More on Consumer Protection
Congresswoman Maxine Waters (D-Calif.) and the African American Members of the House Financial Services Committee (known as the FS 10) were recently honored by the Black Press of America and the National Newspaper Publishers Association Foundation (NNPAF) with the 2011 Political Leadership Award for their work during negotiations for the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Congresswoman and Congressman William Lacy Clay, Jr. accepted the award on behalf of the FS 10 at an event last week at a Newsmaker Dinner and Gala at the Omni Shoreham Hotel.
Congresswoman Maxine Waters (D-Calif.), the ranking member of the Subcommittee, issued the following opening statement:
Thank you, Mr. Chairman, for convening this hearing today to examine the potential for creating a covered bond market in the United States.
Today we convene to discuss covered bonds, and Representative Garret's covered bond bill, H.R. 940.
by Charles J. Lewis
Rep. Jim Himes, D-4, a veteran of Wall Street and housing finance, says he hopes to play a major role in the reform of Fannie Mae and Freddie Mac, the two failed government-sponsored companies that have helped homebuyers get mortgages, but which are now in government custody.
Last week, the Obama administration urged Congress to consider options on reforming the two companies, which have cost taxpayers $154 billion so far, making them the most expensive bailout in the financial crisis.
`To play an active role'
By Stacy Kaper
Of all the things missing from a House Financial Services Committee hearing on the inconclusive Financial Crisis Inquiry Commission report on the causes of the financial meltdown, the most obvious was any sense of irony.
Lawmakers' chief criticism of the report — that it broke down into a partisan skirmish with a fractured and confusing narrative about the causes of the crisis — was only mimicked and amplified by their own behavior.
Republicans criticized a government report on the causes of the 2008 financial crisis as biased and political on Wednesday. Democrats fired back that Republicans want to roll back federal regulations of the financial industry.
by Peter Schroeder
A hearing intended to explore the underpinnings of the financial crisis provided a fresh opportunity for lawmakers to fight ongoing partisan battles.
Six of the ten members of the Financial Crisis Inquiry Commission (FCIC) appeared before the House Financial Services Committee Wednesday to discuss the panel's report, which marks the first official governmental take on the financial crisis that drove the recession.
by Sewell Chan
The government inquiry into the causes of the 2008 financial crisis was the focus of intense partisan bickering Wednesday at a House hearing.
Republicans called the final 545-page report a political exercise whose findings were mostly preordained, while Democrats defended its main conclusion: that Wall Street risk-taking and regulatory negligence combined to produce an avoidable disaster.
Seeking to assuage corporate executives, top U.S. regulators on Tuesday insisted that expected rules on holding collateral, or margin, will focus on financial institutions, rather than commercial companies worried about new costs that could limit their hedging activities.
"Proposed rules on margin requirements should focus only on transactions between financial entities rather than those transactions that involve non-financial end-users," said Commodity Futures Trading Commission Chairman Gary Gensler at a Capitol Hill hearing on the $600 trillion derivatives market.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Committee, delivered the following remarks.
"Thank you, Mr. Chairman.
Congresswoman Maxine Waters (D-Calif.), Ranking Member of the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, led her Democratic colleagues on the full Committee in defense of funding for the Securities and Exchange Commission. She delivered the following remarks:
"Thank you, Mr. Speaker. I yield myself such time as I may consume.