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GAO Report: Dodd-Frank Regulators Failing to Carry Out Missions, Operate with Little Accountability and Transparency
Mar 14, 2013
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Nearly three years after enactment of the Dodd-Frank Act, two powerful regulators created under the law are not fulfilling their missionsand operate far from the public’s eye, according to a Government Accountability Office (GAO) report reviewed at aFinancial Services Oversight and Investigations S...
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Financially Troubled FHA Crowding Out Private Sector Mortgage Insurers, Witnesses Tell Subcommittee
Mar 13, 2013
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Government backing for the Federal Housing Administration (FHA) gives it competitive advantages over private sector mortgage insurers, driving them out of the marketplace and leaving homebuyers with fewer choices, witnesses told the Financial Services Subcommittee on Housing and Insurance today. Th...
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Chairman Hensarling Questions Legality of CFPB Funding
Mar 12, 2013
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In January, a federal court held that the Senate was not in recess when President Obama made three appointments to the National Labor Relations Board (NLRB). In deeming those appointments unconstitutional, the court invalidated decisions made by the NRLB during the illegal appointments. While the co...
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House Passes Financial Services Bills
Mar 12, 2013
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The House of Representatives today passed two bipartisan Financial Services Committee bills. H.R. 749, the Eliminate Privacy Notice Confusion Act This legislation was introduced by Congressman Blaine Luetkemeyer (R-MO) with Congressman Brad Sherman (D-CA) as the lead cosponsor. H.R. 749 eliminates ...
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Subcommittees Hear From Experts on Harmful Consequences of QE and the GSEs
Mar 8, 2013
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“We talked about cash on balance sheets not deployed…People just sitting on cash because interest rates are too low and returns are too low now, but they think that they will go up in the future. So, everyone just sits until the Fed takes action. Rather than trying to read the market, they are tryi...
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INFOGRAPHIC: The Government Housing Policy-Driven Fall of Fannie Mae & Freddie Mac
Mar 7, 2013
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Many of the interest groups that directly benefit from large subsidizations in the housing market continue to state that Fannie and Freddie fell victim to the bad private market participants. This suggestion is completely false. It was government housing policy, coupled with loose money from the Fed...
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Subcommittee Chairman Scott Garrett Opening Statement at Capital Markets and Government Sponsored Enterprises Subcommittee Hearing
Mar 6, 2013
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Financial Services Capital Markets and Government Sponsored Enterprises Subcommittee Chairman Scott Garrett (R-NJ) delivered the following opening statement at today's hearing: "Today’s hearing seeks to examine in greater detail the role that Fannie Mae and Freddie Mac played in facilitating the 200...
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Bernanke Forced to Defend Fed's 'Easy-Money' Monetary Policy
Mar 1, 2013
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"I believe… the economic challenges of our nation are fiscal in nature, not monetary. They cannot be solved by the Fed." – Chairman Jeb Hensarling "There seems to be…a lot of evidence out there that the benefits of the low interest rate and quantitative easing are accruing primarily to the federal g...
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Chairman Hensarling's Opening Statement at Today's Hearing with Federal Reserve Chairman Ben Bernanke
Feb 27, 2013
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House Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today’s full committee hearing with Federal Reserve Chairman Ben Bernanke. "We are clearly in the midst of the slowest and weakest recovery in the post-war era, notwithstanding what we have...
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Chairman Hensarling Announces Hearing Schedule for March
Feb 27, 2013
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Chairman Jeb Hensarling today announced the Financial Services Committee’s schedule of hearings for the month of March. Throughout the month, the committee will focus attention on the Federal Reserve’s conduct of monetary policy, the need for a sustainable housing finance system, regulatory burdens ...
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