News List

For years, the Federal government used the GSEs to make homeownership available to people who posed a greater credit risk and would not have otherwise been able to obtain mortgage credit.  GSE-manufactured demand boosted home prices to artificially high levels and fostered enthusiasm for the wave of exotic mortgage products that began to flood the market.  In light of the risks… Read more »

The legislation, introduced by Rep. David Schweikert, prohibits the GSEs from offering, undertaking, transacting, conducting or engaging in any new business activities while in conservatorship or receivership. This restriction will reduce Fannie Mae’s and Freddie Mac’s market dominance and limit their size. On April 6, 2011, the Capital Markets Subcommittee approved H.R. 1227 on… Read more »

The Small Company Capital Formation Act encourages small companies to access the capital markets — allowing them to invest and hire employees. The legislation increases the offering threshold for companies exempted from SEC registration under SEC Regulation A from $5 million — the threshold set in the early 1990s — to $50 million. The SEC has the authority to raise this threshold but… Read more »

The Capital Markets Subcommittee, chaired by Rep. Scott Garrett, will meet for a hearing to evaluate the proposed risk retention rule at 2 p.m. on Thursday, April 14 in room 2128 Rayburn.   The Dodd-Frank Act directs six federal regulators to jointly issue regulations forcing firms that jointly package loans and other assets into securities to hold a portion of the credit risk on… Read more »

The legislation, introduced by Rep. Steve Pearce, requires the Treasury Department to approve any new debt issuance by the GSEs. If Treasury approves a debt issuance, it must explain and justify its decision to Congress and the FHFA within seven days. The legislation limits the amount of GSE risk taking. H.R. 1225 was approved on a vote of 18-0-1 by the Capital Markets… Read more »

The Oversight and Investigations Subcommittee, chaired by Rep. Randy Neugebauer, will meet for a hearing to explore the progress of the Financial Stability Oversight Council (FSOC).  The Subcommittee will focus on the coordination among the FSOC Members and the FSOC’s implementation of the Dodd-Frank Act.   The hearing will take place on Thursday, April 14 at 10 a.m. in room… Read more »

A stunning development today in the ongoing controversy over whether someone on Capitol Hill is pretending to be Barney Frank. Financial Services Committee Chairman Spencer Bachus announced a videotape of the apparent impersonator has surfaced.  Chairman Bachus on Thursday made the videotape available to the press. Although Rep. Frank did not express concerns about a possible… Read more »

Witnesses testifying before a House Subcommittee on Wednesday expressed support for legislation to change the leadership structure of the new Consumer Financial Protection Bureau (CFPB) so it is governed by a bipartisan commission rather than a single director appointed by the President.   The Subcommittee on Financial Institutions and Consumer Credit on Wednesday held a hearing to… Read more »

The Capital Markets and Government Sponsored Enterprises Subcommittee approved eight bills on Wednesday that provide for immediate reforms to protect taxpayers by fundamentally reforming Fannie Mae and Freddie Mac. The bills include reforms that suspend lavish compensation for executives at Fannie Mae and Freddie Mac, eliminate the affordable housing goals, increase the guarantee fees,… Read more »

Financial Services Committee Chairman Spencer Bachus issued this statement about someone impersonating Ranking Member Barney Frank:   “There certainly does need to be an investigation into who is impersonating Barney Frank because someone who looks and sounds exactly like him said on June 29, 2010, and this is verbatim: ‘I believe we will need a technical corrections bill that… Read more »