Three hearings, two suspensions and one rule bill on the floor makes for a busy week at the Financial Services Committee. Be sure to check back here on the Bottom Line Blog -- and subscribe to our email lists -- for updates throughout the week. Here’s what’s happening: On Wednesday the House will vote on two bipartisan bills under suspension of the rules. Bills under suspension require a two-thirds majority for passage. The first, H.R. 384, the Homes for Heroes Act of 2013 helps ensure veterans have fair access to HUD housing and homeless assistance programs by establishing a Special Assistan... Read More »
Bloomberg: Tea Party Rant II Awaits Next Homeowner Bailout On Feb. 19, 2009, CNBC editor Rick Santelli let loose on the floor of the Chicago Mercantile Exchange in response to President Barack Obama’s proposal to subsidize underwater mortgages. Santelli’s famous rant gave birth to the Tea Party. Obama’s proposal gave way to numerous initiatives, known by the catchy acronyms HAMP and HARP (but not HARM), all of which fell short of the administration’s initial goals. UK Telegraph: China may not overtake America this century after all Doubts are growing about whether China can pass the US to beco... Read More »
In a recent interview on CNBC, AIG President & CEO Bob Benmosche, said he expects his company to receive “systemically important financial institution” (SIFI) status — regulator speak for “too big to fail” (TBTF) — when the Fed and FDIC belatedly determine what firms constitute such “grave threats” to our economy. Under Dodd-Frank, a company determined to be a “grave threat” could face restrictions on its business activities or requirements that it divest assets or operations. Some have even suggested the law allows regulators to “break up” such firms to reduce systemic risk. Supporters of Do... Read More »
Congressman Bill Huizenga joined us during the markup of H.R. 742 to discuss swap derivatives and why they're important to a range of industries and businesses. To ensure market transparency and global regulatory cooperation, the Dodd-Frank Act requires U.S. regulators to share information about these financial tools with their foreign counterparts. Unfortunately, the process Dodd-Frank prescribes for this data-sharing has proven to be unworkable for regulators. Without a fix like H.R. 742, foreign regulators may end up establishing their own swap derivatives databases to ensure they have the... Read More »
George Will: Courts and Congress give Obama adult supervision Rep. Jeb Hensarling (R-Tex.), chairman of the Financial Services Committee, has told Richard Cordray not to bother. This is part of the recent evidence that government is getting some adult supervision. Barack Obama used a recess appointment to make Cordray director of the Consumer Financial Protection Bureau. But a federal circuit court has declared unconstitutional three other recess appointments made the same day because the Senate was not in recess. So Hensarling has told Cordray not to testify before his committee: “Absent cont... Read More »
Wall Street Journal’s Mary Kissel: Disdain for the Courts The House Financial Services Committee disinvited Consumer Financial Protection Bureau chief Richard Cordray from testifying Tuesday, noting President Obama's non-recess, recess appointment of Mr. Cordray and a January D.C. Circuit Court of Appeals decision, Noel Canning v. NLRB, that invalidated other appointments made under the same pretense. In a letter to Mr. Cordray, Texas Republican Jeb Hensarling said his committee stands "ready to accept the testimony of the Director of the CFPB" when "an individual validly holds this position."... Read More »
Chairman Jeb Hensarling announced this week that the committee cannot legally accept testimony from Richard Cordray on the Consumer Financial Protection Bureau’s (CFPB) semi-annual report until he is legally installed as the CFPB Director. However, the committee will continue to conduct rigorous oversight of the CFPB, and has already invited CFPB officials to testify at an upcoming hearing on the agency’s new Qualified Mortgage rule. Chairman Hensarling explains why the committee cannot receive the CFPB’s semi-annual report from Cordray in the video above. Read More »
Freedom and human dignity are the ideals upon which our country was founded -- and these ideals leave no room whatsoever for bigotry and hatred -- none. H.R. 360 posthumously bestows Congress's highest civilian honor -- the Congressional Gold Medal -- to Addie Mae Collins, Cynthia Wesley, Carole Robertson and Denise McNair. This legislation is a reminder of America's noble founding and a tribute to these four girls whose tragic deaths galvanized a nation to action. Read More »
“President Obama's attempt to unilaterally appoint three people to seats on the National Labor Relations Board and Richard Cordray to head the new Consumer Financial Protection Bureau is more than an unconstitutional attempt to circumvent the Senate's advise-and-consent role. It is a breathtaking violation of the separation of powers and the duty of comity that the executive owes to Congress.” -Ed Meese, Former Attorney General and Todd Gaziano, Director of Heritage’s Center for Legal and Judicial Studies “There is little question that this applies to the Cordray appointment.” -Deepak Gupta, ... Read More »
By Ann Wagner A little over a year ago, Congress passed the Jumpstart Our Business Startups (JOBS) Act. The JOBS Act was designed to make it easier for entrepreneurs to raise capital and turn their ideas into job-creating businesses that might one day go public. At a time of slow growth and high unemployment, the JOBS Act was a big win for the St. Louis region and the American economy. Not only was the JOBS Act good policy — it also was an important bipartisan breakthrough at a time of heightened partisanship. During the Rose Garden signing ceremony, President Obama hailed the bill as a “pote... Read More »
