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Tag Archives: House Financial Services Committee

Frank Steps In to Defend Reform Act

Former Congressman Barney Frank testified before the House Committee on Financial Services on Wednesday, dismissing criticisms of his namesake Wall Street reform act. In the more than three hour long hearing, Frank and others faced tough questions on the effect that the act has had on the economy and the value of the changes when compared with the toll it takes on financial services firms.

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House GOP Highlights Dodd-Frank Failures

It's been four years since the Dodd-Frank Act was signed into law, and the Republican members of the House Financial Services Committee marked the occasion with a new report highlighting its flaws, including its failures to end "too big to fail." "In no way, shape or form does the Dodd-Frank Act end 'too big to fail,'" said Jeb Hensarling (R-Texas), chairman of the committee. "Instead, Dodd-Frank actually enshrines 'too big to fail' into law."

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House Committee Turns Up Heat on Cordray

A week after appearing before the Senate Banking Committee, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray traveled back up the hill again on Wednesday to review the bureau's semi-annual report and take questions from the House Financial Services Committee. At the hearing, committee members asked Cordray to address a number of issues surrounding the embattled agency.

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OCC Counsel Addresses Regulatory Complaints from Community Banks

In a testimony given in front of the House Financial Services Committee this week, OCC chief counsel Amy Friend addressed frustrations stemming from regulatory burdens on community banks banks. Friend's testimony offered a conciliatory nod to the plight of smaller banks while noting particular ways the OCC addresses smaller bank's particular grievances with the Dodd-Frank Act.

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Yellen Tackles Tapering, GSE Reform Before House Committee

Fed

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.

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Representatives Reintroduce Legislation to Restore Strength to FHA

The FHA Emergency Fiscal Solvency Act, introduced by Rep. Maxine Waters (D-California) and sponsored by Rep. Michael Capuano (D-Massachusetts), is designed to give FHA more flexibility to take action against originators who engage in faulty underwriting or who have high loan losses. Additional measures include authorizing the agency to require indemnification for improperly written loans. The House committee has held several hearings recently to examine FHA following the news that the agency may require a taxpayer bailout.

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Fifth Third CFO Calls for ‘Empirical Study’ of Basel III Impact

In a testimonybefore two House subcommittees, Fifth Third Bancorp CFO Daniel Poston (speaking on behalf of the American Bankers Association) urged the withdrawal of Basel III's "standardized approach" in light of the burdens it would bring to banks and to the overall economy. In his testimony, Poston said that most banks have no problem with capital requirements and noted capital levels are already high. The problem, he said, lies in the "arbitrary--and excessive--risk weights that will hurt banks, our customers, and the U.S. economy overall."

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Fed: U.S. Economy Faces Headwinds Far and Near

Speaking before Congress Wednesday, Federal Reserve Chairman Ben Bernanke predicted a slow and fragile economic recovery in the United States, one that is vulnerable to financial markets abroad as well as fiscal policy at home. Amid the uncertain economic atmosphere, the Federal Reserve will continue its maturity extension program through the end of this year. The program calls for the Fed to purchase short-term Treasury securities and long-term Treasury securities of equal amounts. Bernanke said that the housing market reveals modest recovery.

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GOP Lawmakers Slam CFPB for Withholding Budget Plans

House Republicans recently called on the Consumer Financial Protection Bureau to release financial plans and performance targets for the next year. In a letter obtained by MReport, Reps. Michael Fitzpatrick, Randy Neugebauer, and James Renacci slammed the agency by calling it unresponsive to their requests for budget details. The House members frequently made mention of the national debt, tying perceptions of government excess and waste to their demands for congressional oversight of the bureau. The Fed-funded bureau remains at the center of a political storm.

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