Update 11/18/13: The full committee will consider six bills to reform the CFPB on Wednesday. Next week the Financial Institutions and Consumer Credit Subcommittee will hold a hearing to discuss legislative proposals to bring more accountability, reform and transparency to the Consumer Financial Protection Bureau (CFPB). As Chairman Hensarling has pointed out, the CFPB is arguably the single most powerful and least accountable federal agency in American history. Established by the Dodd-Frank Act, the CFPB's radical design is unique among financial and consumer regulators, including those respon... Read More »
Forbes | Dodd-Frank’s Costs Will Be Paid For By Low-Income Bank Customers A whole segment of society is losing access to mainstream banking that allows them to safely save and invest for the future. They are being pushed into nontraditional financial arrangements not by choice, but because of Dodd-Frank. NRO | 10 Questions for Janet Yellen With Janet Yellen now seemingly on course to be the next Fed chairman, it’s time to find out what she thinks about some very important questions of monetary and regulatory policy. Housing Wire | Industry veteran challenges CFPB’s support of disparate impact... Read More »
Congressman Randy Hultgren (Twitter | Facebook) delivers this week's Sunday Video Message on his legislation -- H.R. 992, the Swaps Regulatory Improvement Act. H.R. 992 will be considered on the House floor this week. Read More »
Mercatus | The Myth of Deregulation and the Financial Crisis Did “deregulation” cause the financial crisis? Our conclusion was that there was no measurable, net deregulation leading up to the financial crisis. Omaha World-Herald | Mortgage lending at risk if rules not delayed, banker says Without a delay of onerous Dodd-Frank mortgage regulations, some banks will stop or cut back on mortgage lending. Reuters | Fed official blasts White House handling of Bernanke succession The White House has handled the process of picking the next chair of the Federal Reserve "terribly," a top official at the... Read More »
Update: Chairman Hensarling Comments on Obama Administration’s Confirmation of $1.7 Billion Taxpayer-Funded Bailout for FHA Back in February, Chairman Hensarling cautioned that: "If the FHA were a private financial institution, likely somebody would be fired, somebody would be fined, or the institution would find itself in receivership." Instead, he added, "it is merely, and merrily, on its way to becoming the recipient of the next great taxpayer bailout." Echoing the chairman's warning, later that same month the Government Accountability Office (GAO) added FHA to its 'high risk' list of gover... Read More »
Chairman Hensarling Op-Ed | September 24, 2013 Pundits and politicians, including President Obama, used the recent anniversary of the Lehman Brothers collapse to once again blame a lack of government regulations for causing the financial crisis. The great tragedy of the financial crisis, however, was not that Washington regulations failed to prevent it, but instead that Washington regulations helped lead us into it. Federal policies designed to expand homeownership in an "off-budget" fashion encouraged lending to people who bought homes they could not afford to keep. Perhaps not surprisingly,... Read More »
Monetary Policy & Trade Subcommittee Vice Chairman Bill Huizenga (Twitter | Facebook) delivers this week's Sunday Video Message on the five year anniversary of the financial crisis. Read More »
Last week, the Oversight and Investigations Subcommittee questioned the Department of Housing and Urban Development's (HUD) Inspector General, David Montoya, about reducing waste, fraud, and abuse in the department’s housing programs. All totaled, the latest IG report identified more than $770 million in questionable costs and included recommendations for putting $739.5 million in HUD funds to better use. In the above exchange with Rep. Ann Wagner, however, the IG raised another concern: the egregious length of time it takes HUD to implement audit findings. In one case related to now largely p... Read More »
The House is in session Tuesday through Friday this week and the committee has two scheduled hearings. Be sure to check back here on the Bottom Line Blog -- and sign up for our email updates -- for more information throughout the week. Here's what's happening: On Wednesday at 10 a.m. the Capital Markets & GSEs Subcommittee will examine the SEC's money market rule proposal. And on Thursday the full committee holds a legislative hearing on The Terrorism Risk Insurance Act of 2002. That hearing also beings at 10 a.m. Both hearings will be held in 2128 Rayburn HOB and will be streamed live on our ... Read More »
Financial Institutions & Consumer Credit Subcommittee Vice Chairman Sean Duffy (Twitter | Facebook) delivers this week's Sunday Video Message on our recent hearing with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and his own legislation to curb the CFPB's collection of Americans' personal financial data. Read More »
