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For Immediate Release: October 26, 2005

Contact:	Steve Adamske, 202-225-7141

REP. FRANK FLOOR STATEMENT ON HURRICANE KATRINA FINANCIAL SERVICES RELIEF ACT OF 2005

(House of Representatives - October 26, 2005)

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Mr. FRANK of Massachusetts. Mr. Speaker, I yield myself such time as I may consume.

   Mr. Speaker, I concur with the gentleman from Louisiana, this is a very narrowly and appropriately drafted bill that provides relief that is both in timing and geography restricted. It allows flexibility in dealing with the affected area.

   None of us believe that this is enough. None of us believe that this resolves all the problems. There continue to be serious problems for people there, but what this will do will be to give the financial institutions the flexibility and give the regulators the power to allow this flexibility to help us get through this immediate period.

   We will, I hope, soon be working on in our committee some broader measures of relief, not just in our committee, but elsewhere. But at this point, this relief, which is carefully restricted, is entirely necessary to minimize the damage.

   The financial system in this country serves us well. Our financial intermediaries do an excellent job. While not everything worked well, obviously, during the response to the hurricane, I think credit should be given to the financial regulators, to the Federal Reserve, the FDIC, the Office of Thrift Supervision, the Comptroller of the Currency, the Credit Union Administration, because sometimes the news is what you do not hear. It is the dog that does not bark that could be significant.

   Among the things that you have not heard in these months since that problem, nearly 2 months now, you have not heard criticism of the financial regulators. They deserve credit for having taken maximum advantage of the flexibility they have.

   What this bill does is, frankly, to say, yes, we have confidence in them. We believe that they have behaved appropriately, and this gives them even more flexibility to take into account the short-term concerns that we have there while we work collectively on a longer-term fix. I think this is an entirely appropriate piece of legislation. I am glad to support it.

   Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

 

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The Committee oversees all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.