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2009 and 2010 Press Releases
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- 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.
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- 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.
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- 4/27/2009
Financial Services Committee to Markup Mortgage Reform Bill and Iran Sanctions Enabling Act
Washington, DC - The House Financial Services Committee will meet tomorrow, Tuesday, April 28, at 10:00 a.m. to consider the following measures:
H.R. 1327, Iran Sanctions Enabling Act: Patterned after legislation enacted last year to enable divestment from firms investing in certain sectors in Sudan, H.R. 1327 provides authority to state and local governments to divest their assets from, or prohibit investment of their assets in, any company that invests $20 million or more: (1) in the energy sector in Iran; or (2) in a person that provides oil or liquefied natural gas tankers, or products used to construct or maintain pipelines used to transport oil or liquefied natural gas, for the energy sector in Iran; or (3) is a financial institution that extends $20 million or more in credit to be used for investment in the energy sector in Iran. For more information on H.R. 1327, click here. 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.
- 4/16/2009
Financial Services Committee to Hold Hearing on Mortgage Reform
Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today announced the committee will hold a hearing on Thursday, April 23, at 10:00 a.m. to discuss H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009. The bill, introduced last month by Reps. Brad Miller (D-NC) and Mel Watt (D-NC), is aimed at curbing predatory lending, which has been a major factor in the highest home foreclosure rate in the nation in 25 years.
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:
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- 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.
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- 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.
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- 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.”
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- 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
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- 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:
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- 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:
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- 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.”
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- 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:
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- 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.
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