House to Vote on Flood Insurance Bill
After delaying plans for a vote last week, Majority Leader Eric Cantor (R-VA) is expected to hold a vote on the amended Homeowner Flood Insurance Affordability Act (H.R. 3370) on Wednesday, March 5, under suspension of the rules.
Among some of the changes, the latest draft of the bill includes a fifteen percent cap on rate increases for individual properties, as well as a provision that provides refunds for some homeowners who have already incurred higher premiums as a result of the 2012 reforms.
House Financial Services Committee Ranking Member Maxine Waters (D-CA), who had championed an earlier version of the bill, has expressed optimism about the progress being made and indicated that she will continue working with Majority Leader Cantor toward passage of the bill.
Senate Agriculture Committee to Hold Hearing on CFTC Nominees
On Thursday, March 6, the Senate Agriculture Committee will hold a nomination hearing for three nominees to the Commodity Futures Trading Commission (CFTC), Mr. Timothy Massad, Ms. Sharon Bowen, and Mr. Chris Giancarlo.
Mr. Massad, who was nominated in November 2013, would succeed former Chairman Gary Gensler. Ms. Bowen, who was nominated in December 2013, would replace Commissioner Bart Chilton. Mr. Giancarlo, who was nominated in the summer of 2013, would fill an open Republican seat on the CFTC.
This Week’s Hearings:
- Tuesday, March 4: The Senate Banking, Housing, & Urban Affairs Committee will hold a Federal Reserve, National Credit Union, and HUD nomination hearing.
- Tuesday, March 4: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing titled, “The Growth of Financial Regulation and its Impact on International Competitiveness.”
- Wednesday, March 5: The House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled, “Data Security: Examining Efforts to Protect Americans’ Financial Information”
- Wednesday, March 5: The Senate Finance Committee will hold a hearing titled, “The President’s Fiscal Year 2015 Budget.”
- Wednesday, March 5: The House Budget Committee will hold a hearing titled, “The President’s Fiscal Year 2015 Budget.”
- Thursday, March 6: The House Ways and Means Committee will hold a hearing titled, “The President’s Fiscal Year 2015 Budget Proposal.”
- Thursday, March 6: The Senate Agriculture, Nutrition, and Forestry Committee will hold a confirmation hearing on nominations to the Commodity Futures Trading Commission.
Yellen Urges Congress to Implement GSE Reform
Last Thursday, February 27, while reporting to the Senate Banking Committee regarding the Federal Reserve’s monetary policy, Chairwoman Janet Yellen emphasized the importance of passing reform of the Government-Sponsored Enterprises (GSEs). Chairwoman Yellen stated that it is “very important” that Congress determine what the government’s role should be in housing finance, emphasizing the importance of private capital in the housing finance industry. Chairwoman Yellen’s remarks come as Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) continue their work on a GSE reform proposal, expected to be released as early as the last week of March.