News List

Chairman Frank responds to inaccurate press reports regarding the impact of Dodd-Frank on increased transparency at the Federal Reserve

| Posted in Press Releases

WASHINGTON, D.C. – House Financial Services Chairman Barney Frank today issued the following statement:

“Some recent press reports have suggested that the Dodd-Frank Act requires only a one-time audit of the Federal Reserve System. That is incorrect. In fact, the act requires an unprecedented and permanent increase in Fed transparency; new authority for the GAO to audit the Fed whenever it chooses, and a requirement that the Fed itself, on a regular basis, publically disclose detailed information about discount window transactions and open market operations as well any transactions undertaken by any new facility that the Board of Governors may create.”

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Chairman Frank responds to recent comments from Congressman Bachus regarding government oversight of banks

| Posted in Press Releases

WASHINGTON, D.C. -- House Financial Services Chairman Barney Frank today issued the following statement:

“Spencer Bachus’ statement to the Birmingham News that ‘Washington and the regulators are there to serve the banks,’ followed ‘later’ according to the News by a clarification, makes two things very clear.  First, the assault he intends to lead against improved financial regulation is based on a seriously flawed view of the relationship that should exist between financial institutions and those who set the rules governing safety and soundness.  Second, Representative Bachus’ staff is going to be very busy getting him to retract statements in which he reveals what he really believes about a fundamental issue before the Committee.

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Chairman Frank Statement on Financial Status of Federal Housing Administration

| Posted in Press Releases

WASHINGTON, D.C. – House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on the Federal Housing Administration’s annual report to Congress, which shows that the economic value of the FHA’s Mutual Mortgage Insurance Fund (MMIF) has improved by $1 billion since last year:

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Kanjorski Comments on CFTC-SEC Staff Report on Stock Market Volatility

| Posted in Press Releases

WASHINGTON – Congressman Paul E. Kanjorski (D-PA), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today joined in releasing and commented on the report of the staffs of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues regarding the findings of the events of May 6, 2010, when major equities indices, individual stocks, and exchange traded funds rapidly fell and quickly recovered within a matter of minutes.  Chairman Kanjorski convened the first congressional hearing on the “flash crash” on May 11, 2010.

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Chairman Frank Statement on Flood Insurance Program Extension

| Posted in Press Releases

Washington, D.C. – The House of Representatives yesterday approved legislation (S. 3814) to extend the National Flood Insurance Program through September 30, 2011. Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the extension today.
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Frank, Kanjorski Release Letters Calling for FHFA to Protect Taxpayers

| Posted in Press Releases

Washington, DC – Today, Congressman Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises released letters to the White House calling for the Federal Housing Finance Administration (FHFA) to use all of its powers to recover money from companies that used fraud and deceptive practices to shift losses on to Fannie Mae and Freddie Mac.

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Frank Announces Hearing on SEC FOIA Provision of Wall Street Reform Law

| Posted in Press Releases

Newton, MA – Congressman Barney Frank, Chairman of the House Financial Services Committee, announced that the Committee will hold a hearing in September in order to explore concerns raised about the provision of the Wall Street Reform and Consumer Protection Act, which provides some exemption to the Securities and Exchange Commission regarding the Freedom of Information Act (FOIA).

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Kanjorski Announces September Hearing to Assess Limitations of the Securities Investor Protection Act

| Posted in Press Releases

Washington, DC – Congressman Paul E. Kanjorski (D-PA), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced today that he will convene a September hearing to assess the limitations of the Securities Investor Protection Act (SIPA), a law that works to return money and securities to the customers of failed brokerages.  The hearing comes at the request of Congressman Gary L. Ackerman (D-NY), the Vice Chairman of the Capital Markets Subcommittee, and builds on legislation recently enacted into law.  This Capital Markets Subcommittee hearing will be the second in the 111th Congress on SIPA.

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Frank and Kanjorski Announce September Housing Finance Hearings

| Posted in Press Releases

Washington DC—House Financial Services Committee Chairman Barney Frank and Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee Chairman Paul E. Kanjorski today announced that the committee will continue its series of hearings on the future of housing finance in September.  Chairman Kanjorski will conduct an oversight hearing of the GSEs, and the full committee will continue its examination of policy options for restructuring the nation’s housing finance system.

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House Financial Services Committee Approves Legislation to Legalize Internet Gaming

| Posted in Press Releases

Washington, DC - Today, the House Financial Services Committee passed legislation to enable Americans to bet online and put an end to an inappropriate interference with their personal freedom.  H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009 would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States.

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House Financial Services Committee Passes Measure to Preserve Affordable Rental Housing

| Posted in Press Releases

Washington, DC - House Financial Services Committee today approved H.R. 4868, the Housing Preservation and Tenant Protection Act of 2010, comprehensive affordable housing legislation introduced by Chairman Frank that helps to stem the loss of affordable rental housing units across the country and prevent the displacement of low-income tenants, many of who are elderly or disabled.

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House Passes Flood Insurance Extension

| Posted in Press Releases

Washington, DC – The House of Representatives today passed H.R. 5114, legislation introduced by Congresswoman Maxine Waters (D-CA) to improve the National Flood Insurance Program (NFIP) and reauthorize the program for 5 years.
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Frank Announces House Offer on Derivatives

| Posted in Press Releases

Chairman Frank, on behalf of the House conferees, released the House offer on the title listed below.  The title will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 9:30 a.m. tomorrow.

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Frank Announces House Offer on Prudential Regulation

| Posted in Press Releases

Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below.  The issues will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 1:00 p.m. tomorrow.

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The Wall Street Reform Bill: Conference Update

| Posted in Press Releases

Last week was a successful week for the House and Senate conferees for the bill to bring accountability to Wall Street.  The bill creates a new consumer financial protection watchdog, ends too big to fail bailouts, sets up an early warning system to predict and prevent the next crisis, and brings transparency and accountability to exotic instruments such as derivatives.

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