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2009 and 2010 Press Releases

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  • 2/9/2010
    Financial Services Committee Postpones All Hearings this Week
    Washington, DC - Due to the snow conditions in Washington, DC, the hearings originally scheduled for Wednesday, February 10 and Thursday, February 11 have been postponed.  They have not been rescheduled as of this date.  We will notify all hearing participants when we expect to reschedule the hearings.  Read full story.
  • 2/4/2010
    Financial Services Committee to Consider the Future of Housing Finance
    Washington, DC - Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will hold a hearing on March 2 to begin the process of considering the future of housing finance.  The hearing will focus on all the private and public entities that support the mortgage market, which include the Federal Housing Administration, Ginnie Mae, Fannie Mae, Freddie Mac, Federal Home Loan Banks, and private lenders and securitizers. It is the first step in a legislative process to determine the future of housing finance and the federal government’s role in responsible homeownership and the supply of affordable rental housing. Chairman Frank has invited Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan to present the Administration’s perspective, as well as representatives of the advocacy community, academia, and industry to present their ideas on the future of housing finance.  Witnesses will be announced at a later date.  Read full story.
  • 1/22/2010
    Republican Description of Bill is Inaccurate
    Washington, DC - In justifying Republican opposition to the bill that would have limited compensation at Fannie Mae and Freddie Mac, House Financial Services Committee Ranking Member Spencer Bachus today issued a statement where he incorrectly stated that the bill he voted against, H.R. 1664, would have “unfairly penalized small community banks with responsible compensation arrangements that had nothing to do with the excesses on Wall Street.” Read full story.
  • 1/21/2010
    Frank Releases Memo on CFPA
    Washington, DC - Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following memo to members of the House Financial Services Committee: Read full story.
  • 1/13/2010
    Frank Announces Hearing on Compensation
    Washington, DC - Today, Chairman Barney Frank (D-MA) announced that the House Financial Services Committee will hold a hearing on Friday, January 22 at 10 a.m., to discuss the issue of compensation practices for both financial and non-financial firms.  The hearing comes after the House of Representatives successfully passed compensation measures as a part of H.R. 4173, the Wall Street Reform and Consumer Protection Act.  At a press conference this morning, Chairman Frank outlined what he would like to achieve in this hearing and expanded on the need to focus on executive and Wall Street compensation issues.  The following is a transcript of Chairman Frank’s comments from this morning: Read full story.
  • 12/11/2009
    House Approves Historic New Rules to Govern America’s Financial System
    Washington, DC - Today, the House of Representatives approved sweeping new legislation to modernize America’s financial rules in response to the worst economic crisis since the Great Depression. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which passed by a vote of 223-202, includes a comprehensive set of reforms that will address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s meltdown. Once signed into law, these tough new regulations will hold Wall Street accountable, end taxpayer-funded bailouts, and protect Americans from unscrupulous big banks and credit card companies. Read full story.
  • 12/10/2009
    Republican Response to the Worst Financial Meltdown since the Great Depression: “What, There’s a Problem?”
    Washington, DC - For eight years, President Bush and his Republican allies looked the other way as Wall Street and big banks exploited loopholes, ignored growing problems and, as a result, did not protect America’s families and small businesses.  Even today, after millions of Americans have lost their jobs and taxpayers have been forced to bailout Wall Street, Republicans continue to deny that there is a problem. Instead, Republican leader John Boehner, Republican Whip Eric Cantor, and the rest of the Republican Party can be found on Capitol Hill begging Washington lobbyists to kill a bill that would finally bring accountability and integrity back to our financial system. Read full story.
  • 12/4/2009
    Frank Op-ED: "A Comprehensive Solution to Combustible Markets"
    Washington, DC - MANY MARKET and regulatory failures led to the collapse of the nation’s financial markets last year. That collapse has led to a steep and painful recession and placed extraordinary burdens on working families. In response, the House Financial Services Committee, which I chair, is crafting a series of measures that will produce a comprehensive response by, among other things, regulating derivatives, ensuring proper mortgage lending, and making sure taxpayers never again have to take responsibility for reckless and irresponsible business decisions. Read full story.
  • 12/3/2009
    Kanjorski Announces Third Madoff Ponzi Scheme Hearing
    Washington, DC - Congressman Paul E. Kanjorski (D-PA), the Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that he will convene a third proceeding looking into the $65 billion Ponzi scheme engineered by Mr. Bernard L. Madoff.  The hearing will focus on a variety of policy issues involving the Securities Investor Protection Corporation (SIPC) identified as a result of the Madoff scandal, and these discussions could provide the basis for additional reforms to Chairman Kanjorski’s Investor Protection Act, which passed the Financial Services Committee in November.  The hearing will also occur during the week of the first anniversary of Mr. Madoff’s arrest. Read full story.
