Today, the House Financial Services Committee passed H.R. 3817, the Investor Protection Act, by a vote of 41-28. The legislation is part of a broader effort to modernize America’s financial regulatory system and was introduced by Rep. Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
“In order to… Read more »
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement in response to the White House’s announcement regarding the National Affordable Housing Trust Fund. In October of 2007, the House of Representatives approved legislation to create the National Affordable Housing Trust Fund, which was created with the goal of producing,… Read more »
Today, House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement regarding the manager’s amendment to the Consumer Financial Protection Agency Act that was adopted today by the House Energy and Commerce Committee.
“Going from a single executive able to act promptly and efficiently to a five-member commission with staggered terms will… Read more »
Today, the House Financial Services Committee passed H.R. 3890, the Accountability and Transparency in Rating Agencies Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. The Committee passed H.R. 3890, with bipartisan support, by a vote of… Read more »
Today, the House Financial Services Committee passed H.R. 3818, the Private Fund Investment Advisers Registration Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. The Committee passed H.R. 3818 with extensive bipartisan support by a vote of 67-1. … Read more »
Today, the House Financial Services Committee and the Treasury Department released draft legislation to address the issue of systemic risk and “too big to fail” financial institutions. The draft bill will:
Create a mechanism for monitoring and reducing the threats that systemically risky firms pose to the financial system.
Establish a process for winding down large,… Read more »
Steve Adamske, Communications Director for the House Financial Services Committee, made the following statement in response to Ranking Member Spencer Bachus’ claim that Chairman Frank cut off debate on the bill to create the Consumer Financial Protection Agency:
“At 7:00 p.m. on Wednesday, Chairman Frank announced he would move the previous question after more than 16 hours of… Read more »
The Financial Services Committee today unanimously passed H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, which would move up the effective date for credit card reforms from February 22 to December 1. The bill, sponsored by Rep. Carolyn Maloney (D-NY) and Financial Services Committee Chairman Barney Frank (D-MA), changes the date by which banks and credit card issuers… Read more »
Today, the Financial Services Committee approved legislation that will establish a new, independent federal agency solely devoted to protecting Americans from unfair and abusive financial products and services. As called for by President Obama, the Consumer Financial Protection Agency (CFPA) represents one of the most significant efforts by Congress to bring about long overdue financial… Read more »
Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, today announced that the committee will meet on Wednesday, October 21, and subsequent days if necessary, to consider the following measures:
The October 1, 2009 Discussion Draft of the Private Fund Investment Advisers Registration Act of 2009 (to be reported as H.R. 3818);
The October 1,… Read more »
The House Financial Services Committee today approved legislation that would, for the first time ever, require the comprehensive regulation of the over-the-counter (OTC) derivatives marketplace. Today’s bill, which was approved by a vote of 43-26, represents a key part of a broader effort by Congress and President Obama to modernize America’s financial regulatory system in… Read more »
In the wake of recent revelations concerning Iran’s nuclear program, the U.S. House of Representatives today overwhelmingly passed legislation aimed at increasing economic and political pressure on Iran to give up its nuclear ambitions. Approved by a vote of 414-6, H.R. 1327, the Iran Sanctions Enabling Act of 2009, would give Americans the power through their investment decisions… Read more »
Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, today announced that the committee will meet on Wednesday, October 14, and subsequent days if necessary, to consider the following measures:
The October 2, 2009 Discussion Draft of the Over-the-Counter Derivatives Markets Act of 2009;
The September 25, 2009 Discussion Draft of the Consumer Financial… Read more »
Financial Services Committee Chairman Barney Frank (D-MA), Homeland Security Committee Ranking Member Peter King (R-NY), Financial Institutions Subcommittee Chairman Luis V. Gutierrez (D-IL), Domestic Monetary Policy and Technology Subcommittee Chairman Melvin Watt (D-NC), Domestic Monetary Policy Subcommittee Ranking Member Ron Paul (R-TX), and Oversight Subcommittee Ranking Member Judy… Read more »
House Financial Services Committee Chairman Barney Frank (D-MA) today circulated a discussion draft of legislation to regulate over-the-counter (OTC) derivatives. Chairman Frank also announced this week that the Committee will hold a hearing on Wednesday, October 7, to discuss the reform of the largely unregulated OTC derivatives market as well as the discussion draft released today. A… Read more »
Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today released discussion drafts of three pieces of legislation aimed at tackling key parts of reforming the regulatory structure of the U.S. financial services industry. The draft bills include the Investor Protection… Read more »
Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises today circulated a discussion draft of legislation to create the Enhanced Accountability and Transparency in Credit Rating Agencies Act. Kanjorski also announced yesterday that the Subcommittee on Capital Markets, Insurance, and… Read more »
Following up on a memo released earlier this week, Financial Services Committee Chairman Barney Frank (D-MA) today circulated a discussion draft of legislation to create the Consumer Financial Protection Agency. Chairman Frank also announced yesterday that the Committee will hold a hearing on Wednesday, September 30, to discuss the Consumer Financial Protection Agency and the draft… Read more »
Reps. Carolyn Maloney (D-NY), author of the credit card reform bill signed earlier this year by President Obama, and Barney Frank (D-MA), Chair of the House Financial Services Committee, today introduced legislation which changes the effective date for the reforms in that bill to December 1, 2009.
H.R. 3639, the ‘‘Expedited CARD Reform for Consumers Act of 2009,”… Read more »
House Financial Services Committee Chairman Barney Frank (D-MA) today released a report card demonstrating the poor record of the Federal Reserve in using the tools provided by Congress to protect consumers from abusive financial industry practices. Only after being prodded by the Democratic Congress did the Federal Reserve respond with a number of consumer protection rules and… Read more »
Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that the Subcommittee will hold a hearing to examine innovations in securitization, especially those related to life insurance settlements. Such settlements offer individuals the opportunity to sell their… Read more »
A number of factors, one of which in particular is my own fault, have contributed to my position on ACORN being unclear. My biggest error was to sign a letter to the Congressional Research Service which I had not thoroughly read and which does not accurately represent my own position in all aspects.
Part of the confusion arose from the fact that I had to miss the vote on the motion… Read more »
House Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee’s tentative schedule for the final round of hearings on President Obama’s plan to overhaul the nation’s financial regulatory structure. More hearings may be scheduled, and it is expected that markups on legislation will begin as soon as this set of hearings has… Read more »
Senator Kennedy’s death is an incalculable loss to the country. His leadership on so many issues, and his emphasis on reducing unfairness in our lives made him one of our greatest national assets. He was the most effective Senator in American history because of his great talent and the respect that other Senators had for him.
The state of Massachusetts has lost our most… Read more »
House Financial Services Committee Chairman Barney Frank today made the following statement on President Obama’s nomination of Ben Bernanke to serve a second term as Chairman of the U.S. Federal Reserve Chairman:
“I strongly support President Obama’s nomination of Ben Bernanke to a second term as Chairman of the Federal Reserve. On the whole, Chairman… Read more »
