The Subcommittee on Energy and Environment will hold a hearing titled, "Impacts of H.R. 3795, the Over-the-Counter Derivatives Markets Act of 2009, on Energy Markets," on Wednesday, December 2, 2009, in 2123 Rayburn House Office Building.  The hearing will examine the unintended impacts of H.R. 3795 which was recently reported by the House Agriculture Committee.

"I am concerned that H.R. 3795 was not developed with adequate regard to how the nation's energy markets actually function," said Rep. Henry A. Waxman, Chairman of the Committee on Energy and Commerce.  "We need to hear from stakeholders about this legislation in order to ensure that Congress avoids making any grave mistakes."

"The derivatives legislation that has been under consideration in the House needs to be fixed in order to prevent it from interfering with our nation's electricity and natural gas markets," said Rep. Edward J. Markey, Chairman of the Subcommittee on Energy and Environment.  "These markets are already regulated by the FERC.  Inserting commodities regulations into them could have a disruptive impact on the fair and orderly operation of these markets. "