Johnson and Crapo Release GSE Reform Draft
On March 16, 2014, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) released a draft legislation to reform the Government-Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac (the section-by-section of the legislation can be found here, and a detailed summary can be found here). The draft legislation would replace the GSEs, over a period of five years, with the Federal Mortgage Insurance Corporation (FMIC). The FMIC, modeled after the Federal Deposit Insurance Corporation (FDIC), would serve as an explicit backstop to the housing finance market.
This Week’s Hearings:
- Tuesday, March 25: The House Financial Services Committee will hold a hearing titled, “Why Debt Matters.”
- Wednesday, March 26: The Senate Banking, Housing and Urban Affairs Financial Institutions and Consumer Protection Subcommittee will hold a hearing titled, “Are Alternative Financial Products Serving Consumers?”
- Wednesday, March 26: The House Financial Services Committee will hold a hearing titled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”
SEC To Hold Roundtable on Cybersecurity
On Wednesday, March 26, the Securities and Exchange Commission (SEC) will hold a public roundtable discussion on cybersecurity. Specifically, roundtable panelists will discuss the cybersecurity landscape and cybersecurity issues faced by exchanges and other key market systems, broker-dealers, investment advisers, transfer agents, and public companies.
The growing importance of cybersecurity issues will also be discussed later that day as the Senate Commerce, Science, and Transportation Committee holds a hearing titled, “Protecting Personal Consumer Information from Cyber Attacks and Data Breaches.”
FSOC to Hold Meeting on Dodd-Frank Issues
On Thursday, March 27, Treasury Secretary Jack Lew will chair a closed meeting of the Financial Stability Oversight Council (FSOC).