  • 12/3/2009
    Committee Completes Work on New Rules to Govern America’s Financial System
    Washington, DC - Yesterday, the House Financial Services Committee completed its work on a comprehensive set of reforms that responds to the recent economic crisis by modernizing America’s financial regulations. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which will be considered on the House floor next week, incorporates nine major pieces of legislation approved by the Committee to address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s meltdown. Read full story.
  • 12/2/2009
    Committee Passes Financial Stability Legislation, Ends Taxpayer Bailouts
    Washington, DC - Today, the Financial Services Committee approved legislation that will put an end to “too big to fail” financial firms, help prevent the failure of large institutions from becoming a systemwide crisis, and ensure that taxpayers are never again left on the hook for Wall Street’s reckless actions. The Financial Stability Improvement Act (H.R. 3996), which passed by a vote of 31-27, marks the ninth major bill approved by the committee this year to modernize America’s financial rules. Once signed into law, this comprehensive set of reforms will work in tandem to address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s crisis. Read full story.
  • 11/18/2009
    KANJORSKI AMENDMENT TO ADDRESS COMPANIES THAT ARE “TOO BIG TO FAIL” PASSES IN FINANCIAL SERVICES COMMITTEE
    Washington, DC - Today, the House Financial Services Committee passed an amendment offered by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, to the Financial Stability Improvement Act by a vote of 38-29.  The Kanjorski amendment would empower federal regulators to rein in and dismantle financial firms that are so large, inter-connected, or risky that their collapse would put at risk the entire American economic system, even if those firms currently appear to be well-capitalized and healthy.  Therefore, American taxpayers should no longer be on the hook for bailouts, as financial companies would not be able to become “too big to fail.” The Kanjorski amendment outlines clear and objective standards for regulators to examine financial companies and reduce the level of risk their activities pose to our financial stability and our economy. Read full story.
  • 11/6/2009
    Frank Statement on Derivatives
    Washington, DC - Today, Financial Services Committee Chairman Barney Frank (D-MA) released the following statement regarding a response received from Commodity Futures Trading Commission Chairman Gary Gensler. Chairman Gensler’s letter was responding to Chairman Frank’s Nov. 4 letter. Read full story.
  • 11/4/2009
    House Votes to Speed Up Credit Card Reforms
    Washington, DC - The House of Representatives today overwhelmingly approved legislation sponsored by Reps. Carolyn Maloney (D-NY) and Barney Frank (D-MA) that would push up the effective date of credit card reforms scheduled for next year to immediately upon the signing of the bill. Originally passed by Congress and signed into law by the President last spring, the Credit CARD Act had three staged implementation dates: August 2009, February, 2010, and August, 2010.  H.R. 3639 moves up the remaining dates by which banks and credit card issuers would have to comply and applies to the largest card issuers that control over 80% of the credit card market.  The bill passed by a vote of 331-92. Read full story.
  • 11/4/2009
    Frank Sends Letter on Derivatives to Gensler, Schapiro
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) yesterday sent a letter to Commodity Futures Trading Commission Chairman Gary Gensler and Securities and Exchange Commission Chairman Mary Schapiro seeking their input on efforts to strengthen the derivatives legislation recently approved by the Committee. Read full story.
  • 11/4/2009
    Financial Services Committee Approves Investor Protection Act
    Washington, DC - Today, the House Financial Services Committee passed H.R. 3817, the Investor Protection Act, by a vote of 41-28. The legislation is part of a broader effort to modernize America’s financial regulatory system and was introduced by Rep. Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.  Read full story.
  • 10/29/2009
    Frank Applauds White House Announcement on the Affordable Housing Trust Fund
    Washington, DC - Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement in response to the White House’s announcement regarding the National Affordable Housing Trust Fund. In October of 2007, the House of Representatives approved legislation to create the National Affordable Housing Trust Fund, which was created with the goal of producing, rehabilitating and preserving 1.5 million rental housing units over the next 10 years, but so far has yet to be funded. Read full story.
  • 10/28/2009
    Financial Services Committee Approves Bipartisan Credit Rating Agencies Reform Bill
    Washington, DC - Today, the House Financial Services Committee passed H.R. 3890, the Accountability and Transparency in Rating Agencies Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.  The Committee passed H.R. 3890, with bipartisan support, by a vote of 49-14.  Read full story.
