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2007 and 2008 Press Releases

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  • 12/17/2008
    Frank Statement on SEC Adoption of Equity-Indexed Annuities Rule
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on the adoption of a final rule by the Securities and Exchange Commission today that would define certain types of “equity-indexed annuities” as securities, rather than insurance products, for purposes of the Federal securities laws: Read full story.
  • 12/16/2008
    Frank Urges Paulson to Adhere to Auto Industry Bridge Financing Agreement
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) sent a letter today to Treasury Secretary Henry Paulson, regarding bridge financing to the U.S. domestic auto industry.  Chairman Frank urged Secretary Paulson to adopt accountability protections identical to those contained in H.R. 7321, the auto rescue legislation negotiated with the White House, and passed last week in the House of Representatives. “Given the serious mistakes that senior auto industry executives acknowledge they have made in the past, such safeguards are absolutely necessary to ensure that taxpayers are protected and that the retooling of this critical industry proceeds as quickly as possible,” wrote Chairman Frank.  Read full story.
  • 12/3/2008
    Frank Statement on GAO TARP Report
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today released the following statement regarding the Government Accountability Office (GAO) report on the Treasury Department’s implementation of the Troubled Asset Relief Program (TARP): Read full story.
  • 11/20/2008
    Frank Urges Paulson to Use TARP Funds to Stem Foreclosures
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) sent a letter today to Treasury Secretary Henry Paulson, following up on the November 18th House Financial Services Committee hearing on the Troubled Assets Relief Program (TARP).  Chairman Frank urged Secretary Paulson to immediately use funds authorized by TARP legislation to help stem foreclosures.  “We can not afford to miss this opportunity to act,” wrote Chairman Frank. Read full story.
  • 10/29/2008
    Frank Announces TARP Oversight Hearing
    Washington, DC - House Financial Services Committee Chairman Barney Frank today scheduled an oversight hearing on the Troubled Asset Relief Program (TARP) program being managed by the Treasury Department and related initiatives taken by the Federal Reserve Bank and the FDIC in response to the turmoil in domestic and global financial markets.  The hearing will take place on Tuesday, November 18, 2008, at 10:00am in room 2128, Rayburn House Office Building.  The committee expects to hear from senior officials, institutions using or affected by the initiatives, and academic and other experts.   Read full story.
  • 10/24/2008
    Chairmen Frank, Kanjorski, Maloney, Waters, Gutierrez and Watt Demand Hedge Funds Drop Opposition to Foreclosure Prevention
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), along with Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee Chairman Paul E. Kanjorski (D-PA), Financial Institutions and Consumer Credit Subcommittee Chairwoman Carolyn Maloney (D-NY), Housing and Community Opportunity Subcommittee Chairwoman Maxine Waters (D-CA), Domestic and International Monetary Policy Trade and Technology Chairman Luis Gutierrez (D-IL), and Oversight and Investigations Subcommittee Chairman Melvin Watt (D-NC), expressed their “outrage” at the report in the New York Times today that at least two hedge funds have warned companies servicing mortgages they should not take advantage of a bill passed by Congress and signed by the President aimed at reducing the rate of foreclosure: Read full story.
  • 10/21/2008
    Frank Statement Correcting the Record
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), today released the following statement in response to Rep. Scott Garrett’s (R-NJ) misleading remarks regarding amendments in 2005 to strengthen the regulation of Fannie Mae and Freddie Mac: Read full story.
  • 10/15/2008
    Frank Response to Republican Letter Regarding Hearing on Financial Services Regulation
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), today released the following statement in response to a letter sent by House Minority Leader John Boehner (R-OH), House Financial Services Committee Ranking Member Spencer Bachus (R-AL) and Republican members of the committee, and their attempt to divert the focus of the Financial Services Committee’s October 21st hearing on the future of financial services regulation. Read full story.
  • 10/10/2008
    House Members Question Federal Regulators Oversight of AIG Lavish trip at the heart of members’ concern
    Washington, DC - Nine Democratic members of the House of Representatives today wrote a letter to Treasury Secretary Hank Paulson and Federal Reserve Board of Governors Chairman Ben Bernanke to express concern over their oversight of American International Group and specifically, the reported lavish trip by executives after the company received substantial support from taxpayers.  The members ask that the executives who attended the trip reimburse the taxpayers for their expenses. Read full story.
  • 10/10/2008
    Financial Services Committee to Hold Hearing on Financial Regulation
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today announced that the Committee will hold a hearing to address the need for broad regulatory restructuring and reform for the financial markets, including financial institution oversight and regulation, systemic risk, and housing finance.  This is a continuation of two hearings held by the committee in July focused on regulatory restructuring and systemic risk, which the Committee heard from regulators. Read full story.
  • 9/18/2008
    Frank to Propose Short-Term Extension of the Flood Insurance Program
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today introduced legislation for a seven month extension of the National Flood Insurance Program, which is set to expire on September 30th.  The proposed extension would give House and Senate negotiators the time to complete work on a permanent extension of the program and assess the implications of the 2008 hurricane season. Read full story.
  • 8/14/2008
    Frank Statement on SIFMA Announcement
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today released the following statement regarding an announcement by the Securities Industry and Financial Markets Association (SIFMA) to include high-cost area loans as eligible for inclusion in To-Be-Announced (TBA) mortgage-backed securities:  Read full story.
  • 8/5/2008
    Frank, Waters, Watt and Miller Call for Forbearance by the Mortgage Industry
    Washington, DC - House Financial Services Committee members Maxine Waters, Mel Watt, Brad Miller and the Committee’s chairman, Barney Frank, today strongly urged the mortgage industry to hold off on foreclosures for potentially qualified homeowners for the next several months while a new FHA rescue program gets under way.  In July, Congress passed and President Bush signed legislation designed to help at least 400,000 borrowers who have fallen behind in their payments due to a combination of unaffordable mortgages and falling home prices.  The rescue provisions, which will refinance qualified individuals through the FHA program, will take effect on October 1.  In addition, the Chairman also plans a follow-up hearing to gauge compliance on September 17, 2008 at 10:00 a.m. Read full story.
  • 8/1/2008
    House Financial Services Committee Passes Perlmutter G.R.E.E.N Bill
    Washington, DC - The House Financial Services Committee has unanimously passed Rep. Ed Perlmutter’s (D-CO) H.R. 6078, the Green Resources for Energy Efficient Neighborhoods.  The bill provides incentives to lenders and financial institutions to provide lower interest loans and other benefits to consumers, who build, buy or remodel their homes and businesses to improve their energy efficiency. This timely legislation reflects foresight and the considered input of a broad coalition of housing advocates, financial institutions, government leaders, developers, and the environmental community. Read full story.
  • 7/31/2008
    Frank, Bachus, Kanjorski Announce September Hearing on Auction Rate Securities
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), along with Ranking Member Spencer Bachus and Capital Markets Subcommittee Chairman Paul E. Kanjorski today announced the Committee on Financial Services will hold a hearing in September to examine the continuing crisis in the markets for auction rate bonds and auction rate preferred securities. Read full story.
