- The Financial Services Committee approved an amendment by Ranking Member Spencer Bachus to H.R. 3890, the Accountability and Transparency in Rating Agencies Act, that will help restore market discipline and promote greater investor due diligence. The amendment, which is part of the Republican regulatory reform plan (H.R. 3310) that was introduced by Representative Bachus last… Read more »
- The Financial Services Committee today approved an amendment by Ranking Member Spencer Bachus and Capital Markets Subcommittee Ranking Member Scott Garrett to H.R. 3890, the Accountability and Transparency in Rating Agencies Act, that will reduce the reliance on credit ratings by investors. The amendment, which is based on the Republican regulatory reform plan (H.R. 3310) that was… Read more »
- During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted to pass an amendment offered by Rep. Maxine Waters (D-CA) that will make ACORN eligible to play a role in setting regulations for financial institutions. The Waters amendment adds to the CFPA Oversight Board 5… Read more »
- During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Rep. Alan Grayson (D-FL) offered an amendment that would require the CFPA Director to conduct an annual financial autopsy of bankruptcies and foreclosures. The Grayson amendment would provide another mechanism for the Director to create "plain vanilla" products by… Read more »
- During consideration of H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency, Democrats on the House Financial Services Committee rejected an amendment offered by Congressmen Don Manzullo (R-IL) and Leonard Lance (R-NJ) to limit the CFPA's authority to impose fees and assessments on individuals and businesses covered by the agency. Instead of… Read more »
- During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted against two amendments offered by Republicans that would prevent abusive litigation. One amendment offered by Congressman Patrick McHenry (R-NC) would prevent abusive litigation by ensuring that the legislation does not… Read more »
October 22, 2009 - During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted against an amendment offered by Congressman Kenny Marchant (R-TX) that would subject all CFPA's rulemaking authority to the same requirements of other Federal agencies, including advanced notice… Read more »
- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, objected to the decision by Chairman Barney Frank (D-MA) to shut down debate on H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency: "I am disappointed the Chairman ended debate on this legislation before all of the amendments had been considered. … Read more »
- Federal Reserve Board Chairman Ben Bernanke noted that legislation to accelerate the effective date of the Credit Card Accountability Responsibility and Disclosure (CARD) Act would have a detrimental impact on small credit card issuers, raising concerns that the legislation could hurt our economy by further reducing consumer choice and access to credit. In response to a letter… Read more »
- During consideration of H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency, Democrats on the House Financial Services Committee defeated an amendment offered by Congressman Jeb Hensarling (R-TX) that would have limited the unprecedented discretion of the Director of the new Agency to ban specific financial products and services that consumers depend on… Read more »