  • 10/27/2009
    Committee Approves Private Advisor Registration Bill with Bipartisan Support
    Washington, DC - Today, the House Financial Services Committee passed H.R. 3818, the Private Fund Investment Advisers Registration Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.  The Committee passed H.R. 3818 with extensive bipartisan support by a vote of 67-1.  Tomorrow, the Committee is expected to vote on Chairman Kanjorski’s H.R. 3817, the Investor Protection Act and H.R. 3890, the Accountability and Transparency in Rating Agencies Act. Read full story.
  • 10/22/2009
    Financial Services Committee Approves Maloney-Frank bill to Speed Up Credit Card Reforms
    Washington, DC - The Financial Services Committee today unanimously passed H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, which would move up the effective date for credit card reforms from February 22 to December 1. The bill, sponsored by Rep. Carolyn Maloney (D-NY) and Financial Services Committee Chairman Barney Frank (D-MA), changes the date by which banks and credit card issuers would have to comply with the remaining provisions of the Credit CARD Act, new consumer-friendly legislation signed by President Obama earlier this year. The bill now moves to the House floor for consideration. Read full story.
  • 10/22/2009
    Financial Services Committee Votes to Create the Consumer Financial Protection Agency
    Washington, DC - Today, the Financial Services Committee approved legislation that will establish a new, independent federal agency solely devoted to protecting Americans from unfair and abusive financial products and services. As called for by President Obama, the Consumer Financial Protection Agency (CFPA) represents one of the most significant efforts by Congress to bring about long overdue financial reform and ensure that Americans are able to take advantage of capitalism’s benefits without falling victim to industry abuses. As last year’s crisis demonstrated, deceptive financial products – such as predatory mortgages and hidden credit card fees – not only damage the livelihoods of American families, but can destabilize the entire economy. Read full story.
  • 10/17/2009
    Committee to Continue Consideration of Financial Regulatory Reform Legislation
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, today announced that the committee will meet on Wednesday, October 21, and subsequent days if necessary, to consider the following measures: The October 1, 2009 Discussion Draft of the Private Fund Investment Advisers Registration Act of 2009 (to be reported as H.R. 3818); Read full story.
  • 10/15/2009
    Financial Services Committee Approves Legislation to Regulate Derivatives
    Washington, DC - The House Financial Services Committee today approved legislation that would, for the first time ever, require the comprehensive regulation of the over-the-counter (OTC) derivatives marketplace. Today’s bill, which was approved by a vote of 43-26, represents a key part of a broader effort by Congress and President Obama to modernize America’s financial regulatory system in response to last year’s financial crisis. Read full story.
  • 10/14/2009
    House Passes Iran Sanctions Enabling Bill
    Washington, DC - In the wake of recent revelations concerning Iran’s nuclear program, the U.S. House of Representatives today overwhelmingly passed legislation aimed at increasing economic and political pressure on Iran to give up its nuclear ambitions. Approved by a vote of 414-6, H.R. 1327, the Iran Sanctions Enabling Act of 2009, would give Americans the power through their investment decisions to voice their opposition to the internationally condemnable actions of the Iranian regime. Read full story.
  • 10/2/2009
    Bipartisan Group Sends Letter to Bernanke, Geithner Seeking Delay in UIGEA rule Implementation
    Washington, DC - Financial Services Committee Chairman Barney Frank (D-MA), Homeland Security Committee Ranking Member Peter King (R-NY), Financial Institutions Subcommittee Chairman Luis V. Gutierrez (D-IL), Domestic Monetary Policy and Technology Subcommittee Chairman Melvin Watt (D-NC), Domestic Monetary Policy Subcommittee Ranking Member Ron Paul (R-TX), and Oversight Subcommittee Ranking Member Judy Biggert (R-IL) - along with 13 other members of the Financial Services Committee - sent a letter yesterday to Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke asking them to respond favorably under their Administrative Procedure Act authority to delay implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA) regulations for one year.  The members referred to the regulations as an “unreasonable burden on regulators and the financial services industry at a time of economic crisis.” Read full story.
  • 10/2/2009
    Frank Circulates Discussion Draft of Legislation to Regulate OTC Derivatives
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today circulated a discussion draft of legislation to regulate over-the-counter (OTC) derivatives. Chairman Frank also announced this week that the Committee will hold a hearing on Wednesday, October 7, to discuss the reform of the largely unregulated OTC derivatives market as well as the discussion draft released today. A full text of the discussion draft can be viewed here. Read full story.