  • 7/25/2008
    Frank, Waters Urge Mortgage Industry to Forbear Foreclosures Until New Law Takes Effect
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) and Housing and Community Opportunity Subcommittee Chairwoman Maxine Waters (D-CA) today called on the mortgage industry to delay or cancel foreclosures until a new law designed to refinance in-trouble borrowers goes into effect on October 1 for troubled borrowers who may qualify for the program.  The new legislation, which is expected to be signed by President Bush soon, will allow qualified applicants to refinance into FHA-insured mortgages and avoid foreclosures.  Reps. Frank and Waters are urging the mortgage industry to work with borrowers who can take advantage of the new refinancing program.  Chairman Frank will hold a hearing in September to monitor the progress of loan modification by mortgage servicers. Read full story.
  • 7/24/2008
    Frank Statement Regarding Effective Date of H.R. 3221
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), today issued the following correction to a statement he made after a press conference regarding the effective date of the FHA Housing Stabilization and Homeownership Retention Act under H.R. 3221: Read full story.
  • 7/23/2008
    House Passes Comprehensive Housing Rescue and Foreclosure Prevention Legislation
    Washington, DC - The U.S. House of Representatives today passed H.R. 3221, one of the most important housing reforms in decades, by a vote of 272 to 152.   The bill, the American Housing Rescue and Foreclosure Prevention Act, represents the most comprehensive response yet to the American mortgage crisis, and will help families facing foreclosure keep their homes, help other families avoid foreclosures in the future, and help the recovery of communities harmed by empty homes caught in the foreclosure process.  Read full story.
  • 7/23/2008
    TODAY: House to Consider H.R. 3221
    Washington, DC - The U.S. House of Representatives will consider today H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008.  Please tune in to CSPAN for current floor action. Read full story.
  • 7/1/2008
    Paulson, Bernanke to Appear at First Hearing on Financial Market Regulatory Restructuring
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today announced that Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke will appear at the first of a series of hearings on the policy implications of the transformation of domestic and international financial markets, with a primary focus on the rise of potential systemic risk associated with the dramatic growth in the share of assets held outside the commercial banking system, the complex arrangements that link firms that are regulated differently (or not at all) and the increasing amount of leverage.  The hearing is scheduled for 10:00 a.m. on Thursday, July 10th.  The committee will explore the adequacy of current oversight and regulatory tools, and the extent to which existing structures are adequate to respond to future problems.  Specifically, the hearings will examine: Current state of the financial regulatory system, both in the United States and abroad, and ways to measure and limit risk without stifling innovations and improve market liquidity and breadth.  The implications of providing investment banks and others access to the discount window. In light of the collapse of Bear Stearns, proposals to improve the regulatory structure to better assess and mitigate systemic risk to avoid a similar or more serious crisis in the future. The need for enhanced capital and reserve requirements for financial firms. The adequacy of current powers of the Federal Reserve and other regulatory agencies to protect the financial system and the taxpayers.   Read full story.
  • 6/20/2008
    Frank and Neal Introduce Legislation to Provide Equal Treatment for Municipal Bonds
    Washington, DC - House Financial Services Committee Chairman Barney Frank and House Ways and Means Subcommittee Chairman Richard E. Neal today introduced two new legislative initiatives to provide equal treatment for municipal bonds.  The first bill, H.R. 6308 the Municipal Bond Fairness Act, will eliminate the ability of the rating agencies to use separate standards for municipal bonds and other bonds.  The practice of using a separate scale that the industry has employed for many years has in many cases caused high quality general obligation bonds to be rated lower than comparable corporate bonds.  This legislation would eliminate that unfair situation by requiring those credit rating agencies that choose to seek designation as a nationally recognized statistical rating organization (NRSRO) to use rating symbols consistently for every security to which they are assigned.  Read full story.
  • 6/19/2008
    Kanjorski, Moore, Royce Introduce Credit Union, Bank and Thrift Regulatory Relief Act of 2008
    Washington, DC - Today, Reps. Paul E. Kanjorski, Dennis Moore, and Edward Royce introduced H.R. 6312, the Credit Union, Bank and Thrift Regulatory Relief Act of 2008, to reform a number of bank, thrift and credit union regulations and enable these institutions to better serve their members and consumers.  The bill will improve rules regarding certain credit union investments and lending, and better enable credit unions to serve financially underserved areas, among other provisions.  The legislation will also provide thrift institutions with greater lending flexibility and allow financial institutions to pay interest on business checking accounts.  Read full story.
  • 6/19/2008
    Frank to Hold Press Conference on Municipal Bond Legislation
    Washington, DC - House Financial Services Committee Chairman Barney Frank will hold a press conference tomorrow, Friday, June 20th, at 10:30 a.m., to make an announcement regarding municipal bond legislation.  The new legislation will give equal treatment of municipal bonds by credit rating agencies.  Read full story.
  • 6/18/2008
    House Passes the Public Housing Disaster Relief Act
    Washington, DC - The US House of Representatives today overwhelmingly passed H.R. 6276, the Public Housing Disaster Relief Act of 2008.  H.R. 6276 will allow FEMA to directly assist public housing authorities by eliminating section 9(k) from the Quality Housing and Work Responsibility Act that pertains to the Department of Housing and Urban Development. Read full story.
  • 6/16/2008
    Frank Notes Illogic in Montgomery Position
    Washington, DC - Congressman Barney Frank today asked FHA Commissioner Brian Montgomery to explain how he can on the one hand announce that he wishes to run the FHA on business principles, and on the other hand announce that he does not wish to be able to serve customers at the FHA whose homes cost more than $550,000.  Frank noted that the Congressional Budget Office reports that the FHA makes a profit on these mortgages at the higher end, and that in no way does servicing people at the higher end have any impact on the FHA’s ability to service people at much lower rates, except to provide more revenue with which the agency can operate. Read full story.
  • 6/12/2008
    Frank Announces Hearings on Financial Market Regulatory Restructuring
    Washington, DC - House Financial Services Committee Chairman Barney Frank today announced that the committee will hold a series of hearings on the policy implications of the transformation of domestic and international financial markets -- chief among them are the dramatic growth in the share of assets held outside the commercial banking system, the complex arrangements that link firms that are regulated differently (or not at all) and the increasing amount of leverage.  The committee will explore the potential systemic risks associated with these developments, the adequacy of current oversight and tools, and the extent to which existing structures are adequate to respond to future problems. Specifically, the hearings will examine: The regulatory implications of providing investment banks and others access to the discount window. Various proposals including those from the Financial Stability Forum and New York Federal Reserve Bank President Timothy Geithner to improve the oversight and mitigation of systemic risk. The need for enhanced capital and reserve requirements for financial firms. The current powers of the Federal Reserve and other regulatory agencies to determine whether existing authority is sufficient to protect the financial system and the taxpayers. Read full story.
