Tag Archives: Senate Banking Committee

CFPB Director Richard Cordray appeared Tuesday in front of the Senate Banking Committee, and as always, the proceedings were contentious. At the hearing, a myriad of topics were discussed, including mortgages, student loans, and proposed data collection efforts for the National Mortgage Database.

The Johnson-Crapo housing finance reform bill, which would phase out Fannie Mae and Freddie Mac in favor of a more limited federal insurer, has passed through the Senate Banking Committee. While the bill always had enough support in the committee to make it to the Senate floor, whether or not it goes any further is the real question.

A recently unveiled plan to phase out Fannie Mae and Freddie Mac and overhaul the secondary mortgage market may have hit another snag, with six key senators reportedly deciding not to give their support. According to Bloomberg, six members of the Senate Banking Committee—all Democrats—have cited concerns that plans in the Johnson-Crapo proposal for finance reform "seemed unworkable."

A new group has launched on the side of shareholders in the ongoing debate for the future of Fannie Mae and Freddie Mac. Calling itself the “Coalition for Mortgage Security,” the group describes itself as a bipartisan, grassroots organization with the goal of reforming housing finance “in a way that benefits and fairly treats current and future homeowners, taxpayers, and investors across the country.”

The U.S. Senate voted Tuesday to confirm Sarah Bloom Raskin as deputy secretary of the Treasury. In a statement, Treasury Secretary Jacob Lew said he is pleased the Senate showed broad support in confirming Raskin, adding, "The Treasury Department is gaining a proven and experienced leader who is dedicated to promoting economic prosperity, and enhancing business and consumer confidence."

The leaders of the Senate Banking Committee announced Tuesday plans to move forward on a new proposal to wind down Fannie Mae and Freddie Mac in favor of a new government backstop for private financiers. According to committee chairman Tim Johnson (D-South Dakota) and ranking member Mike Crapo (R-Idaho), the newly unveiled reform proposal is the result of months of exploratory hearings and negotiations.

If nothing else, Janet Yellen proved on Tuesday she has stamina. The newly installed Federal Reserve chair--the first woman to take the post in the institution's century-long history--sat in front of the House Financial Services Committee for an extended session, fielding dozens of questions on topics ranging from the Fed's current direction to GSE reform. The takeaway from her prepared remarks: Don't expect a great change in policy now that she's at the helm.

The United States Senate voted Monday to confirm Janet Yellen as chair of the Federal Reserve following Ben Bernanke's departure at the end of January. She will be the first woman to take the job in the Fed's history.

The Senate Banking Committee has voted to approve Janet Yellen's nomination to chair the Federal Reserve, bringing Yellen one step closer to being the first woman to serve as head of the country's central bank.

Senate Republicans blocked on Thursday a vote on the nomination of Rep. Mel Watt (D-North Carolina) to head up the Federal Housing Finance Agency (FHFA). Watt's nomination was stopped in a 56-42 vote to end the debate over his confirmation. Sixty votes were needed to invoke cloture and move forward. The agency has been led since 2009 by acting director Edward DeMarco, who has attracted criticism from Democrats and consumer advocates who say he hasn't gone far enough to help distressed homeowners.