  • 9/25/2009
    Kanjorski Circulates Discussion Draft of Accountability and Transparency in Credit Rating Agencies Act
    Washington, DC - Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises today circulated a discussion draft of legislation to create the Enhanced Accountability and Transparency in Credit Rating Agencies Act. Kanjorski also announced yesterday that the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises will hold a hearing on Wednesday, September 30, to discuss the Enhanced Accountability and Transparency in Credit Rating Agencies Act and the draft legislation released today. A full text of the discussion draft can be viewed here.  For a section-by-section summary of the discussion draft, click here.  Read full story.
  • 9/25/2009
    Frank Circulates Discussion Draft of Consumer Financial Protection Agency Bill
    Washington, DC - Following up on a memo released earlier this week, Financial Services Committee Chairman Barney Frank (D-MA) today circulated a discussion draft of legislation to create the Consumer Financial Protection Agency. Chairman Frank also announced yesterday that the Committee will hold a hearing on Wednesday, September 30, to discuss the Consumer Financial Protection Agency and the draft legislation released today. A full text of the discussion draft can be viewed here. Read full story.
  • 9/23/2009
    The Federal Reserve’s Record on Consumer Protection
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today released a report card demonstrating the poor record of the Federal Reserve in using the tools provided by Congress to protect consumers from abusive financial industry practices. Only after being prodded by the Democratic Congress did the Federal Reserve respond with a number of consumer protection rules and regulations.  In contrast, the Financial Services Committee has held 18 hearings since 2007 on mortgage reform, subprime mortgages, credit cards and overdraft practices, passed two bills in the House to regulate subprime mortgage practices, and passed legislation to regulate credit card practices that President Obama signed into law in May. Read full story.
  • 9/23/2009
    Capital Markets to Examine the Securitization of Life Insurance Settlements
    Washington, DC - Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that the Subcommittee will hold a hearing to examine innovations in securitization, especially those related to life insurance settlements.  Such settlements offer individuals the opportunity to sell their existing life insurance contracts and collect a cash disbursement considerably more than an insurer would typically pay for surrendering a policy. Read full story.
  • 9/23/2009
    Congressman Barney Frank’s Statement Regarding ACORN
    Washington, DC - A number of factors, one of which in particular is my own fault, have contributed to my position on ACORN being unclear.  My biggest error was to sign a letter to the Congressional Research Service which I had not thoroughly read and which does not accurately represent my own position in all aspects. Read full story.
  • 8/26/2009
    Congressman Frank’s Statement on Senator Kennedy
    Senator Kennedy’s death is an incalculable loss to the country. His leadership on so many issues, and his emphasis on reducing unfairness in our lives made him one of our greatest national assets. He was the most effective Senator in American history because of his great talent and the respect that other Senators had for him. Read full story.
  • 8/25/2009
    Frank Statement on Chairman Bernanke
    Washington, DC - House Financial Services Committee Chairman Barney Frank today made the following statement on President Obama’s nomination of Ben Bernanke to serve a second term as Chairman of the U.S. Federal Reserve Chairman: Read full story.
  • 8/11/2009
    GAO Issues Critical Report of Federal Regulators Enforcement of Fair Lending Laws
    Washington, DC - House Financial Services Committee members Reps. Al Green (D-TX), Maxine Waters (D-CA), and Luis V. Gutierrez (D-IL), and the committee’s chairman Barney Frank (D-MA) today released a Government Accountability Office (GAO) report which is critical of federal regulators’ ability to effectively and efficiently enforce the nation’s fair lending laws.  In the report, GAO found that “[f]ederal enforcement agencies and depository institution regulators face challenges in consistently, efficiently, and effectively overseeing and enforcing fair lending laws due in part to data limitations and the fragmented U.S. financial regulatory structure.” Read full story.
  • 7/31/2009
    House Passes Executive Compensation Reform
    Washington, DC – Today, the House of Representatives approved legislation to rein in compensation practices that encourage excessive risk-taking at the expense of companies, shareholders, employees, and ultimately the American taxpayer.  H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act, was approved by a vote of 237-185. It represents the first piece of a larger regulatory reform package being crafted by the Financial Services Committee to address the causes of the recent financial crisis. A summary of H.R. 3269 can be viewed here. Read full story.
  • 7/31/2009
    Today: Executive Compensation Reform on House Floor
    Washington, DC - Today, the House of Representatives will consider H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act of 2009.  The bill would rein in executive compensation practices that led to excessive, reckless risk-taking and contributed to the recent financial collapse. An updated version of the bill can be viewed here. A summary of the bill can be viewed here. Read full story.
  • 7/30/2009
    Peterson, Frank Announce Derivatives Legislation Outline
    Washington, DC - House Financial Services Committee Chairman Barney Frank and House Agriculture Committee Chairman Collin C. Peterson today released a concept paper that will guide the two committees as they develop legislation to regulate derivatives. The text of the concept paper can be viewed by clicking here. Read full story.