  • 5/15/2008
    Frank Introduces Extractive Industries Transparency Disclosure Act
    Washington, DC - House Financial Services Chairman Barney Frank (D-MA) today introduced H.R. 6066, the Extractive Industries Transparency Disclosure Act.  The legislation would require oil, gas, and mining companies listed on U.S. exchanges to publicly disclose the payments they make to the governments of the countries from which those resources are extracted.  This disclosure requirement benefits both corporate shareholders as well as the citizens of the host countries where the extraction occurs.  The information will allow shareholders to make better informed assessments of opportunity costs, threats to corporate reputation, comparative extraction costs, and long-term prospects of the companies in which they invest.  Read full story.
  • 5/13/2008
    House Passes Credit and Debit Card Receipt Clarification Act
    Washington, DC - Today, H.R. 4008, the Credit and Debit Card Receipt Clarification Act, authored by Congressman Tim Mahoney (FL-16), passed the House of Representatives by a unanimous vote of 407-0.  The bill would amend the Fair and Accurate Credit Transaction Act (FACTA) to ensure that it is not abused by frivolous class-action lawsuits against businesses.  Mahoney’s legislation also preserves consumers’ right to sue for negligence resulting in identity theft or credit card account fraud. The legislation will now move to the Senate. Read full story.
  • 5/8/2008
    House Passes American Housing Rescue and Foreclosure Prevention Act (H.R. 3221)
    Washington, DC - The U.S. House of Representatives today passed the most comprehensive response yet to the American mortgage crisis.  The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) responds directly to the current crisis facing middle class Americans while providing the tools to prevent a repeat of these problems.  The legislation combines a number of bipartisan bills including measures to modernize the FHA and reform the GSEs, which will provide crucial liquidity to our mortgage markets now, and also strengthen regulation and oversight for the future.  In addition, the housing package will help families facing foreclosure keep their homes, help other families avoid foreclosures in the future, and help the recovery of communities harmed by empty homes caught in the foreclosure process.    Read full story.
  • 4/29/2008
    Maloney's Consumer Banking Hotline Bill Passes House Legislation Would Provide Bank Customers with Easy Access to Federal Regulators
    Washington, DC - The “Financial Consumer Hotline Act of 2007” (H.R. 4332), legislation that would establish a single, toll-free telephone number consumers can call if they have a problem with their bank and want to speak to the bank’s federal regulator, passed the U.S. House of Representatives today.  Congresswoman Carolyn B. Maloney (D-NY), Chair of the Financial Institutions and Consumer Credit Subcommittee, introduced the bill in December because a number of different governing bodies currently regulate banks, which can make it difficult for consumers to figure out who they should contact with concerns and complaints.  Rep. Maloney’s bill would also establish a corresponding informational website for consumers. Read full story.
  • 4/24/2008
    Frank, Kanjorski Letter to SEC on Auction Rate Preferred Securities
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) and Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Chairman Paul E. Kanjorski (D-PA), sent a letter yesterday to Securities and Exchange Commission Chairman, regarding the loss of liquidity in the market for auction rate preferred securities.  The full text of the letter as follows: Read full story.
  • 4/17/2008
    Economic and Housing Rescue Legislation Introduced in the House Mark up of both measures set for April 23rd and 24th
    Washington, DC - In response to the nationwide economic downturn caused by the housing and credit crisis, members of the House Financial Services Committee today introduced legislation to combat the unprecedented rise in foreclosures, and the associated impact on cities and states.  The legislation first announced by Chairman Barney Frank in March, will be divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, to expand the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism.  The second measure, H.R. 5818, the Neighborhood Stabilization Act of 2008, introduced by Subcommittee on Housing and Community Opportunity Chairwoman Maxine Waters, will provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country.  Read full story.
  • 4/16/2008
    House Approves Jubilee Debt Relief Act
    Washington, DC - The U.S. House of Representatives today approved H.R. 2634, the Jubilee Act for Responsible Lending and Expanded Debt Cancellation.  The bill directs the Administration to begin negotiations for an agreement within the World Bank, International Monetary Fund, and the Paris Club of bilateral creditors to allow up to 24 additional low-income countries qualify for international debt relief.  Further, the Jubilee Act will expand existing debt relief programs for the world’s poorest countries and ensure that the benefits from debt relief will not be eroded by future abusive lending to these impoverished nations. Read full story.
  • 4/11/2008
    Frank, Paul Introduce Legislation to Stop Implementation of Antigambling Regulations
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) and senior Financial Services Committee member Ron Paul (R-TX) have introduced legislation to prohibit the federal government from issuing regulations called for in the called for in the Unlawful Internet Gambling Enforcement Act of 2006.  The legislation, H.R. 5767, will forbid the Secretary of the Treasury and the Board of Governors of the Federal Reserve System from proposing, prescribing, or implementing any regulation that requires the financial services industry to identify and block internet gambling transactions. Read full story.
  • 4/11/2008
    Chairman Frank and Committee Members Call for GAO Study on Fair Lending Enforcement
    Washington, DC - House Financial Service Committee Chairman Barney Frank, along with 15 members of the committee sent a letter to Government Accountability Office, calling for a comprehensive review of the current state of the federal enforcement of the Equal Credit Opportunity Act (ECOA), the Home Mortgage Disclosure Act (HMDA) and the Fair Housing Act (FHA), and other related fair lending laws.  The members expressed concern over the thoroughness and effectiveness of Federal regulator’s oversight and enforcement of fair lending laws and asked the GAO to study mortgage lending as well as other types of lending such as small business and unsecured lending.   Read full story.
  • 4/10/2008
    Frank Rebuts White House Letter on Housing
    Washington, DC - Congressman Barney Frank, chairman of the House Committee on Financial Services, today wrote to Keith Hennessey, Assistant to the President for Economic Policy and the Director of the National Economic Council, and to the Assistant to the President for Domestic Policy, Karl Zinmeister, to rebut claims in their letter dated April 9, 2008, to Speaker Pelosi regarding elements of Chairman Frank’s housing rescue proposal.  Read full story.
  • 4/7/2008
    Frank Statement on NLIHC "Out of Reach" Report
    Washington, DC - Rep. Barney Frank, chairman of the House Committee on Financial Services, released the following statement today based on information provided by the National Low Income Housing Coalition on their recent report “Out of Reach 2007-2008”:  Read full story.
  • 4/4/2008
    Frank Letter to Cox Short Sales of Bear Stearns and Other Investment Bank Stock
    Washington, DC - Rep. Barney Frank, chairman of the House Committee on Financial Services, today sent a letter to U.S. Securities and Exchange Commission Chairman Christopher Cox, calling on the Commission to broaden its investigation of questionable trading of Bear Stearns stock in the days preceding its collapse to include trading activity in the stock of all of the large investment banks.  Chairman Frank noted that, “Depending on what the Commission finds, this may lead to a broader inquiry into short selling by the SEC and Congress.” Read full story.
  • 3/25/2008
    Frank, Paul Letter Regarding GATS Gambling Commitment
    Washington, DC - House Financial Services Committee Chairman Barney Frank, and Rep. Ron Paul, sent a letter on March 14, 2008, to U.S. Trade Representative Susan Schwab requesting the details of a trade agreement between the United States and the European Union, Japan and Canada to compensate nations for withdrawing from the GATS gambling commitment.  Read full story.
