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Chairman Bachus: Committee Continues Work To Implement Our Pledge

Washington, Jun 21 -

Financial Services Committee Chairman Spencer Bachus said today the Committee will continue to focus on policies that promote jobs and economic development, build a stronger housing finance system, and protect taxpayers during the month of July.

“Americans continue to suffer from the devastating impact that Washington’s over-spending and over-regulating has on the economy. 14 million Americans are out of work.  They are spending more on food and fuel, while the value of their homes has declined.  Small business start-ups are at their lowest level in more than a decade.  The Financial Services Committee remains hard at work promoting a stronger economy by offering solutions to fix government policies that are standing in the way of a recovery. We need real economic growth and that begins with enabling job creators to use their capital to invest, create jobs and expand.”

In announcing the schedule for the first two weeks of July, Chairman Bachus emphasized the importance of the Committee’s work to protect taxpayers from the unlimited bailout of Fannie Mae and Freddie Mac. In addition to a comprehensive bill that winds down the operations of Fannie and Freddie, the Committee has introduced 15 bills to implement immediate reforms that protect taxpayers.

“At a time of unprecedented national debt, ending Fannie and Freddie’s blank check remains a top priority.  Taxpayers cannot continue to fund the bailout of Fannie Mae and Freddie Mac indefinitely. Already taxpayers have been forced to throw more than $150 billion at both companies. The Committee continues moving forward with immediate reforms that protect taxpayers from this unlimited bailout.”

The Committee schedule remains tentative and will depend upon witness availability and other factors that may require changes. Therefore, each meeting will become final only when the official notice is distributed.  Hearing witnesses will be announced at later dates.

Thursday, July 7:

• The Financial Institutions and Consumer Credit Subcommittee will convene a hearing on mortgage servicing and foreclosure mitigation at 10 a.m. in room 2128 Rayburn.

Friday, July 8:

• The Financial Institutions and Consumer Credit Subcommittee will convene a hearing on H.R. 1723, which prevents federal bank regulators from arbitrarily penalizing community banks for working with borrowers to modify their loans, and H.R. 2056, which calls for a study on the impact of some FDIC practices and procedures on troubled or failing institutions, at 10 a.m. in room 2128 Rayburn.

Tuesday, July 12:

• The Capital Market and Government Sponsored Enterprises Subcommittee will hold a markup of bills to reform the Government Sponsored Enterprises at 10 a.m. in room 2128 Rayburn.

Wednesday, July 13:

• The Full Committee will meet to receive the semiannual Monetary Policy Report to the Congress from Federal Reserve Chairman Ben Bernanke at 10 a.m. in room 2128 Rayburn.
• At 2 p.m., the Insurance, Housing and Community Opportunity Subcommittee will meet for a hearing on mortgage origination issues in room 2128 Rayburn.

Thursday, July 14:

• The Financial Institutions and Consumer Credit Subcommittee will meet for a hearing on the rent-to-own industry at 10 a.m. in room 2128 Rayburn.
• At 2 p.m., the Oversight and Investigations Subcommittee will meet for a hearing on the Office of Financial Research and the Financial Stability Oversight Council as data collectors and the potential for data security risks.