  • 7/29/2009
    House Passes National Flood Insurance Program Extension
    Washington, DC - The U.S. House of Representatives today approved legislation that would extend the National Flood Insurance Program (NFIP) through March 31, 2010.  Created in 1968, the NFIP provides over one trillion dollars of flood insurance to more than five and a half million American homes and businesses. Financial Services Housing Subcommittee Chairwoman Maxine Waters (D-CA) and Chairman Barney Frank (D-MA) introduced H.R. 3139 earlier this month in light of the fact that the current program is set to expire at the end of September 2009.  The bill now moves to the Senate for consideration. Read full story.
  • 7/29/2009
    Frank Statement on the Progress of Reducing Foreclosures
    Washington, DC - Financial Services Committee Chairman Barney Frank (D-MA) today welcomed the announcement by Secretaries Geithner and Donovan that the meeting held by their top assistants with representatives of the mortgage servicing industry on July 28th was productive, and that they expect there to be a significant increase in the number of mortgage modifications.  But Frank noted that there is great disappointment in both Congress in particular and the country as a whole in the failure of these institutions to do a much better job at modification so far, and he cautioned that if the progress the administration foresees is not soon evident, more drastic legislative measures will be back on the agenda. Read full story.
  • 7/28/2009
    Financial Services Committee Passes Executive Compensation Reform
    Washington, DC - Today, the Financial Services Committee approved legislation to put an end to the perverse compensation practices that encourage executives to take excessive risk at the expense of their companies, shareholders, employees, and ultimately the American taxpayer.  H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act, would prevent a return to a “heads I win, tails I break even” compensation system that contributed to recent financial collapse. The measure, which passed by a vote of 40-28, is the first piece of a larger regulatory reform package now being crafted by the Committee to address the causes of this crisis. The full text of H.R. 3269 as Ordered Reported is available here. Read full story.
  • 7/23/2009
    Financial Services Committee Approves Section Eight Housing Voucher Reform
    Washington, DC - The Financial Services Committee today approved H.R. 3045, the Section Eight Voucher Reform Act of 2009. The landmark bill would reform the Section 8 Housing Choice Voucher Program, which provides rental housing assistance to 2 million low-income families nationwide. The legislation, sponsored by Rep. Maxine Waters (D-CA), was approved by a vote of 41- 24. Read full story.
  • 7/22/2009
    Frank Statement on Bernanke’s Testimony on the Recovery Act’s Positive Effects
    Washington, DC - Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement highlighting several parts of the Federal Reserve’s semiannual Monetary Policy Report and Chairman Bernanke’s testimony indicating that the Recovery Act has had positive effects on the economy for American workers.  Bernanke was appointed Chairman of the Board of Governors of the Federal Reserve by President Bush in 2006 and previously served as Chairman of President Bush’s Council of Economic Advisors. Read full story.
  • 7/22/2009
    Frank, Maloney Statement on Goldman Sachs Warrant Buyback
    Washington, DC - Today, Financial Services Committee Chairman Barney Frank and Joint Economic Committee Chairwoman Carolyn Maloney (D-NY) issued the following statement in response to the announcement that Goldman Sachs paid full price – a total of $1.1 billion – to buy back warrants the government received as part of the Troubled Asset Relief Program (TARP).  Read full story.
  • 7/21/2009
    House Chairs Warn President of Dangers of Signing Statements
    Washington, DC - In a letter sent to President Obama today, four leading House members with primary legislative responsibility for U.S. participation in the international financial institutions noted their surprise and disappointment at the signing statement issued by the President when he recently approved the Supplemental Appropriations Act of 2009.  Read full story.
  • 7/17/2009
    Frank Circulates Discussion Draft on Executive Compensation
    Washington, DC - Today, Chairman Barney Frank (D-MA) circulated a “discussion draft” on executive compensation to members of the Financial Services Committee.  The draft is based on “Say-on-Pay” legislation that passed the House in 2007 and legislative proposals released yesterday by the Treasury Department. Mr. Frank also stated yesterday that the committee plans to mark up legislation on executive pay sometime next week.  Read full story.
  • 6/23/2009
    Frank to Address the National Press Club
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, will discuss the future of financial regulation at the National Press Club on Monday, July 27. In June, President Obama delivered to the country sweeping proposals to change financial regulatory system, and Chairman Frank’s committee will be largely responsible for enacting the President’s agenda.  Next week, the committee will markup one part of the president’s plan to ensure greater accountability and responsibility in the way executives are paid.  The House Financial Services Committee will take up other parts of the president’s plan after the August recess beginning in early September.  The event is open to the public. Read full story.