  • 3/20/2008
    Frank Calls for Significant Changes in Financial Services Regulation
    Washington, DC - Congressman Barney Frank today discussed a number of new policy options to help stabilize the housing market and address the current economic downturn.  During a speech to the Greater Boston Chamber of Commerce, Mr. Frank called for the following: Consider Establishing A Financial Services Systemic Risk Regulator:  Congress should seriously consider establishing (or empowering the Federal Reserve to act as) a “Financial Services Risk Regulator” that has the capacity and power to assess risk across financial markets regardless of corporate form and to intervene when appropriate.  In exchange for potential access to the discount window for non-depository institutions, this regulator could have enhanced tools to receive timely market information from market players, inspect institutions, report to Congress on the health of the entire financial sector and act when necessary to limit risky practices or protect the integrity of the financial system.  Consideration should focus on how to: Read full story.
  • 3/13/2008
    Frank, Maloney, Gutierrez Call on Treasury to Address Sovereign Wealth Funds in FINSA Regulations
    Washington, DC - House Financial Services Committee Chairman Barney Frank, Financial Institutions and Consumer Credit Subcommittee Chairwoman Carolyn Maloney, and Domestic and International Monetary Policy, Trade and Technology Subcommittee Chairman Luis V. Gutierrez, sent a letter today to Department of Treasury Secretary Henry Paulson, regarding the development of regulations for the implementation of the Foreign Investment and National Security Act (FINSA) when they are reviewed by CFIUS.  Read full story.
  • 3/13/2008
    Frank Announces New Economic, Mortgage and Housing Rescue Proposal
    Washington, DC - House Financial Services Committee Chairman Barney Frank today announced new legislation to stem the significant rise in mortgage foreclosures by allowing the Federal Housing Administration to insure and guarantee refinanced mortgages that have been significantly written down by mortgage holders and lenders.  The following of a summary of the proposed draft and the full text will be available later today on the Financial Services Committee website at financialservices.house.gov.  Mr. Frank announced the proposal today, but warned that the bill text could change before introduction.  Mr. Frank will be seeking input and comments regarding this proposal over the next few weeks. Read full story.
  • 3/9/2008
    The Case for a Housing Rescue
    Washington, DC - Problems that began in the U.S. mortgage markets have led to the most serious international economic crisis since the late 1990s. Huge losses and concern about credit quality have spread far beyond the housing sector. America faces the prospect of a sharp recession, made all the likelier by the probable default of several million additional mortgages in the coming year and the resulting displacement of millions of families. Read full story.
  • 3/5/2008
    Frank Letter on Export-Import Bank's Decision to Grant Delegated Lender Authority to African Afreximbank
    Washington, DC - Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services, sent a letter today to James Lambright, chairman of the Export-Import Bank of the United States to express his appreciation of Export-Import Bank's decision to grant delegated lender authority to the African Export-Import Bank (Afreximbank).  Frank lauded the Export-Import Bank's decision to expand its activities in Africa through a partnership with a key regional institution, "Your decision to work with Afreximbank through a delegated lender relationship is an important step forward in meeting this statutory goal," wrote Rep. Frank. Read full story.
  • 2/25/2008
    Kanjorski, Capuano and Frank Release GAO Hedge Funds Report
    Washington, DC - Hedge funds have improved their risk-management and disclosure practices in recent years, but they remain a potential source of systemic risk and require continued monitoring by regulators and counterparties according to an initial Government Accountability Office (GAO) report released today Capital Markets Subcommittee Chairman Paul E. Kanjorski (D-PA), Congressman Michael Capuano (D-MA), and House Financial Services Chairman Barney Frank (D-MA). After reviewing the findings, the three senior Democrats on the Financial Services Committee are asking for a follow-up GAO study. Read full story.
  • 2/15/2008
    House Financial Services Committee to Examine Municipal Bonds
    Washington, DC - House Financial Services Committee Chairman Barney Frank today announced that the committee will hold a hearing on March 5, 2008, at 9:30 a.m. to examine the impact on state and local governments and other municipal authorities as the current credit crisis worsens.  At issue is the availability and cost of credit for municipalities and the corresponding impact to the economy if states and local jurisdictions have to eliminate or scale back on needed projects and services.  The committee will also examine the extent to which the bond insurance industry contributed to the collapse of the auction-rate securities market and what can be done to aid local jurisdictions.  The impact on localities could be multiplied due to the slumping housing market values and the dependence on property tax revenues to fund schools and other services. Read full story.
  • 2/14/2008
    Frank, Gutierrez Letter Calling on Secretary Rice to Deny Export-Import Bank Support of Russian Energy Project
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) and Financial Services Subcommittee on Domestic and International Monetary Policy Chairman Luis V. Gutierrez (D-IL), sent a letter to U.S. Secretary of State Condoleezza Rice expressing their concern about the potential U.S. Export-Import Bank’s support for Sakhalin II, an energy project controlled by the Russian government.   The members cited that “in recent years, the Russian government has, in this and other cases, established a pattern of using questionable legal tactics in order to exercise control of private entities in the energy sector.”  The chairmen, citing both government policy and national interest, asked that the Secretary of State to deny the Export-Import Bank’s support for Sakhalin II.  Read full story.
  • 2/14/2008
    TIME CHANGE: Capital Markets Subcommittee Examines the Causes and Effects of Recent Bond Insurance Ratings Downgrades
    Washington, DC - Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced that the Subcommittee hearing on the state of the bond insurance industry, originally scheduled to begin at 10 a.m. on Thursday, February 14, 2008 in room 2128 Rayburn House Office Building, will now begin at 11:30 a.m. This time change is due to the memorial service for the late Representative Tom Lantos.  Chairman Kanjorski also named the witnesses who will testify at the hearing.  Read full story.
  • 2/14/2008
    Frank, Gutierrez Letter Calling on Secretary Rice to Deny Export-Import Bank Support of Russian Energy Company
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) and Financial Services Subcommittee on Domestic and International Monetary Policy Chairman Luis V. Gutierrez (D-IL), sent a letter to U.S. Secretary of State Condoleezza Rice expressing their concern about the potential U.S. Export-Import Bank’s support for Sakhalin II, an energy project controlled by the Russian government.   The members cited that “in recent years, the Russian government has, in this and other cases, established a pattern of using questionable legal tactics in order to exercise control of private entities in the energy sector.”  The chairmen, citing both government policy and national interest, asked that the Secretary of State to deny the Export-Import Bank’s support for Sakhalin II. Read full story.
  • 2/7/2008
    Bush Budget Will Eliminate Important Rural Housing Programs
    Washington, DC - The Bush Administration’s budget for fiscal year 2009, released this week, proposes severe and devastating cuts to eliminate important Rural Housing Service (RHS) programs.  The loss of the RHS programs will affect single family loans, which serve borrowers with very low incomes, and will slash or eliminate funding for a number of RHS programs that provide affordable rental housing for low income rural families.  Read full story.
