Today, Financial Services Committee Chairman Barney Frank and Joint Economic Committee Chairwoman Carolyn Maloney (D-NY) issued the following statement in response to the announcement that Goldman Sachs paid full price – a total of $1.1 billion – to buy back warrants the government received as part of the Troubled Asset Relief Program (TARP).  … Read more »

Financial Services Committee Chairman Barney Frank (D-MA) today made the following statement highlighting several parts of the Federal Reserve’s semiannual Monetary Policy Report and Chairman Bernanke’s testimony indicating that the Recovery Act has had positive effects on the economy for American workers.  Bernanke was appointed Chairman of the Board of Governors of the… Read more »

In a letter sent to President Obama today, four leading House members with primary legislative responsibility for U.S. participation in the international financial institutions noted their surprise and disappointment at the signing statement issued by the President when he recently approved the Supplemental Appropriations Act of 2009.      In the… Read more »

During today’s House Financial Services Committee Hearing on Monetary Policy, Federal Reserve Chairman Benjamin Bernanke confirmed that the Recovery Act is working to prevent higher unemployment. The positive effects of the American Recovery and Reinvestment Act continue to multiply in each state, and the economy would be worse off without the Recovery Act. From the Hearing… Read more »

Today, Chairman Barney Frank (D-MA) circulated a “discussion draft” on executive compensation to members of the Financial Services Committee.  The draft is based on “Say-on-Pay” legislation that passed the House in 2007 and legislative proposals released yesterday by the Treasury Department. Mr. Frank also stated yesterday that the committee plans to mark up… Read more »

Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on executive compensation: “The recent news of compensation on Wall Street shows that some financial leaders yearn for the stirring return of yesteryear and demonstrates the need to adopt legislation on executive pay. It’s a question of empowering the shareholders to decide the… Read more »

Today Senate Banking Committee Chairman Chris Dodd (D-CT) and House Financial Services Chairman Barney Frank (D-MA) sent a letter to the heads of the bank regulatory agencies asking them to address whether banks are inflating the value of 2nd mortgages on their balance sheets, thereby discouraging proactive efforts to modify and restructure mortgage loans and crippling programs designed… Read more »

  Financial Services Housing Subcommittee Chairwoman Maxine Waters (D-CA) and Committee Chairman Barney Frank (D-MA) today introduced new legislation to authorize the National Flood Insurance Program (NFIP) through March 31, 2010.  The current program is due to expire at the end of September 2009 unless Congress acts to extend it.  In addition, Waters and Frank announced… Read more »

  Today, House Financial Services Committee Chairman Barney Frank (D-MA) formally introduced President Obama’s plan to strengthen consumer protections as a part of a broader financial regulatory restructuring. H.R. 3126 would establish the Consumer Financial Protection Agency (CFPA), a powerful independent agency with a range of rulemaking, information-gathering, supervisory,… Read more »

Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the release of the Administration’s legislative proposal to create a new Consumer Financial Protection Agency: “The Administration’s release of its recommended language is very welcome because it removes any obstacle to the House Financial Services Committee reporting out… Read more »

Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, will discuss the future of financial regulation at the National Press Club on Monday, July 27. In June, President Obama delivered to the country sweeping proposals to change financial regulatory system, and Chairman Frank’s committee will be largely responsible for enacting the President’s… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) today announced the committee’s tentative schedule for the consideration of the Obama Administration’s plan for sweeping financial regulatory reform.  Chairman Frank is also working to reschedule the postponed hearing with Secretary Geithner, and he noted that additional hearings and committee meetings will… Read more »

Financial Services Committee Chairman Barney Frank released the following statement in response to a European Commission report released today that investigated U.S. internet gambling laws and their enforcement against European Union companies. The report concludes that the U.S. measures constitute an obstacle to trade that is inconsistent with World Trade Organization (WTO) rules. It… Read more »

Reps. Carolyn B. Maloney (D-NY), Barney Frank (D-MA), and Luis Gutierrez (D-IL) today called on the Federal Reserve to strengthen its proposed regulation of bank overdraft fees by requiring banks to have consumers opt-in to overdraft programs and prohibiting  the posting of transactions in a sequence which maximizes overdraft fees. In a letter to Federal Reserve Chair Ben S.… Read more »

Today, the House of Representatives passed historic legislation that will protect consumers from deceptive credit card practices and equip them with the information and rights they need to responsibly manage their credit. The Credit Cardholders’ Bill of Rights Act passed by a vote of 361-64 and now goes to the President’s desk for his signature. The legislation, sponsored by… Read more »

HOPE for Homeowners: The bill amends the HOPE for Homeowners Program, to (a) permit reduction of excessive fee levels, (b) provide greater incentives for mortgage servicers to engage in modifications under the Program, and (c) reduce administrative burdens to loan underwriters by making the requirements more consistent with standard FHA practices.  Specifically, the bill would: … Read more »

House Financial Services Committee Chairman Barney Frank today made the following statement in reaction to the front page story, “Lawmakers Plot Finance Shake-up,” in today’s Financial Times: “Today’s story is a generally accurate picture of the current debate on creating a resolution authority, but the article misstates one point.  While we are… Read more »

Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, announced today the committee will hold a hearing entitled “Legislative Proposals to Improve the Efficiency and Oversight of Municipal Finance” on Thursday, May 21.  The committee today also circulated draft legislation - none of which has been formally introduced - that witnesses will be asked… Read more »

Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, announced today the committee will hold a hearing on Thursday, May 21, entitled “The Section 8 Voucher Reform Act.” The Honorable Shaun Donovan, Secretary of Housing and Urban Development, will be testifying. Rep. Maxine Waters (D-CA), chairwoman of the Financial Services Subcommittee on Housing and… Read more »

House Agriculture Committee Chairman Collin Peterson (D-MN) and House Financial Services Committee Chairman Barney Frank (D-MA) today made the following joint statement after receiving a letter by Treasury Secretary Timothy Geithner on regulating over-the-counter (OTC) derivatives: “We applaud the letter by Treasury Secretary Tim Geithner, and we agree there must be strong,… 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 the need for more effective regulation of the credit rating agencies to increase transparency, improve accountability, and enhance investor confidence in our… Read more »

The following is an updated summary of H.R. 627, the Credit Cardholders’ Bill of Rights, which the House of Representatives overwhelmingly approved in April by a vote of 357 to 70. The Senate is considering a similar measure on the floor this week. Summary of H.R. 627 Ends Unfair, Arbitrary Interest Rate Increases Prevents card companies from unfairly increasing interest rates… Read more »

The House of Representatives today overwhelmingly approved legislation to curb abusive and predatory lending – a major factor in America’s highest home foreclosure rate in 25 years. H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, will outlaw many of the egregious industry practices that marked the subprime lending boom. It represents a key step in the… Read more »

Today, Financial Services Committee Chairman Barney Frank (D-MA) unveiled legislation that would 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… Read more »

Today, the House of Representatives overwhelmingly passed legislation that would protect consumers from deceptive credit card practices and equip them with the information and rights they need to responsibly manage their credit. The Credit Cardholders’ Bill of Rights Act passed by a vote of 357 to 70. The bill, sponsored by Rep. Carolyn Maloney (D-NY), represents an unprecedented… Read more »