WASHINGTON: As the nation’s economy continues to struggle, the Capital Markets and Government Sponsored Enterprises Subcommittee approved bills on Wednesday that will promote job creation, economic growth and capital formation. The bills now move to the full Financial Services Committee for consideration.
Subcommittee Chairman Scott Garrett said, “The subcommittee… Read more »
WASHINGTON: The Financial Institutions and Consumer Credit Subcommittee, chaired by Rep. Shelley Moore Capito, approved three bills today to strengthen consumer protection and bring transparency, oversight and accountability to the Consumer Financial Protection Bureau (CFPB). On Thursday, May 12 the Full Committee will meet to consider the bills. To view summaries of the bills as… Read more »
WASHINGTON: Financial Services Committee Chairman Spencer Bachus made the following statement during consideration of three bills to promote robust consumer protection and improve the CFPB.
“Today the Subcommittee is marking up three bills that will improve the Consumer Financial Protection Bureau. One of the bills is legislation I’ve introduced, H.R. 1121,… Read more »
What is 20 times taller than the Statue of Liberty, 15 times longer than "Moby Dick" and would take the average reader more than a month to read, even if you hunkered down with it for 40 hours a week?
The answer: The growing paper trail formed by the Dodd-Frank law, passed by Congress last year to give U.S. financial regulations their biggest overhaul since the Great Depression.… 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. On April 8, the Capital Markets and Government Sponsored Enterprises approved the… Read more »
A provision added to the Dodd-Frank Act without any debate requires publicly traded companies to disclose their median annual total compensation of all employees. Two months after the Dodd-Frank Act was signed into law, the Financial Services Committee received testimony about the enormous burden and complexity this provision poses to publicly traded companies, with very little, if… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