  • 1/31/2008
    House Passes Important Housing, Refinance and Foreclosure Avoidance Assistance in Economic Stimulus Bill
    Washington, DC - The House of Representatives overwhelmingly passed provisions this week to help consumers take advantage of increased mortgage market credit, stabilize the housing market and help homeowners refinance out of bad loans.  The legislation, passed as part the economic stimulus package, will allow the Federal Housing Administration (FHA) and the Government Sponsored Enterprises (GSE) of Fannie Mae and Freddie Mac to temporarily increase their loan limits to serve a greater number of areas of the country.  In fact, by making these changes to the FHA and the GSE programs, Congress is making more financing available to a large number of moderately priced homes in many communities across the country.  In addition, the bill raises artificial caps, which effectively prohibits the use of FHA and GSE loans in higher priced markets such as Massachusetts, California and New York. Read full story.
  • 1/18/2008
    Congressman Barney Frank (MA-4) to Deliver Democratic Radio Address
    Washington, DC - Congressman Barney Frank (MA-4), Chair of the House Financial Services Committee, will deliver the Democratic Radio Address tomorrow.  In his address, Congressman Frank will discuss Democrats’ efforts to work in a bipartisan manner to create an economic stimulus package that will help hard-working Americans who have been hit hardest by the weakened economy. Read full story.
  • 1/18/2008
    Frank Statement on HopeNow Alliance Announcement
    Washington, DC - Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services, released the following statement in response to today’s announcement from the HopeNow Alliance regarding progress in helping troubled mortgage borrowers: Read full story.
  • 1/17/2008
    House Approves HOPE VI Improvement and Reauthorization Act
    Washington, DC - The U.S. House of Representatives today approved H.R. 3524, the HOPE VI Improvement and Reauthorization Act of 2007.  The legislation reauthorizes the HOPE VI program and makes a number of important changes that provide for the replacement of housing units and thereby prevent the further loss of affordable housing for some of the most vulnerable citizens including the elderly and the disabled; prevent re-screening of returning residents; protect residents from disruptions of funding; increase resident involvement; improve the efficiency and expediency of HOPE VI construction; and implement environmental technologies, which will lower costs in the long-term. Read full story.
  • 1/16/2008
    Frank, Bachus, Dodd, Shelby Letter on House-Senate Farm Bill Conference
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) and Ranking Member Spencer Bachus (R-AL), along with Senate Banking, Housing, and Urban Affairs Committee Chairman Christopher Dodd (D-CT) and Ranking Member Richard Shelby (R-AL), sent a letter yesterday to House Agriculture Committee Chairman Collin Peterson (D-MN), Ranking Member Bob Goodlatte (R-VA), Senate Agriculture, Nutrition and Forestry Committee Chairman Tom Harkin (D-IA), and Ranking Member Saxby Chambliss (R-GA) regarding the possible expansion of the Farm Credit System’s lending authority in the upcoming House-Senate conference on the farm bill. Read full story.
  • 12/18/2007
    House Passes TRIA Legislation
    Washington, DC - The U.S. House of Representatives today passed an extension to the Terrorism Risk Insurance Act (TRIA) by a vote of 360 to 53.  The legislation, which is crucial to the continued development of large commercial real estate projects in cities, will extend TRIA for seven years and help spur the further development of a private market for terrorism risk insurance.  After the 9/11 terrorist attacks, many insurance companies excluded terrorism events from their insurance policies.  As a result, Congress passed TRIA as a three year temporary program in 2002, which created a federal backstop to protect against terrorism related losses.  In 2005, Congress extended the program for two additional years. TRIA is now set to expire at the end of 2007 unless Congress acts again to extend the law.  The measure will now be sent to the President for his signature. Read full story.
  • 12/18/2007
    House Passes Darfur Accountability and Divestment Act
    Washington, DC - The U.S. House of Representatives today overwhelmingly passed S. 2271 – The Sudan Accountability and Divestment Act of 2007.  The bill, led by Rep. Barbara Lee in the House, will enable state and local governments, public and private pension funds, and mutual funds to divest from companies doing business in Sudan that contribute to the ongoing genocide in that country.  Although not presenting a mandate, this bill will allow those investors and managers of public funds to take actions that will hopefully help bring this genocide to a halt. Read full story.
  • 12/13/2007
    House Members Urge Strong Consumer Mortgage Protections in New Federal Reserve Rules
    Washington, DC - Nineteen Democratic members of the House Financial Services Committee today sent a letter to Federal Reserve Chairman Ben Bernanke urging strong consumer protection for mortgages and mortgage lending practices in new rules that are soon to be released.  The rules would be issued under the Home Ownership and Equity Protection Act, passed in 1994, and has taken on new importance since the subprime mortgage crisis now threatens the overall economy.  The full text of the letter as follows: Read full story.
  • 12/12/2007
    House Approves Measure on Terrorism Risk Insurance Act
    Washington, DC - The House of Representatives today passed an extension of the Terrorism Risk Insurance Act.  The legislation H.R. 4299, the Terrorism Risk Insurance Program Reauthorization Act of 2007, incorporates the entirety of the Senate amendment to HR 2761 with no changes, and adds certain provisions from HR 2761 (the original House TRIA bill) including: Reset Mechanism:  Adds a reset mechanism for significant terrorist attacks (over $1 billion) to lower the deductibles and triggers to rebuild market capacity and then gradually increase private sector obligations over time Group Life Insurance:  Adds group life to TRIA’s covered lines Read full story.
  • 11/15/2007
    House Passes Historic Mortgage Reform Legislation
    Washington, DC - The U.S. House of Representatives today approved historic bipartisan legislation to reform mortgage and anti-predatory lending practices by a vote of 291 to 127.  H.R. 3915, the “The Mortgage Reform and Anti-Predatory Lending Act of 2007” will establish a national standard to rein in the abusive lending practices that contributed to the current mortgage crisis. Read full story.
  • 11/13/2007
    Financial Services Committee Members Send Letter to HUD Regarding Section 8 Project-Based Assistance Program
    Washington, DC - House Financial Services Committee chairman Barney Frank (D-MA), along with Housing and Community Opportunity subcommittee chairwoman Maxine Waters (D-CA), subcommittee ranking member Shelley Moore Capito (R-WV), along with Reps. Al Green (D-TX), Judy Biggert (R-IL), Emanuel Cleaver (D-MO), and Christopher Shays (R-CT), sent a letter on November 8, 2007, to Department of Housing and Urban Development Secretary Alphonso Jackson, inquiring about the Administration’s plans to address the growing budget and management crisis in HUD’s Section 8 project-based assistance program.  Read full story.
  • 11/8/2007
    House Passes Klein-Mahoney Homeowners Insurance Bill
    Washington, DC - Historic legislation authored by U.S. Reps. Ron Klein (FL-22) and Tim Mahoney (FL-16) that provides a national solution to the growing crisis in the availability and affordability of homeowners insurance passed the U.S. House of Representatives today by a bipartisan vote of 258 to 155.   The Homeowners’ Defense Act of 2007 creates a national catastrophic program to stabilize the catastrophe insurance market by expanding private industries capacity to cover a natural disaster and helping states to better manage risk.   This is not only the first time the U.S. House of Representatives has considered national catastrophe legislation, but is the first time legislation that offers a national solution to the homeowners’ insurance crisis has passed the full House. Read full story.