  • 6/18/2009
    Frank Announces Tentative Committee Schedule for the Consideration of Financial Regulatory Reform
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today announced the committee’s tentative schedule for the consideration of the Obama Administration’s plan for sweeping financial regulatory reform.  Chairman Frank is also working to reschedule the postponed hearing with Secretary Geithner, and he noted that additional hearings and committee meetings will be scheduled in July.  Below is a tentative committee schedule: Read full story.
  • 6/10/2009
    Frank Statement on European Commission’s Report on U.S. Internet Gambling Laws
    Washington, DC - Financial Services Committee Chairman Barney Frank released the following statement in response to a European Commission report released today that investigated U.S. internet gambling laws and their enforcement against European Union companies. The report concludes that the U.S. measures constitute an obstacle to trade that is inconsistent with World Trade Organization (WTO) rules. It also concludes that U.S. laws deny access and discriminate against foreign suppliers of gambling and betting services inconsistently with U.S. WTO obligations. Read full story.
  • 5/28/2009
    Reps. Maloney, Frank, Gutierrez ask Fed to Curb Bank Overdraft Abuses
    Washington, DC - Reps. Carolyn B. Maloney (D-NY), Barney Frank (D-MA), and Luis Gutierrez (D-IL) today called on the Federal Reserve to strengthen its proposed regulation of bank overdraft fees by requiring banks to have consumers opt-in to overdraft programs and prohibiting  the posting of transactions in a sequence which maximizes overdraft fees. Read full story.
  • 5/19/2009
    Summary of S. 896, the Helping Families Save Their Homes Act of 2009
    Washington, DC - HOPE for Homeowners: The bill amends the HOPE for Homeowners Program, to (a) permit reduction of excessive fee levels, (b) provide greater incentives for mortgage servicers to engage in modifications under the Program, and (c) reduce administrative burdens to loan underwriters by making the requirements more consistent with standard FHA practices.  Specifically, the bill would: Put the HUD Secretary in charge of running the program, relegating the Program Board’s role to an advisory capacity Read full story.
  • 5/14/2009
    Financial Services Committee to Hold Hearing on Municipal Finance
    Washington, DC - Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, announced today the committee will hold a hearing entitled “Legislative Proposals to Improve the Efficiency and Oversight of Municipal Finance” on Thursday, May 21.  The committee today also circulated draft legislation - none of which has been formally introduced - that witnesses will be asked to discuss during the upcoming hearing.  A summary of the draft legislation is below as well as links to the full text of the draft bills. Read full story.
  • 5/13/2009
    Kanjorski Convenes Hearing to Examine Need for Further Regulation of Credit Rating Agencies
    Washington, DC - Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that the Subcommittee will hold a hearing to examine the need for more effective regulation of the credit rating agencies to increase transparency, improve accountability, and enhance investor confidence in our financial markets.   Read full story.
  • 5/7/2009
    House Passes Historic Mortgage Reform Legislation
    Washington, DC - The House of Representatives today overwhelmingly approved legislation to curb abusive and predatory lending – a major factor in America’s highest home foreclosure rate in 25 years. H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, will outlaw many of the egregious industry practices that marked the subprime lending boom. It represents a key step in the overhaul of the nation’s financial regulations. Read full story.
  • 4/30/2009
    House Approves Credit Cardholders’ Bill of Rights
    Washington, DC - Today, the House of Representatives overwhelmingly passed legislation that would protect consumers from deceptive credit card practices and equip them with the information and rights they need to responsibly manage their credit. The Credit Cardholders’ Bill of Rights Act passed by a vote of 357 to 70. Read full story.
  • 4/29/2009
    Financial Services Committee Approves Mortgage Reform and Anti-Predatory Lending Bill
    Washington, DC - The House Financial Services Committee today approved H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, aimed at curbing abusive and predatory lending – a major factor in the nation’s highest home foreclosure rate in 25 years.  The bill would outlaw many of the egregious industry practices that marked the subprime lending boom, and it would prevent borrowers from deliberately misstating their income to qualify for a loan. Read full story.
  • 4/28/2009
    Frank Praises Changes To World Bank’s “Doing Business” Report
    Washington, DC - In an important shift in the World Bank’s approach to development, today the Bank announced the suspension of the controversial “Employing Worker” Indicator (EWI) and a commitment to reexamine and revise both the EWI and the “Paying Taxes” Indicator in its annual country-ranking exercise called Doing Business. Read full story.
