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Hensarling Demands Watt Explain GSE Payments

House Financial Services Committee Chairman Jeb Hensarling (R-TX) sent a letter to Federal Housing Finance Agency (FHFA) Director Mel Watt on Friday demanding an explanation for his decision to continue payments to the Housing Trust Fund and Capital Magnet Fund (the Funds) in the wake of Fannie Mae and Freddie Mac’s (GSEs) latest infusion of taxpayer funds from Treasury. Director Watt’s decision “directly contradicts both [his] 2014 supervisory guidance issued to the GSEs outlined when FHFA rein...

Protecting Small Business Access to Credit

The Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing today on a common practice – known as “de-risking” – that has limited the ability of legitimate small businesses to access credit. “De-risking” occurs when a financial institution terminates relationships and closes the accounts of clients and merchants they deem “high risk” in order to avoid legal liability and greater regulatory scrutiny. This practice has virtually eliminated access to credit for ...

Subcommittee Examines Legislative Proposals to Benefit Main Street Investors

The Subcommittee on Capital Markets, Securities and Investments met yesterday to examine legislative proposals that would provide greater economic opportunity for derivatives end-users, which represent main street businesses of all kinds that are seeking to manage their commercial and operational day-to-day business risk. “It is important to note that derivatives are a vital part of the healthy functioning of our global economy,” said Subcommittee Chairman Bill Huizenga (R-MI). “Companies of all...

House Passes Two Bipartisan Financial Services Reg Relief Bills

This week, the House of Representatives passed two strongly bipartisan bills from the Financial Services Committee. “These bills will help cut at least some of the red tape that places such a disproportionate burden on Main Street businesses and financial entities and limits consumer access to credit. These bills are practical, they are strongly bipartisan, and they are needed,” said Financial Services Committee Chairman Jeb Hensarling. “I applaud the sponsors of each of these commonsense regula...