  • 11/6/2007
    Financial Service Committee Approves Comprehensive Mortgage Reform and Anti-Predatory Lending Legislation
    Washington, DC - The House Committee on Financial Services today approved historic bipartisan mortgage reform legislation and anti-predatory lending practices by a vote of 45 to 19.  H.R. 3915, the “The Mortgage Reform and Anti-Predatory Lending Act of 2007” will create a licensing system for residential mortgage loan originators, establish a minimum standard requiring that borrowers have a reasonable ability to repay a loan, and will attach a limited liability to secondary market securitizers.  The legislation will also expand and enhance consumer protections for “high-cost loans,” will include protections for renters of foreclosed homes, and will establish an Office of Housing Counseling through the Department of Housing and Urban Development.  Read full story.
  • 10/22/2007
    Comprehensive Mortgage Reform and Anti-Predatory Lending Legislation Introduced in the House Subprime mortgage crisis prompts need for major reform
    Washington, DC - Reps. Brad Miller (D-NC), Mel Watt (D-NC) and Barney Frank (D-MA) today introduced comprehensive legislation to combat abuses in the mortgage lending market, and to provide basic protections to mortgage consumers and investors.  The bill, H.R. 3915, the “The Mortgage Reform and Anti-Predatory Lending Act of 2007” will reform mortgage practices in three areas.  First, the bill will establish a federal duty of care, prohibit steering, and call for licensing and registration of mortgage originators, including brokers and bank loan officers.  Second, the new legislation will set a minimum standard for all mortgages which states that borrowers must have a reasonable ability to repay.  Third, the legislation attaches limited liability to secondary market securitizers who package and sell interest in home mortgage loans outside of these standards.  However, individual investors in these securities would not be liable.  Finally, the bill expands and enhances consumer protections for “high-cost loans” under the Home Ownership and Equity Protection Act and includes important protections for renters of foreclosed homes. Read full story.
  • 10/17/2007
    Frank and Waters Call on HUD to Deny Waiver to Re-Program CDBG for Mississippi Port
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, and Rep. Maxine Waters (D-CA), Chairman of the Subcommittee on Housing and Community Opportunity, today sent a letter urging Department of Housing and Urban Development Secretary Alphonso Jackson to deny the Mississippi Development Authority’s request for a waiver for its proposal to reprogram $600 million of housing recovery funds for the restoration and expansion of the Port of Gulfport, Mississippi.  The members stated, “A further waiver to re-program CDBG funds for the expansion of the Port of Gulfport, when so many families have yet to be able to return home, is misguided and disregards the continued need for available housing in Mississippi.” Read full story.
  • 10/10/2007
    House of Representatives Passes Affordable Housing Trust Fund Act
    Washington, DC - The U.S. House of Representatives today passed H.R. 2895, the National Affordable Housing Trust Fund Act of 2007 by a vote of 264 to 148.  The National Affordable Housing Trust Fund will be the largest expansion in federal housing programs in decades, with a goal of producing, rehabilitating and preserving 1.5 million housing units over the next 10 years. The bill as will initially allocate between $800 million and $1 billion annually directly to states and local communities, without increasing government spending or the federal deficit.        Read full story.
  • 9/27/2007
    House of Representatives Approves Flood Insurance Reform
    Washington, DC - House of Representatives Approves Flood Insurance ReformThe U.S. House of Representatives today passed H.R. 3121, the Flood Insurance Reform and Modernization Act of 2007, by a vote of 263 to 146.  The legislation reauthorizes the National Flood Insurance Program (NFIP), provides for reforms to the NFIP, improves flood mapping, and expands the NFIP to provide for multiple peril coverage. The bill reauthorizes the NFIP for five years through 2013 (the current authorization for the NFIP expires September 30, 2008) and ensures its continued viability by encouraging broader participation, increasing financial accountability, eliminating unnecessary rate subsidies, and updating the flood insurance program to meet the needs of the 21st century. Read full story.
  • 9/26/2007
    Financial Services Committee Passes HOPE VI Improvement and Reauthorization Act
    Washington, DC - The House Financial Services Committee today passed H.R. 3524, the Hope VI Improvement and Reauthorization Act of 2007.  The legislation reauthorizes and makes a number of changes to the HOPE VI public housing revitalization program to provide for the retention of public housing units, prevent re-screening of returning residents, protect residents from disruptions resulting from the grant, increase resident involvement, improve the efficiency and expediency of HOPE VI construction, and to achieve green developments. Read full story.
  • 9/26/2007
    Financial Services Committee Passes Reps Klein and Mahoney Homeowners Defense Act
    Washington, DC - Homeowners throughout Florida and the United States are one step closer to getting the relief they need when it comes to the high-cost of their homeowners insurance.  The House Financial Services Committee today passed H.R.3355, the Homeowners’ Defense Act of 2007, sponsored by Reps. Ron Klein (D-FL) and Tim Mahoney (D-FL), with a bipartisan majority.  The legislation offers a unique and innovative approach to addressing the growing crisis in the availability and affordability of homeowners insurance. Read full story.
  • 9/25/2007
    Frank Statement On The World Bank's "Doing Business" Report
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, offered the following statement regarding the release of the World Bank’s 5th edition of its widely used "Doing Business" report this evening.  The report, which ranks countries on the basis of business-friendly policies, is used by private investors and the Bank itself to evaluate candidates for investment, thus encouraging them to compete for higher ratings.  Frank expressed his disappointment with the report’s direction, which he said has the effect of encouraging countries to adopt policies that exacerbate the global trend toward increasing inequality: Read full story.
  • 9/19/2007
    House of Representatives Passes Terrorism Risk Insurance Revision and Extension Act
    Washington, DC - The U.S. House of Representatives today passed H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA), by a vote of 312 to 110.  The legislation will extend the Terrorism Risk Insurance Act (TRIA) for fifteen years and help spur the further development of a private market for terrorism risk insurance.  After the 9/11 terrorist attacks, many insurance companies excluded terrorism events from their insurance policies.  As a result, Congress passed TRIA as a three year temporary program in 2002, which created a federal backstop to protect against terrorism related losses.  In 2005, Congress extended the program for two additional years. TRIA is now set to expire at the end of this year unless Congress acts again to extend the law.  Read full story.
  • 9/18/2007
    House Passes Comprehensive FHA Reform
    Washington, DC - The U.S. House of Representatives today overwhelmingly passed H.R. 1852, the “Expanding American Homeownership Act of 2007,” which will revitalize the Federal Housing Administration (FHA), a federally insured loan program that for over 60 years has been a reliable source of affordable fixed rate mortgage loans, especially for first-time homebuyers.  The measure, originally introduced by Representative Maxine Waters, Chairwoman of the Subcommittee on Housing and Community Opportunity, and Barney Frank, Chairman of the Financial Services Committee, will enable FHA to serve more subprime borrowers at affordable rates and terms, recapture borrowers that have turned to predatory loans in recent years, and offer refinancing loan opportunities to borrowers struggling to meet their mortgage payments in the midst of the current turbulent mortgage markets. Read full story.
