Waters Introduces GSE Legislation
On Thursday, March 27, House Financial Services Committee Ranking Member Maxine Waters (D-CA) released a proposal to reform the Government-Sponsored Enterprises (GSEs). Ranking Member Waters’ proposal, the HOME Forward Act of 2014, would wind down the GSEs and replace them with a new government agency that would oversee a fund to guarantee losses on certain mortgages. The proposal would also establish an industry-owned cooperative that would package loans into securities for investors to provide the financing for mortgages.
In the Senate, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) have announced that the Committee will markup their GSE reform proposal on April 29.
Senate Confirms Contreras-Sweet to SBA
On Thursday, March 27, the Senate confirmed Maria Contreras-Sweet as the head of the Small Business Administration (SBA). During her confirmation hearing last month, Ms. Contreras-Sweet promised to ensure that “the Small Business Administration is an even more significant force in expanding opportunities for all Americans, ensuring the economic strength of our country and the global economy.”
This Week’s Hearings:
- Wednesday, April 2: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing titled, “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau.”
CFTC Staff to Host Roundtable on Dodd-Frank End-User Issues
On Thursday, April 3, the Commodity Futures Trading Commission (CFTC) staff will hold a public roundtable to discuss end-user issues under the Dodd-Frank Act. The roundtable will consist of three panels, discussing: (1) the obligations of end-users under Regulation 1.35 concerning recordkeeping for commodity interest and related cash or forward transactions; (2) the appropriate regulatory treatment of forward contracts with embedded volumetric optionality; and (3) the appropriate regulatory treatment for purposes of the $25 million (special entity) de minimis threshold for swap dealing to government-owned electric utilities.