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  • Committee leaders demand answers about HOME program
    May 18, 2011 - Three leaders of the Financial Services Committee are asking HUD Secretary Shaun Donovan for detailed information about delayed housing projects and the agency’s oversight of its HOME program, which provides $2 billion a year to local housing agencies to build and renovate homes across the country. ... More
  • Former Democrat Officials Warn Of Unintended Consequences Of Dodd-Frank
    May 17, 2011 - In recent interviews two Democrat officials warned about some of the unintended consequences of the Dodd-Frank Act. These quotes are of particular interest as the Financial Services Committee will consider common-sense legislation next week to promote a functioning derivatives market by giving regul... More
  • Prediction: NY Dems will be “slip sliding away” from their letter on derivatives
    May 17, 2011 - POLITICO’s “Morning Money” reports today that members of NY’s congressional delegation, including several Democrats on the Financial Services Committee, have written regulators to express their concerns that proposed rules governing derivative margin requirements “will inevitably result in significa... More
  • U.S. agencies played a larger role in the housing crisis than first reported
    May 16, 2011 - That’s the conclusion of Michael Cembalest, the Chief Investment Officer of JP Morgan Chase. In a May 3 “Eye on the Market” report, he revised his 2009 account of what caused the financial crisis. Under the general heading of “Retractions,” Cembalest writes: “In January 2009, I wrote that the housin... More
  • Guest Blogger: Swagel: Reducing GSE Dividend Payments Would be a Gift from Taxpayers to Private Investors
    May 12, 2011 - Today at The Bottom Line we welcome a guest blogger, Phillip Swagel. Phillip is a Professor of International Economic Policy at the University of Maryland and a former Assistant Secretary for Economic Policy at the Treasury Department. His blog post is on the importance of Treasury continuing to req... More
  • Democrats were for a CFPB commission…before they were against it
    May 11, 2011 - WASHINGTON – Attacks from Democrats claiming a bipartisan commission to oversee the Consumer Financial Protection Bureau (CFPB) is somehow “anti-consumer” ring hollow in light of the record. Until recently, many of these same Democrats supported, proposed and voted for exactly such a commission. Bel... More
  • A case of “That was then; this is now”?
    May 11, 2011 - Earlier today, a coalition of liberals groups released a letter claiming a bill (H.R. 1121) putting a bipartisan commission in charge of the Consumer Financial Protection Bureau (CFPB) is bad for consumers. It cannot escape notice that these same liberal groups endorsed proposals by Democrats and th... More
  • Every Massive Government Bureaucracy Requires Oversight and Accountability – Including the CFPB
    May 10, 2011 - The Financial Institutions and Consumer Credit Subcommittee, chaired by Rep. Shelley Moore Capito, approved three bills to improve the Consumer Financial Protection Bureau (CFPB) on April 4th. On Thursday of this week, the Financial Services Committee is scheduled to markup all three of these bills,... More
  • How costly are the bailouts of Fannie Mae and Freddie Mac?
    May 9, 2011 - Source: AFIP and AIG: http://www.gao.gov/new.items/d11476t.pdf GSEs: http://www.fhfa.gov/webfiles/19846/FNMandFRECapital4Q10.pdf AFIP: Automotive Industry Financing Program (Contains bailouts for GM, Chrysler and GMAC/Ally Financial) More
  • Subcommittee Chairman Shelley Moore Capito on “Squawk Box"
    May 6, 2011 - Watch video of Rep. Shelley Moore Capito, Chairman of the Financial Institutions and Consumer Credit Subcommittee, discuss legislation to bring greater accountability and oversight to the powerful Consumer Financial Protection Bureau http://video.cnbc.com/gallery/?video=3000020286 More