  • 9/13/2007
    Hearing: Legislative and Regulatory Options for Minimizing and Mitigating Mortgage Foreclosures
    Washington, DC - House Financial Services Committee Chairman Barney Frank, today announced that the committee will hold a hearing on September 20, 2007, entitled “Legislative and Regulatory Options for Minimizing and Mitigating Mortgage Foreclosures.”  The hearing will examine the President’s recently announced plan to expand FHA programs and review other options for assisting homeowners at risk of foreclosure.  Secretaries Henry Paulson and Alphonso Jackson, along with Federal Reserve Chairman Ben Bernanke, will discuss the President’s plan announced on August 31 and other initiatives.  In addition, the committee will also hear from consumer advocates and industry representatives who will discuss other options aimed at helping homeowners avoid foreclosure during the current mortgage market issues.  Read full story.
  • 9/10/2007
    Frank Challenges Bernanke Reasoning on GSEs
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), sent a letter to Federal Reserve Board Chairman Ben S. Bernanke, on Friday, September 7, 2007, challenging Chairman Bernanke’s reasoning on GSEs.  The full text of the letter as follows: Read full story.
  • 9/5/2007
    House Passes Resolution Calling on China to Remove Trade Barriers
    Washington, DC - The U.S. House of Representatives today overwhelmingly approved a resolution calling for greater access for U.S. financial services firms doing business in China, by a vote of 401 to 4.  H.Res. 552, introduced by Representative Jim Marshall (GA-8), along with Rep. Peter Roskam (IL-6), Financial Services Committee Chairman Barney Frank (MA-4) and Ranking Member Spencer Bachus (AL-6), calls on the People’s Republic of China to remove barriers to United States financial services firms doing business in China, and to immediately implement all of its World Trade Organization commitments in financial services to date as well as its commitments under the auspices of the Strategic Economic Dialogue between China and United States.  Read full story.
  • 8/17/2007
    Frank, Miller Call on Senate to Raise GSE Loan Limits
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) and Rep. Gary Miller (R-CA) today urged the U.S. Senate to raise the conforming loan limit beyond the House passed reform bill for the Government Sponsored Enterprises (GSE) of Fannie Mae and Freddie Mac.  Read full story.
  • 8/6/2007
    Ellison: Congress to Hold Financial Services Hearing in Twin Cities
    Minneapolis - Congressman Keith Ellison (D-Minneapolis) announced today that the U.S. House of Representatives Committee on Financial Services will hold an official hearing entitled “The Effect of Predatory Lending and the Foreclosure Crisis on Twin Cities Communities and Neighborhoods” on Thursday, August 9th from 6:00 – 8:00 p.m., at the Minneapolis Central Library (300 Nicollet Mall).  The hearing is open to the public. Read full story.
  • 8/3/2007
    Legislation Introduced To Change Metal Content of Coins
    Washington, DC - Congressman Luis Gutierrez, Chairman of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, and Financial Services Committee Chairman Barney Frank have introduced H.R. 3330, the "Coinage Materials Modernization Act of 2007." The bill will authorize the Secretary of the Treasury to change the composition of coins issued by the U.S. Mint to less expensive materials.  The Treasury Department estimates that changing the composition of pennies and nickels will save the government over $100 million a year. By making similar changes to the half dollar, quarter and dime, the government can save as much as $400 million annually. Read full story.
  • 8/3/2007
    Financial Services Committee Passes Terrorism Risk Insurance Revision and Extension Act
    Washington, DC - The House Financial Services Committee today passed H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA) by a vote of 49 to 20.  The legislation will extend the Terrorism Risk Insurance Act (TRIA) for fifteen years and help spur the further development of a private market for terrorism risk insurance.  After the 9/11 terrorist attacks, many insurance companies excluded terrorism events from their insurance policies.  As a result, Congress passed TRIA as a three year temporary program in 2002, which created a federal backstop to protect against terrorism related losses.  In 2005, the measure was extended until 2007.  TRIA is now set to expire at the end of this year, unless Congress acts again to extend the law. Read full story.
  • 7/31/2007
    Financial Services Committee Passes Affordable Housing Trust Fund
    Washington, DC - The House Financial Services Committee today passed H.R. 2895, the National Affordable Housing Trust Fund Act of 2007, by a vote of 45 to 23.  The National Affordable Housing Trust Fund will be the largest expansion in federal housing programs in decades, with a goal of producing, rehabilitating and preserving 1.5 million housing units over the next 10 years.  The bill as amended will initially allocate between $800 million and $1 billion annually directly to states and local communities, without increasing government spending or the federal deficit.  Read full story.
  • 7/31/2007
    House Passes Iran and Darfur Divestment Bills
    Washington, DC - Disregarding opposition from both the Secretaries of State and Treasury, the U.S. House of Representatives today overwhelmingly passed two bills designed to enable Americans through their investment decisions and through their state and local governments to voice their opposition to the internationally condemned practices of the Sudanese and Iranian governments.  H.R. 2347, The Iran Sanctions Enabling Act, introduced by Financial Services Committee Chairman Barney Frank (D-MA), passed by a vote of 408 to 6; and H.R. 180, the Darfur Accountability and Divestment Act of 2007, introduced by Rep. Barbara Lee (D-CA), passed by a vote of 417 to 1.    Read full story.
  • 7/30/2007
    Frank and Conyers File Amicus Brief in Stoneridge Case
    Washington, DC - Representatives Barney Frank, Chairman of the House Financial Services Committee, and John Conyers, Jr., Chairman of the House Judiciary Committee, today filed an amicus brief in the Stoneridge Investment Partners v. Scientific-Atlanta and Motorola case that is currently before the U.S. Supreme Court.  Frank and Conyers filed the brief because they believe the law in the case is clear: third parties who knowingly engage in manipulative or deceptive acts as part of a scheme to defraud investors should be held liable for their actions under the federal securities laws.  In the brief, the members note that if the Supreme Court decides against investors in this case, third parties will effectively be immune from suit no matter how reprehensible their conduct.   Read full story.
  • 7/27/2007
    House Financial Services Committee Passes Flood Insurance Reform
    Washington, DC - The House Financial Services Committee today passed H.R. 3121, The Flood Insurance Reform and Modernization Act of 2007, which will bring about significant and much-needed reforms to the National Flood Insurance Program (NFIP).  The bill will ensure the program’s continued viability by encouraging broader participation, increasing accountability, eliminating unnecessary Federal subsidies and updating the flood insurance program to meet the needs of the 21st century.   The bill also includes provisions authored by Congressman Gene Taylor (D-MS) to include multiperil coverage for flood and windstorm damages.  The bill reauthorizes the program for five years. Read full story.
  • 7/27/2007
    Hearing Postponed
    Washington, DC - U.S. Representative Melvin L. Watt (D-NC), Chairman of the Subcommittee on Oversight and Investigations, today announced that the hearing entitled:  “Credit-Based Insurance Scores:  Are They Fair” is postponed and will be rescheduled for a later date.  “The growing use of credit-based insurance scores affects millions of consumers.  We look forward to hearing from a range of perspectives including state insurance regulators, consumer advocacy groups and industry on this important issue.” Read full story.
