Today, the Financial Services Committee approved legislation that will put an end to “too big to fail” financial firms, help prevent the failure of large institutions from becoming a systemwide crisis, and ensure that taxpayers are never again left on the hook for Wall Street’s reckless actions. The Financial Stability Improvement Act (H.R. 3996), which passed by a vote of 31-27, marks the ninth major bill approved by the committee this year to modernize America’s financial rules. Once signed into law, this comprehensive set of reforms will work in tandem to address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s crisis.
Today, House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement regarding recent press reports on FHA loan limits.
“Recent press reports about FHA loan limits have created the mistaken impression that federal loan limits allow for luxury home loans of up to $729,750 anywhere in the nation. This is simply not true. These reports… Read more »
Today, the House Financial Services Committee passed by a unanimous voice vote H.R. 2609, the Federal Insurance Office Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
“Today, the Financial Services Committee completed its initial work to reform the regulatory… Read more »
House Financial Services Committee Chairman Barney Frank today made the following statement after the announcement by the Treasury Department and the Federal Reserve that it would delay implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA) for six months:
“The Department of the Treasury and the Federal Reserve Board of Governor’s deserve a great deal of… Read more »
Today, House Financial Services Committee Communications Director Steve Adamske released the following statement after reading the Nov. 21 National Journal article, “End of the Beginning,” written by John Maggs:
“You have got to be kidding.”
On page 54 of the November 21 edition, reporter John Maggs invents a “question and answer” article that discusses… Read more »
Today, the House Financial Services Committee passed an amendment offered by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, to the Financial Stability Improvement Act by a vote of 38-29. The Kanjorski amendment would empower federal regulators to rein in and dismantle… Read more »
Today, House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the introduction of draft financial reform legislation by Senate Banking Committee Chairman Chris Dodd (D-CT).
“I congratulate Senator Dodd and I am pleased at the progress Senator Dodd and other members of the Senate have made. Obviously the bills aren’t going to be… Read more »
Today, Financial Services Committee Chairman Barney Frank (D-MA) released the following statement regarding a response received from Commodity Futures Trading Commission Chairman Gary Gensler. Chairman Gensler’s letter was responding to Chairman Frank’s Nov. 4 letter.
“I appreciate Chairman Gensler’s agreeing that we should change the provision of the derivatives… Read more »
The House of Representatives today overwhelmingly approved legislation sponsored by Reps. Carolyn Maloney (D-NY) and Barney Frank (D-MA) that would push up the effective date of credit card reforms scheduled for next year to immediately upon the signing of the bill. Originally passed by Congress and signed into law by the President last spring, the Credit CARD Act had three staged… Read more »
House Financial Services Committee Chairman Barney Frank (D-MA) yesterday sent a letter to Commodity Futures Trading Commission Chairman Gary Gensler and Securities and Exchange Commission Chairman Mary Schapiro seeking their input on efforts to strengthen the derivatives legislation recently approved by the Committee.
To read the text of Rep. Frank’s letter, click here.
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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 »
