News List

The U.S. House of Representatives today voted 242-177 to end a Federal government loan program that loses 98 cents for every one dollar it spends. Republicans pushed to end the program not only because of its cost, but also because it leaves already struggling homeowners in worse financial shape by adding to the amount of debt they owe. “This bill stops a $1 billion failed spending… Read more »

Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito announced the Subcommittee will question Assistant to the President and Advisor to the Treasury Secretary Elizabeth Warren during its hearing on the new Consumer Financial Protection Bureau (CFPB) on Wednesday, March 16 at 10 a.m. in room 2128 Rayburn. Subcommittee Chairman Capito said, “The… Read more »

Capital Markets Subcommittee Chairman Scott Garrett announced the Subcommittee will convene a hearing on covered bonds this Friday, March 11 at 10 a.m. in room 2220 Rayburn. Subcommittee Chairman Garrett said, “Each year, the U.S. economy misses out on billions of dollars in capital formation to foreign competitors because of our lack of a covered bonds statutory framework.  The… Read more »

The U.S. House of Representatives today approved legislation to terminate an ineffective Federal mortgage refinance program that has assisted only 44 homeowners despite its $50 million price tag. The bill, H.R. 830, was introduced by Rep. Robert Dold (R-IL).  It ends the FHA Refinance Program, which is funded with $8 billion in TARP dollars.  According to the Treasury… Read more »

The Financial Services Committee, chaired by Congressman Spencer Bachus, approved legislation on Wednesday that ends two ineffective government spending programs. The bills, which terminate the troubled Home Affordable Modification Program (HAMP) and the Neighborhood Stabilization Program (NSP), prevent more than $30 billion in additional spending on the programs. Approval by the… Read more »

Insurance, Housing and Community Opportunity Subcommittee Chairman Judy Biggert announced the Subcommittee will convene a hearing on legislative proposals to reform the National Flood Insurance Program (NFIP). The hearing will take place on Friday, March 11th at 10 a.m. in room 2128 Rayburn. Subcommittee Chairman Biggert said, “For many years, the NFIP has been -- for lack of a better… Read more »

International Monetary Policy and Trade Subcommittee Chairman Gary G. Miller announced the Subcommittee will meet for a hearing on the Export-Import (Ex-Im) Bank and its role in promoting job creation by helping American companies compete in the international marketplace.  The Subcommittee hearing will take place on Thursday, March 10 at 2 pm in room 2128… Read more »

Capital Markets Subcommittee Chairman Scott Garrett announced a Subcommittee hearing to conduct oversight of the Securities and Exchange Commission (SEC)  and review the agency’s budget request for Fiscal Year 2012. The hearing will take place on Thursday, March 10 at 10 am in room 2128 Rayburn. Subcommittee Chairman Garrett said, “It will be instructive for members of the… Read more »

The Financial Services Committee, chaired by Congressman Spencer Bachus, approved bills that terminate two failed and ineffective federal foreclosure programs and cancel their $9 billion in funding. Chairman Bachus said, “We should not waste taxpayer dollars on failed government programs that do not work and actually make things worse for struggling homeowners.  These programs may… Read more »

Financial Services Committee Chairman Spencer Bachus made the following statement during a Full Committee hearing on the Federal Reserve’s semi-annual monetary policy report.   “Chairman Bernanke, welcome and thank you for your testimony today.   “Although the National Bureau of Economic Research declared the recession ended in June 2009 -- some 21 months ago -- the economy… Read more »