  • 4/23/2009
    Financial Services Committee Announces April 28th Markup
    Washington, DC - Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, today announced that the committee will meet on Tuesday, April 28, to consider the following measures: H.R. 1327, Iran Sanctions Enabling Act; H.R. 1728, Mortgage Reform and Anti-Predatory Lending Act.  Read full story.
  • 4/22/2009
    Credit Cardholders’ Bill of Rights Clears Financial Services Committee
    WASHINGTON, DC - The House Financial Services Committee today approved legislation that would provide credit card customers crucial protections against unfair, deceptive, and anti-competitive credit card practices, which include double-cycle billing, due-date gimmicks, and retroactive interest rate hikes. The bill would also increase the advance notice of impending rate hikes and give consumers the information and rights they need to manage their credit responsibly. Read full story.
  • 4/3/2009
    Frank Statement on March Unemployment Statistics
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement in response to Labor Department statistics released today showing that the U.S. economy lost 663,000 jobs in March and the unemployment rate rose to 8.5 percent, the highest in 26 years: Read full story.
  • 4/1/2009
    House Passes Grayson-Himes Legislation to Tie Pay to Performance for TARP Recipients
    Washington, DC - The U.S. House of Representatives today approved legislation that would tie pay to performance at companies that have received direct capital investments under the Troubled Asset Relief Program.  The Grayson-Himes Pay for Performance Act would prohibit certain compensation at these institutions to better align the public’s interest with the health of the financial institutions. Read full story.
  • 3/30/2009
    DODD, FRANK PLEDGE COLLABORATIVE EFFORT ON REGULATORY MODERNIZATION
    Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Congressman Barney Frank (D-MA), Chairman of the House Financial Services Committee, today pledged to work with each other and the Administration to modernize our country’s financial regulatory system.  In a letter to President Obama sent as he prepares to leave for the upcoming G-20 Summit Meeting in London, the Chairmen said they would work expeditiously, carefully and deliberately to create a framework for 21st century regulation that will enhance financial stability and protect consumers and investors. Read full story.
  • 3/26/2009
    Miller, Watt and Frank Introduce National Mortgage Reform and Anti-Predatory Lending Bill
    Washington, DC - Rep. Brad Miller (D-NC), along with Rep. Mel Watt (D-NC) and House Financial Services Committee Chairman Barney Frank, today introduced H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, aimed at curbing predatory lending, which has been a major factor in the highest home foreclosure rate in the nation in 25 years.  The measure introduced today was also co-sponsored by Reps. Kanjorski, Gutierrez, Bean and Minnick. Read full story.
  • 3/26/2009
    Financial Services Committee Passes Grayson-Himes Legislation to Tie Pay to Performance for TARP Recipients
    Washington, DC - The Financial Services Committee today passed H.R. 1664, the Grayson-Himes Pay for Performance Act of 2009, that would prohibit certain compensation payments by companies that have received direct capital investments under the TARP program and the Housing and Economic Recovery Act until these investments are repaid.  Specifically, the bill prohibits any compensation payments that are unreasonable or excessive, restricts all non-performance based bonuses, and effectively repeals a controversial provision in the American Recovery and Reinvestment Act. The Committee passed the legislation by a vote of 38-22. Read full story.
  • 3/20/2009
    Frank Calls on Lockhart to Cancel Fannie and Freddie Bonuses
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today sent a letter to Federal Housing Finance Agency Director James Lockhart asking him to cancel planned bonuses to executives at Fannie Mae and Freddie Mac.  In the letter, Frank states:  “I am writing to urge strongly that you rescind the retention bonus programs at Fannie Mae and Freddie Mac, prohibit any further payment of bonuses to executives under that program, and pursue repayment of any already-paid bonuses.  The public, having provided significant support for the purpose of restoring trust and confidence in our country’s financial system, rightfully insists that large bonuses such as these awarded by institutions receiving public funds at a time of a serious economic downturn cannot continue.” Read full story.
  • 3/20/2009
    Financial Services Committee to Consider Legislation to Prohibit Bonus Payments
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will consider legislation to prohibit any bonus payments by companies who have received capital investments under the TARP program and the Housing and Economic Recovery Act until these investments are repaid in full.  The bill also prohibits any compensation arrangements that are excessive and all non-performance based bonuses for these companies.   Read full story.
  • 3/18/2009
    AIG Employee Contracts
    Washington, DC - During the House Financial Services Subcommittee meeting today, Rep. Barney Frank discussed the AIG employee contracts.  For your information, we have put these contracts on our website.  Click the links below to view the contract. Read full story.
  • 3/17/2009
    Frank Asks TARP Recipients for Bonus Information
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) last week sent letters to the initial TARP recipients seeking information about bonuses.  The requests came after Chairman Frank requested the same information from Bank of America.  The other recipients of the letter were Goldman Sachs, JPMorgan Chase, Bank of New York Mellon, State Street Corporation, Morgan Stanley, Citigroup and Wells Fargo.  Read full story.
