee Chairman Lucas, R-Okla., “(t)his bill does not repeal or modify the provisions of Title VII. It is a first step at improving the process to ensure the federal government is being responsive to the public and is held accountable for safeguarding the economy against unworkable or unnecessary regulation.”

General Farm Commodities Subcommittee Chairman Conaway, R-Texas, said, “(i)n order to retain both confidence and a competitive edge in our financial marketplace a rational sequencing and implementation of rules as it relates to Dodd-Frank is not only justified, but vital. The legislation passed (May 5) by the Committee would encourage prudent behavior while allowing the CFTC and others sufficient time to move forward with the staggering workload handed to them by Congress last year.”

Following the Committee’s action, Ranking Member Peterson, D-Minn., said, “The CFTC is taking the time to do this right. They have testified before the Committee on plans to review and address concerns expressed in public comments, garner additional input through public hearings and roundtables and extend comment periods as new information and new rule proposals come to light. Extending the law’s implementation would only add uncertainty to the rule-making process.”

The House Financial Services Committee is expected to consider H.R. 1573 as early as the week of May 9. A list of the bill’s co-sponsors and Chairman Lucas’ and Ranking Member Peterson’s opening statements are available at the NCC’s home page,