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H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act
Apr 26, 2011
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The expansive powers given to the CFPB to write rules will have far-reaching implications. Yet, the Dodd-Frank Act makes the CFPB’s judgments essentially unreviewable. The Dodd-Frank Act did include a review process, but the process is essentially meaningless . The Act allows the Financial Stabilit...
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Chairman Bachus: Speed of Dodd-Frank Rules “No Excuse” to Limit Public Comment
Apr 19, 2011
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WASHINGTON-- Financial Services Committee Chairman Spencer Bachus issued the following comment in response to Deputy Treasury Secretary Neal Wolin’s defense of the rapid pace of the Dodd-Frank Act rulemaking process. In early March, all Republican members of the Committee wrote to regulators to expr...
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Key House Lawmakers Introduce Bill to Extend Deadline for Derivatives Title of Dodd-Frank
Apr 15, 2011
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U.S. 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 regul...
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Chairman Bachus Statement On The Financial Stability Oversight Council
Apr 14, 2011
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Financial Services Committee Chairman Spencer Bachus made the following statement today during the Oversight and Investigations Subcommittee hearing on the Financial Stability Oversight Council: “The drafters of the Dodd-Frank Act provided the Financial Stability Oversight Council with new, far-reac...
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H.R. 839, the HAMP Termination Act
Apr 13, 2011
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H.R. 839, introduced by Rep. Patrick McHenry (NC), would terminate Treasury’ authority to provide new assistance under the Home Affordable Modification Program (HAMP) while preserving the contracts made prior to the bill’s enactment. H.R. 839 prevents $30 billion in TARP funds from being spent. Back...
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H.R. 861, the NSP Termination Act
Apr 13, 2011
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H.R. 861, introduced by Rep. Gary Miller (CA) on March 1, terminates the Neighborhood Stabilization Program (NSP) and prevents $1 billion from being spent on this program. Background: In 2008 the Democrats’ GSE bailout bill (the Housing and Economic Recovery Act) established the NSP with $4 billion ...
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Committee Witnesses Express Support for Having CFPB Led by Bipartisan Commission Rather Than Single Director
Apr 6, 2011
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Witnesses testifying before a House Subcommittee on Wednesday expressed support for legislation to change the leadership structure of the new Consumer Financial Protection Bureau (CFPB) so it is governed by a bipartisan commission rather than a single director appointed by the President. The Subcomm...
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FACT CHECK On Maloney Claim That Financial Regulators Operate Under A Single Director
Apr 6, 2011
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Financial Services Committee Member Rep. Carolyn Maloney spoke out today against a proposal that places the new Consumer Financial Protection Bureau under the leadership of a bipartisan commission. At a subcommittee hearing Wednesday morning, Rep. Maloney named the Federal Reserve, the Commodity Fut...
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FACT CHECK On Maloney Claim That Financial Regulators Operate Under A Single Director
Apr 6, 2011
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WASHINGTON: Financial Services Committee Member Rep. Carolyn Maloney spoke out today against a proposal that places the new Consumer Financial Protection Bureau under the leadership of a bipartisan commission. At a subcommittee hearing Wednesday morning, Rep. Maloney named the Federal Reserve, the C...
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Chairman Bachus Comments on Elizabeth Warren’s Role in Mortgage Settlement Talks
Apr 4, 2011
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Financial Services Committee Chairman Spencer Bachus made the following comments on Monday after receiving a letter from Elizabeth Warren concerning her now-confirmed “active” participation in ongoing mortgage settlement talks. “Professor Warren’s clarification of her role in these talks is welcomed...
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