U.S. Senator Saxby Chambliss (R-Ga.), Ranking Member of the Senate Agriculture Committee, today announced he has filed several amendments to make clear that those who use derivatives to manage their business risks are able to continue to do so without increased costs.  These institutions include the farm credit system banks and others like John Deere Credit, which had nothing to do with the financial system meltdown, and should not be unfairly constrained by erroneous regulations under the financial regulation reform bill currently before the Senate.

"We've heard a lot about unintended consequences of this bill during debate and my amendments aim to make certain new proposed regulations are targeted to the largest participants in the swaps markets - those who actually need to be regulated - and not those who simply rely on these tools to mitigate risk," said Sen. Chambliss.  "These amendments would make minor modifications to the sections of the bill that affect end users to ensure that our manufacturers, our community banks and our energy suppliers are able to manage their risk without increased costs - costs that I fear will be passed onto consumers or prevent manufacturers from hiring the many workers who find themselves unemployed today."

"Sen. Chambliss' amendments strikes just the right balance and ensures strong regulation without making farmers and rural communities pay for the excesses of some Wall Street traders," said CoBank Chairman and North Dakota farmer Everett Dobrinski.  "Without the Chambliss amendment, farmers, rural agri-businesses, and rural utilities will unnecessarily pay millions in higher interest rates."

Thomas C. Deas, Jr., Vice President and Treasurer of FMC Corporation and Executive Vice President of the National Association of Corporate Treasurers, said, "Senator Chambliss' amendments would help establish a true end user exemption so that the derivatives title is focused more on real problems; not on companies that use derivatives to manage business risks."

"Sen. Chambliss has consistently demonstrated a commitment to protecting electricity consumers," said NRECA CEO Glenn English.  "This amendment to the Senate financial regulatory reform bill will help electric co-ops keep electric bills affordable in Georgia and across America."