The U.S. House of Representatives has approved legislation to thoroughly review the causes of recent bank failures as well as the impact of the FDIC’s practices and procedures on community banks.
H.R. 2056, introduced by Financial Services Committee Member Rep. Lynn Westmoreland, requires the Inspector General of the FDIC to study issues raised by recent bank failures and report back… Read more »
Financial Services Committee Chairman Spencer Bachus today announced the committee’s hearing schedule for the first week of August.
All hearings will begin at 10 a.m. and will take place in Room 2128 Rayburn.
Wednesday, August 3: The Insurance, Housing and Community Opportunity Subcommittee will hold a hearing on the single- and multi-family programs of the Federal Housing… Read more »
As the nation’s major credit rating companies threaten to downgrade the credit rating of the United States over the swelling size of the national debt, the Oversight and Investigations Subcommittee will meet on Wednesday to examine the credit rating industry and the impact of Dodd-Frank Act changes to the regulation of credit rating agencies.
The Dodd-Frank Act contains an important… Read more »
The Financial Institutions and Consumer Credit Subcommittee, chaired by Rep. Shelley Moore Capito, will meet on Tuesday, July 26 for a hearing on legislation to improve oversight and transparency of the rent-to-own industry.
During the hearing, the Subcommittee will focus on H.R. 1588, the Consumer Rental Purchase Agreement Act, introduced by Rep. Francisco Canseco. The legislation… Read more »
The Subcommittee on International Monetary Policy and Trade will consider the impact of the World Bank and multilateral development banks (MDBs) on U.S. job creation at a hearing on Wednesday, July 27, 2011 at 2:00 p.m.
The hearing will focus on how MDB lending and assistance to middle-income and poor countries around the world contributes to the U.S. employment base. The… Read more »
The Domestic Monetary Policy and Technology Subcommittee, chaired by Rep. Ron Paul, will question Federal Reserve Bank of Kansas City President Dr. Thomas Hoenig about the Federal Reserve’s role in the economy and the likelihood of QE3 during a hearing on July 26.
Dr. Hoenig is the longest-serving of the 12 presidents of the regional Federal Reserve Banks.
The hearing will examine… Read more »
On a bipartisan vote of 241 to 173, the House of Representatives approved legislation to bring accountability, transparency, and oversight to the Consumer Financial Protection Bureau (CFPB).
The Dodd-Frank Act, signed into law a year ago, established the CFPB as an independent bureau within the Federal Reserve. Under Dodd-Frank, the CFPB is run by a single director who has… Read more »
The Financial Services Committee, chaired by Rep. Spencer Bachus, approved legislation to bring transparency to the FDIC’s bank closure process and procedures. H.R. 2056, authored by Rep. Lynn Westmoreland, requires the FDIC Inspector General to study issues raised by the recent rash of bank failures since 2008. The legislation was approved by a voice vote.
Chairman Bachus said, “As… Read more »
The Financial Services Committee approved legislation sponsored by Chairman Spencer Bachus today to equip new manufactured homes with NOAA weather radios so residents can receive earlier storm warnings. The bill was approved by a voice vote.
The bill, C.J.’s Home Protection Act (H.R. 1751), is named in honor of C.J. Martin, a two-year-old who died in 2005 when a tornado struck his… Read more »
Financial Services Committee Chairman Spencer Bachus issued the following statement in response to a press conference held by Democrats on Wednesday about legislation the House will consider on Thursday to bring needed accountability to the Consumer Financial Protection Bureau (CFPB):
“It is amazing that suddenly the Democrats believe placing the CFPB under the direction of a… Read more »
