House Financial Services Committee Chairman Barney Frank released the following statement today:      For the past three years, Chris Dodd has provided skillful, creative, and forceful leadership on some of the most important problems facing our country and the world.  While I greatly admire his leadership on health care reform, obviously the area where we have… Read more »

Today, the House of Representatives approved sweeping new legislation to modernize America’s financial rules in response to the worst economic crisis since the Great Depression. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which passed by a vote of 223-202, includes a comprehensive set of reforms that will address the myriad causes – from predatory lending… Read more »

For eight years, President Bush and his Republican allies looked the other way as Wall Street and big banks exploited loopholes, ignored growing problems and, as a result, did not protect America’s families and small businesses.  Even today, after millions of Americans have lost their jobs and taxpayers have been forced to bailout Wall Street, Republicans continue to deny that… Read more »

MANY MARKET and regulatory failures led to the collapse of the nation’s financial markets last year. That collapse has led to a steep and painful recession and placed extraordinary burdens on working families. In response, the House Financial Services Committee, which I chair, is crafting a series of measures that will produce a comprehensive response by, among other things,… Read more »

Congressman Paul E. Kanjorski (D-PA), the Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that he will convene a third proceeding looking into the $65 billion Ponzi scheme engineered by Mr. Bernard L. Madoff.  The hearing will focus on a variety of policy issues involving the Securities Investor Protection Corporation… Read more »

Yesterday, the House Financial Services Committee completed its work on a comprehensive set of reforms that responds to the recent economic crisis by modernizing America’s financial regulations. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which will be considered on the House floor next week, incorporates nine major pieces of legislation approved by the Committee… Read more »

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. ### Read more »

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 »