Financial Services Committee Chairman Spencer Bachus today introduced legislation that will facilitate robust consumer financial protection. “The Responsible Consumer Financial Protection Regulations Act” establishes a bipartisan commission of five members at the Consumer Financial Protection Bureau (CFPB).
Chairman Bachus said, “It always seemed clear to me that the Dodd-Frank Act put… Read more »
Today, by a vote of 242-182, the House of Representatives approved legislation to end a bailout program for lenders and real estate speculators. The legislation, H.R. 861 introduced by Rep. Gary Miller, ends the so-called Neighborhood Stabilization Program (NSP).
This is the third bill approved by the House in the last two weeks that ends a failed program. Each of the three bills… Read more »
Financial Services Committee Chairman Spencer Bachus today appointed Rep. Michael Grimm (NY) to serve on the Financial Institutions and Consumer Credit Subcommittee.
Chairman Bachus said, “Michael has only been in Congress for two months and already he has proven to have the expertise and leadership skills to effectively contribute to the issues the Committee will tackle. Michael has… Read more »
Capital Markets Subcommittee Chairman Scott Garrett announced the Subcommittee will hold a legislative hearing on proposals that promote job creation on Wednesday, March 16 at 2 p.m. in room 2128 Rayburn.
Subcommittee Chairman Garrett said, “Far too much of the Dodd-Frank Act was passed for political purposes, without giving enough thought to what the consequences would be… Read more »
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 »
