Legislative Activity Financial Services Committee to Consider Legislative Proposals as Banking Committee Prepares for Delayed Markup The Senate Banking Committee has rescheduled its markup of legislation to reform aspects of the financial services industry for May 21. While exactly what will be contained in the final legislation is unclear – and subject to change – … Continue Reading
Legislative Activity Federal Reserve Remains Under Scrutiny This week, Congress will continue its focus on examining potential reforms to the Federal Reserve. Last week, Federal Reserve Chair Janet Yellen testified before Congress, which included discussion regarding recently introduced legislation to audit the Federal Reserve’s monetary policy decision-making. This week, the scrutiny will continue as the … Continue Reading
Legislative Activity President Obama to Unveil FY 2016 Budget Later today, President Obama is set to unveil his FY 2016 Budget (Budget). As in previous years, we anticipate that President Obama will seek increased funding for the Securities and Exchange Commission (SEC) and Commodities Future Trading Commission (CFTC) than was allocated by Congress for this … Continue Reading
Legislative Activity Lawmakers Near Deal on TRIA, May Consider Insurance Capital Standards As the legislative session draws to a close, it appears that lawmakers in the Senate and House are nearing a deal to reauthorize the Terrorism Risk Insurance Act (TRIA), which is set to expire at the end of the year. While there has … Continue Reading
Legislative Activity Lawmakers Discuss FSOC Oversight On Wednesday, September 17, the House Financial Services Subcommittee on Oversight and Investigations held a hearing titled “Oversight of the Financial Stability Oversight Council.” During the hearing, Members emphasized the importance of transparency within the Financial Stability Oversight Council (FSOC) and called for increased due process and accountability. At … Continue Reading
Legislative Activity House Financial Services Committee to Discuss Oversight of FSOC Following the Financial Stability Oversight Council’s (FSOC) unanimous decision on September 4 to preliminarily designate MetLife as a “systemically important” nonbank financial institution, the House Financial Services Subcommittee on Oversight and Investigations will hold a hearing to discuss oversight of the agency. Various lawmakers … Continue Reading
Legislative Activity House To Vote On CFTC Reauthorization Bill This week, the House is expected to debate and vote on the reauthorization of the Commodity Futures Trading Commission (CFTC) through September 2018 (H.R. 4413). Additionally, while the Senate Agriculture Committee has yet to unveil its CFTC reauthorization bill, the level of bipartisan support that H.R. 4413 receives … Continue Reading
Legislative Activity House to Vote on CFTC Reauthorization Bill This week, the House of Representatives is expected to take up H.R 4413, a bill that would reauthorize the Commodity Futures Trading Commission (CFTC) through September 2018. On June 13, House Rules Committee Chairman Pete Sessions(R-TX) asked Members to submit any amendments by Tuesday, June 15. The House bill would make several changes to the Dodd-Frank Wall Street … Continue Reading
Legislative Activity Senate Confirms Three CFTC Commissioners, House To Take Up CFTC Reauthorization Bill On June 3, the Senate confirmed Timothy Massad as Chairman and Sharon Bowen and J. Christopher Giancarlo as Commissioners at the Commodity Futures Trading Commission (CFTC). Chairman Massad was sworn in to his new office on June 5. It is expected … Continue Reading
Legislative Activity Senate Banking Committee to Markup TRIA Reauthorization Bill On Tuesday, June 3, the Senate Banking Committee will hold a markup of the Terrorism Risk Insurance Program Reauthorization Act of 2014 (S. 2244). The bill, which was introduced by Senator Charles Schumer (D-NY), has bipartisan support and would: (1) extend the current Terrorism Risk Insurance … Continue Reading
Legislative Activity Senate Banking Committee Favorably Reports GSE Reform Bill to Senate Floor On May 15, the Senate Banking Committee voted 13-9 to favorably report the Housing Finance Reform and Taxpayer Protection Act of 2013 (S. 1217), to the Senate floor. However, as mentioned in previous coverage, despite being reported out of Committee, it remains uncertain … Continue Reading
Legislative Activity Senate Banking Committee to Hold Markup of GSE Reform Bill and Vote on Nominations On Tuesday, April 29, the Senate Banking Committee is scheduled to hold a markup of the legislation to reform the government-sponsored enterprises (GSEs), released by Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo in March and based on … Continue Reading
Legislative Activity 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 … Continue Reading
Legislative Activity Senate to Hold Hearing on Federal Reserve Nominees This Thursday, March 13, the Senate Banking Committee will hold a hearing on various nominations to the Federal Reserve Board, including the nomination of Stanley Fischer, former Bank of Israel Governor, to be Vice Chairman. The committee will also consider the nominations of former U.S. Treasury … Continue Reading
Legislative Activity 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 … Continue Reading
Legislative Activity This Week’s Hearings: Tuesday, February 11: The House Financial Services Committee will hold a hearing titled, “Monetary Policy and the State of the Economy.” The Honorable Janet Yellen will testify at the hearing for the first time as Federal Reserve Board Chair. Thursday, February 13: The Senate Banking Committee will hold a hearing … Continue Reading
Legislative Activity This Week’s Hearings: Tuesday, November 19: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing titled, “A General Overview of Disparate Impact Theory.” This hearing will review the legal and theoretical underpinnings of disparate impact theory and explore the consequences of its application in various contexts, such as housing … Continue Reading
Legislative Activity House Dodd-Frank Bills Unlikely to Get Senate Support Last week, the House passed two bills that would alter the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act); the first was H.R. 2374, a bill that would bill put restrictions on how and when the Department of Labor and the Securities and … Continue Reading
Legislative Activity This Week’s Hearings: Thursday, October 10: The Senate Banking Committee is scheduled to hold a hearing titled, “Impact of a Default on Financial Stability and Economic Growth.” The presidents of the American Bankers Association (ABA), Investment Company Institute (ICI), National Association of Realtors, and Securities Industry and Financial Markets Association (SIFMA) are scheduled … Continue Reading
Legislative Activity This Week’s Hearings: Tuesday, October 1: The Senate Banking Committee will hold a hearing titled “Housing Finance Reform: Fundamentals of a Functioning Private Label Mortgage Backed Securities Market.” This is the first in a series of eight hearings the committee will hold on specific aspects of the housing finance market, with the goal … Continue Reading
Legislative Activity Senate Banking Committee Approves SEC, FHFA, CEA, and NCUA Nominees On July 18, the Senate Banking committee approved via voice vote the nominations of Ms. Kara Stein and Dr. Michael Piwowar to be Commissioners of Securities and Exchange Commission (SEC), of Mr. Richard Metsger to be a Member of the National Credit Union … Continue Reading
Legislative Activity House Financial Services Committee Members Announce Bill on Housing Finance Reform House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Committee Members Scott Garrett (R-NJ), Randy Neugebauer (R-TX), and Shelley Moore Capito (R-WV) announced their plans to introduce the “Protecting American Taxpayers and Homeowners Act” or PATH Act to reform housing finance. Highlights … Continue Reading
Legislative Activity Administration Nominations to be Considered this Week On Thursday, June 27, the Senate Banking Committee will hold a hearing to consider several of President Obama’s nominations, including Rep. Mel Watt (D-NC) to be Director of the Federal Housing Finance Agency (FHFA); Kara Stein and Mike Piwowar to be Commissioners at the Securities and … Continue Reading
Legislative Activity House Passes Derivatives Bills Last Wednesday, June 12, the House passed several bills related to certain derivatives and swaps regulation provisions under the Dodd-Frank Act. Included among the bills was H.R. 1256, a controversial proposal that would direct the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) to adopt a … Continue Reading