  • 3/12/2009
    Frank Seeks Antidote to Republican Amnesia
    Washington, DC - Congressman Barney Frank today responded to a series of repetitive, wholly inaccurate efforts by Republicans to blame Democrats, and Frank in particular, for the failure to take appropriate action to prevent bad loans being made to people who could not pay them back. Read full story.
  • 3/5/2009
    Frank to Continue Financial Reform Agenda
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today announced the committee will continue its work on financial reform that started in 2007, the first year of the Democratic majority, both in legislation and through committee oversight.  Hearings in March will focus on regulatory restructuring and the role of law enforcement in the current financial crisis and whether law enforcement agencies have the tools to pursue fraud and prosecute individuals.  Also in March, the committee will move legislation to the House floor that will curtail abusive mortgage lending practices and reform credit card and overdraft practices that are harmful to consumers. Read full story.
  • 2/24/2009
    Financial Services Democrats Call on Northern Trust to Repay TARP Funds
    Washington, DC - House Financial Services Committee Chairman Barney Frank, along with 17 Democrats on the committee, sent a letter today to Frederick H. Waddell, the President and CEO of Northern Trust, in response to published media reports that, the company hosted a PGA golf tournament and several related parties.  Democratic members of the committee “…insist that you immediately return to the federal government the equivalent of what Northern Trust frittered away on these lavish events” Read full story.
  • 2/24/2009
    Reps. Frank and Levin Release Letter to President Obama on Japan Currency
    Washington, DC - Rep. Barney Frank (D-MA), Chair of the House Financial Services Committee and Rep. Sander Levin (D-MI), Chair of the Trade Subcommittee of the House Ways and Means Committee, released the following letter sent to President Barack Obama requesting that he urge  Prime Minister Taro Aso to resist recent calls to devalue the yen as a means to stimulate Japanese exports at the expense of the U.S. and other economies: Read full story.
  • 2/23/2009
    Judiciary and Financial Services Committee Joint Housing Bill Introduced in the House
    Washington, DC - The House Judiciary Committee and the House Financial Services Committee today released details of the combined housing bill the House may consider this week.  The measure will combine the Judiciary Committee provisions to allow bankruptcy judges to modify mortgages on primary residences, and the Financial Services Committee legislation which provides a servicer safe harbor, Hope for Homeowners improvements, FHA changes, and reforms to the FDIC insurance fund.  The new bill, H.R. 1106 could be on the floor as early as this week.  For a copy of the legislation, click here: http://docs.house.gov/rules/111_hr_housing.pdf Read full story.
  • 2/13/2009
    Frank Releases JP Morgan Chase Letter Announcing Three-Week Foreclosure Moratorium
    Washington, DC - House Financial Services Chairman Barney Frank (D-MA) today received a letter from JP Morgan Chase CEO Jamie Dimon announcing a three-week foreclosure moratorium.  Earlier this week, Frank called on all holders and servicers of mortgages to initiate such a moratorium until President Obama announces the administration’s plan to reduce foreclosures.  Mr. Dimon’s letter follows: Read full story.
  • 2/10/2009
    Statement of Chairman Barney Frank
    Washington, DC - House Financial Services Committee Chairman Barney Frank made the following statement in reaction to the remarks by Treasury Secretary Timothy Geithner introducing the Financial Stability Plan: Read full story.
  • 1/27/2009
    Frank Praises Treasury TARP Inspector General
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) sent a letter today to the TARP Special Inspector General praising him for his work in providing greater transparency for the TARP Program.  Frank’s letter, the text of which is below, is in response to a letter from Inspector General Barofsky, where the IG stated, “Specifically, we [Treasury Special Inspector General] will be sending a request to all entities that have received TARP money to date asking them to account for their use of the TARP funds and to describe their efforts to comply with applicable executive compensation restrictions.” Read full story.
  • 1/12/2009
    Frank Statement on TARP Funds
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today released the following statement in light of reports that President-elect Obama will ask President Bush to request the second $350 billion of TARP funds: Read full story.
  • 1/9/2009
    Frank Introduces TARP Reform and Accountability Legislation
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today introduced H.R. 384, the TARP Reform and Accountability Act to amend the Troubled Assets Relief Program (TARP) provisions of the Emergency Economic Stabilization Act of 2008 (EESA). The legislation will strengthen accountability, close loopholes, increase transparency, and require Treasury to take significant steps on foreclosure mitigation.  Read full story.
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