WEEK IN REVIEW
March 10, 2017 -
Committee Approves Bipartisan Capital Formation Bills
The Full Committee approved six bipartisan capital formation bills on Thursday.
“Top-down, Washington-driven policies have stacked the deck against small businesses. Excessive and outdated regulations give the biggest companies a competitive advantage, but undermine entrepreneurs, small business owners and the investors that would back them with capital. The system is indeed rigged, and Washington has rigged it,” said Chairman Jeb Hensarling (R-TX). “These bills will help level the playing field so more Americans who have a good idea, determination and a dream of financial independence get the opportunity to succeed.”
Please click here for more information on the markup, including full bill text and the vote tally. The Senate Committee on Banking, Housing and Urban Affairs considered five of the same bills, and all passed out of the Senate Committee by voice vote.
Subcommittee Takes First Step Towards Reforming, Reauthorizing National Flood Insurance Program
The Housing and Insurance Subcommittee held a hearing on Thursday to examine the National Flood Insurance Program (NFIP) and the significant reforms needed.
“A timely reauthorization of the NFIP is the top priority of this subcommittee. Hearing FEMA’s perspective on the issues facing the program – including the accuracy of FEMA’s flood maps and concerns about claim processing problems – are vital as we ready legislation to reauthorize this program which is so important to millions of Americans,” said Subcommittee Chairman Sean Duffy (R-WI). The NFIP is set to expire on September 30.
Rep. Keith Rothfus (R-PA) | Rothfus says bill gives flexibility to thrift banks
U.S. Rep. Keith Rothfus and a Democratic colleague have reintroduced their legislation to allow federal savings associations, known as thrifts, to expeditiously offer more services.
Weekend Must Reads
Real Clear Markets | When Regulators Pick Winners, Consumers Are the Losers
A welcomed theme in the recent election cycle was promise of a thoroughgoing review of unneeded regulations. Regulations that never were subjected to consumer cost-benefit analysis, or that pick winners and losers, or that are in a constant state of flux are prime candidates for repeal. Within the financial community many regulations have arrived as tentacles of Dodd Frank, but there already were many that needed to be aggressively pruned.
American Banker | Dodd-Frank, Obamacare grew out of same faulty reasoning
The current partisan war over the Dodd-Frank Act is just one dispute in a broader ideological divide about the government’s role in industry. This dispute, which has deep historical roots, includes a similar battle over Obamacare. The common disagreement at issue with both laws — now in the cross hairs of a GOP-controlled Washington — is the extent to which politicians should subsidize their constituents indirectly through regulation of private companies.
Yahoo Finance | Americans are entering the labor force in droves
The February U.S. jobs report beat expectations. Payrolls grew by 235,000, which was much more than the 200,000 expected. The unemployment rate dropped to 4.7% and wages rose 2.8% over last year.
On the Horizon
Wednesday, March 15 at 10:00 a.m.
Capital Markets, Securities, and Investment Subcommittee
“The JOBS Act at Five: Examining Its Impact and Ensuring the Competitiveness of the U.S. Capital Markets”
Wednesday, March 15 at 2:00 p.m.
Financial Institutions and Consumer Credit
“Ending the De Novo Drought: Examining the Application Process for De Novo Financial Institutions”
Thursday, March 16 at 10:00 a.m.
Monetary Policy and Trade Subcommittee
“Sound Monetary Policy”
Thursday, March 16 at 2:00 p.m.
Housing and Insurance
“Flood Insurance Reform: A Community Perspective”
In the News
Wall Street Journal | U.S. Added 235,000 Jobs in February; Unemployment Rate 4.7%
Politico Pro | With deadline looming, Republicans jumpstart work on flood insurance
Washington Post |Trump pledges to ease regulations of community banks
Morning Consult | Trump Meets With Bankers Seeking Regulatory Relief for Small Lenders
Washington Examiner | Banks ready to break free from regulations under Trump
Bloomberg BNA | PayPal, Google Have Stake in Fight to Kill CFPB Prepaid Rule
Politico | How Trump could soon be at war with Yellen
Politico Pro | Justice might challenge CFPB's constitutionality
Bloomberg BNA | CFPB’s Assault on Arbitration Stuck Between Rock, Hard Place