Financial Services Committee Chairman Spencer Bachus made the following statement today during a Full Committee hearing with Treasury Secretary Tim Geithner on the first report of the Financial Stability Oversight Council (FSOC).
"Mr. Secretary, this morning you were quoted as saying that 'the biggest risk we face is financial institutions not taking enough risk.' Secretary… Read more »
Treasury Secretary Timothy Geithner will testify before the Financial Services Committee on Thursday about efforts to implement regulatory reforms and identify emerging threats to the nation’s financial stability.
Secretary Geithner will deliver to the Committee the annual report of the Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act to… Read more »
The Subcommittee on Housing, Insurance and Community Opportunity will hold a hearing this week to examine the Obama Administration’s response to the housing crisis, including new proposals announced by the President during his recent speech to a joint session of Congress.
The Administration created a number of programs designed to help borrowers avoid foreclosure or refinance… Read more »
The Domestic Monetary Policy and Technology Subcommittee, chaired by Rep. Ron Paul, will hold a hearing on auditing the Federal Reserve and the need for transparency at the central bank.
The Subcommittee will receive testimony from the Government Accountability Office (GAO) on its procedural audit and report, issued in July, of the Federal Reserve’s emergency lending facilities. The… Read more »
The Financial Services Committee released an updated schedule of hearings and mark ups for the first half of October.
The Committee schedule is tentative and will depend upon witness availability and other factors that may require changes. Therefore, each meeting will become final only when the official notice is distributed. Hearing witnesses will be announced at later… Read more »
By Winthrop Quigley
Albuquerque Journal
Most of New Mexico’s smaller banks survived the 2008 financial panic and the worst recession since the 1930s in pretty good shape. They are not so sure they can survive new federal regulations put in place in response to the panic.
Thomas M. Hoenig, who is retiring as president of the Kansas City Federal Reserve Bank this month, said in an… Read more »
By Winthrop Quigley
Albuquerque Journal
SANTA FE — Bankers looking for understanding and support as they struggle with new federal regulations need look no further than the third floor of the Toney Anaya Building on Cerrillos Road where the state’s chief financial institutions regulator has her office.
Cynthia Richards, who was appointed in July, finds many of the… Read more »
Paul Wyche
The Journal Gazette
Recessions come and recessions go, but the one constant economic rejuvenator has remained housing.
That is the mantra of Rick Davidson, president and CEO of Century 21 Real Estate, who was in Fort Wayne on Tuesday to attend the grand opening of Century 21 Bradley Realty Inc.’s new branch at the Dupont Place strip mall, 2928 E. Dupont Road.
“Nationally,… Read more »
Outside Washington, D.C., there is growing concern about the regulatory burden imposed by the Dodd-Frank Act and the harmful effect it will have on jobs.
Cynthia Richards, New Mexico’s Financial Institutions Division director, tells the Albuquerque Journal that the Dodd-Frank Act is “onerous,” “costly,” “confusing,” and “difficult to implement.”
“When we see this act fully implemented… Read more »
Today’s American Banker includes a dead-on piece about how the Dodd-Frank Act, with its 2,300 pages and more than 400 regulations, is “regulatory overkill” with unintended consequences that hurt consumers and the economy.
“It's a fool's mission for our government to try to micro-manage our financial system — and for all the lip-service paid to balancing regulation and markets,… Read more »
