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H.R. 1539, the Asset-Backed Market Stabilization Act

| Posted in Legislation

The Dodd-Frank Act included a liability provision for credit rating agencies if their ratings were determined to be inaccurate. Within days of the Dodd-Frank Act becoming law, this liability provision temporarily shut down the asset-backed securities market, forcing the Securities and Exchange Commission (SEC) to step in and issue a temporary no-action letter on July 22, 2010. On November…

H.R. 1082, the Small Business Capital Access and Job Preservation Act

| Posted in Legislation

The Financial Services Committee has received testimony regarding the role private equity firms play in preserving existing jobs and creating new ones by providing capital to struggling and growing companies.  The Dodd-Frank Act requires most advisers to private investment funds to register with the SEC, including advisers to private equity funds. The Small Business Capital Access…

H.R. 1610, the Business Risk Mitigation and Price Stabilization Act

| Posted in Legislation

The Dodd-Frank Act requires derivatives transactions to be cleared through a registered clearing house, and exempts swaps and security based swaps from this clearing requirement if one of the counterparties is not a financial entity. The Business Risk Mitigation and Price Stabilization Act exempts true derivatives end-users from having to post margin as required under…

H.R. 1573

| Posted in Legislation

Representatives Spencer Bachus (R-AL), Frank Lucas (R-OK), K. Michael Conaway (R-TX), and Scott Garrett (R-NJ) introduced H.R. 1573, which would extend the deadline by 18 months for implementing Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill gives the regulatory agencies more time to effectively meet the objectives of the derivatives title, to…

H.R. 1121, the Responsible Consumer Financial Protection Regulations Act

| Posted in Legislation

The Responsible Consumer Financial Protection Regulations Act establishes a bipartisan commission of five members at the Consumer Financial Protection Bureau (CFPB). H.R. 1121, introduced by Chairman Spencer Bachus facilitates robust consumer financial protection by empanelling a  five-member Commission to carry out all of the duties that would otherwise fall to the…

H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act

| Posted in Legislation

The expansive powers given to the CFPB to write rules will have far-reaching implications. Yet, the Dodd-Frank Act makes the CFPB’s judgments essentially unreviewable. The Dodd-Frank Act did include a review process, but the process is essentially meaningless . The Act allows the Financial Stability Over-sight Council to review rulemaking by the CFPB, but it must meet virtually…

Chairman Bachus: Speed of Dodd-Frank Rules “No Excuse” to Limit Public Comment

| Posted in Press Releases

WASHINGTON-- Financial Services Committee Chairman Spencer Bachus issued the following comment in response to Deputy Treasury Secretary Neal Wolin’s defense of the rapid pace of the Dodd-Frank Act rulemaking process.  In early March, all Republican members of the Committee wrote to regulators to express their concerns about the volume and pace of rulemakings under…

Chairman Bachus Comments on Indictments of Internet Casino Operators

| Posted in Press Releases

Financial Services Committee Chairman Spencer Bachus, who co-authored the Unlawful Internet Gambling Enforcement Act which passed in 2006, issued the following statement on Friday about the indictments of some of the largest Internet casinos and their operators.   “Off-shore Internet gambling sites operating in the United States are all illegal and therefore, by definition, are…

Key House Lawmakers Introduce Bill to Extend Deadline for Derivatives Title of Dodd-Frank

| Posted in Press Releases

U.S. Representatives Spencer Bachus (R-AL), Frank Lucas (R-OK), K. Michael Conaway (R-TX), and Scott Garrett (R-NJ) introduced H.R. 1573, which would extend the deadline by 18 months for implementing Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill gives the regulatory agencies more time to effectively meet the objectives of the derivatives title, to…

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