  • 7/26/2007
    Frank Praises Cox and SEC for Work on Sarbanes-Oxley
    Washington, DC - House Financial Services Committee Chairman Barney Frank today wrote to SEC Chairman Christopher Cox praising the work of the chairman and the commission for completing work on auditing standards for internal controls.  Below is the text of Frank’s letter: Read full story.
  • 7/25/2007
    Chairman Frank Applauds the SEC for FAS 140 Clarification
    Washington, DC - House Financial Services Chairman Barney Frank today offered the following statement applauding SEC Chairman Christopher Cox and the SEC staff for their letter on FAS 140.  In June, the Chairman sent a letter to the SEC asking for clarification on the accounting standard.  FAS 140 provides accounting standards for transfers of financial assets that become part of mortgage-backed securities, and Chairman Cox’s letter clarifies that institutions can make loan modifications when a default is reasonably foreseeable, rather than waiting until the borrower actually defaults. Read full story.
  • 7/24/2007
    Kanjorski: Terrorism Risk Insurance Revision and Extension Act Moves Forward to Full Committee
    Washington, DC - Congressman Paul E. Kanjorski (PA-11), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today expressed satisfaction that the Subcommittee passed H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007, by a vote of 26-17. H.R. 2761, as reported, extends TRIA for 10 years, eliminates the distinction between foreign and domestic terrorism, lowers the program’s event triggers, adds group life insurance to the program, creates a blue-ribbon commission to develop long-term recommendations, and improves coverage for nuclear, biological, chemical, and radiological terrorism events.  Read full story.
  • 7/19/2007
    Frank, Bachus and Lynch Call on GAO to Study FinCEN and BSA Reporting
    Washington, DC - Financial Services Committee Chairman Barney Frank (D-MA), Ranking Member Spencer Bachus (R-AL), and Congressman Stephen Lynch (D-MA) sent a letter today to the Government Accountability Office (GAO), calling for a report on the mission and operational capacity of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), and on the increasing volume of Bank Secrecy Act (BSA) filings—including Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs). The GAO report requested today was prompted by issues raised at a May 10, 2007 hearing held in the Subcommittee on Oversight and Investigations—the first of a series of hearings on the subject of balancing law enforcement utility and regulatory requirements of BSA reporting.  Read full story.
  • 7/17/2007
    House Resolution Calls on China to Remove Trade Barriers
    Washington, DC - Representative Jim Marshall (GA-8), along with Rep. Peter Roskam (IL-6), Financial Services Committee Chairman Barney Frank (MA-4) and Ranking Member Spencer Bachus (AL-6) introduced House Resolution 552 calling on the People’s Republic of China to remove barriers to United States financial services firms doing business in China. Read full story.
  • 7/17/2007
    Watt, Maloney, Frank Letter to Comptroller General Walker on Reviewing Regulation B of the Equal Credit Opportunity Act
    Washington, DC -  Rep. Melvin Watt (D-NC), Chairman of the Subcommittee on Oversight and Investigations, along with Rep. Carolyn Maloney (D-NY), Chairwoman of the Subcommittee on Financial Institutions and Consumer Credit, and Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee released a letter sent yesterday to Comptroller General David M. Walker, requesting that the Government Accountability Office (GAO) conduct a review of Regulation B of the Equal Credit Opportunity Act (ECOA).  The members expressed concern with the Federal Reserve’s decision not to amend Regulation B, which prohibits lenders from collecting information on the racial and gender characteristics of non-mortgage loan applicants, and called for the GAO to conduct a review analyzing the advantages and disadvantages of amending the ECOA. Read full story.
  • 7/17/2007
    Congress Passes Hinojosa Bills to Improve Rural Housing in America
    Washington, DC - The House of Representatives today passed two bills that will greatly help the livelihoods of millions of Americans living in rural areas of the United States.  The two measures, H.R. 1980, the Housing Assistance Council Authorization Act, and H.R. 1982, the Rural Housing and Economic Development Improvement Act, were both authored and sponsored by Congressman Rubén Hinojosa (D-TX). They will authorize more than $95 million over the next several years to help rural housing conditions. Read full story.
  • 7/16/2007
    Sires and Biggert's F.D.I.C Bill Passes in the House
    Washington, DC - Today, the House of Representatives passed H.R. 2547, the FDIC Enforcement Enhancement Act, introduced by Congressman Albio Sires (D-NJ) and Congresswoman Judy Biggert (R-IL), which protects the good name of the Federal Deposit Insurance Corporation, as well as the millions of consumers who put their trust in the federal agency.  Read full story.
  • 7/16/2007
    Frank Letter to World Bank President Zoellick on Pollution Problems in China
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Financial Services committee today released a letter he sent to World Bank President Robert Zoellick on July 13, 2007, regarding the release of information on the effects of pollution problems in China.  The draft report entitled “Cost of Pollution in China: Economic Estimates of Physical Damages” was jointly prepared by the World Bank and the Chinese State Environment Protection Administration and was released in March.  Read full story.
  • 7/13/2007
    House Overwhelmingly Passes Section 8 Voucher Reform Act of 2007
    Washington, DC - The U.S. House of Representatives overwhelmingly passed H.R. 1851, the Section 8 Voucher Reform Act of 2007, with a bipartisan vote of 333 to 83, to reform the Section 8 funding formula to make it more efficient and revise the rent calculation process for Section 8 and public housing to expand work incentives and reduce administrative costs.  In addition, the bill will increase flexibility to use vouchers for homeownership, amend voucher targeting rules to increase voucher opportunities for lower income working families in rural areas, and authorize an expansion in the number of families receiving vouchers by 20,000 a year for each of the next five years.  The measure now moves to the Senate for consideration. Read full story.
  • 7/13/2007
    Frank Letter to Cox Regarding SEC List of Terrorist-Financing States
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services sent a letter Thursday to Securities and Exchange Commission (SEC) Chairman Christopher Cox regarding the list of public companies listed to have investments in terrorist-financed states on the SEC’s website.  Chairman Frank expressed concern in how the list was compiled -- citing companies that have previously disclosed divestment from terrorist-financed states, and other discrepancies --  and called for the SEC to consider a new methodology for creating a more accurate list. Read full story.
  • 7/12/2007
    HouseTo Act On Section 8 Housing Voucher Reform Today
    Washington, DC - The U.S. House of Representatives today will consider H.R. 1851, the Section 8 Voucher Reform Act of 2007 (SEVRA).  The bill makes a number of changes to the Section 8 voucher and project-based and public housing programs to expand rental assistance opportunities, improve program efficiencies, and encourage family self-sufficiency Read full story.
  • 7/11/2007
    Dodd, Frank, Shelby, Bachus, and Maloney Laud Passage of CFIUS Reform Legislation
    Washington, DC - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL) and Representatives Barney Frank (D-MA), Spencer Bachus (R-AL), and Carolyn Maloney (D-NY), today applauded both the House and Senate for passing needed reforms of the Committee on Foreign Investments in the United States (CFIUS) for reviewing direct foreign investments for national security purposes.  The Foreign Investment and National Security Act of 2007, H.R. 556, which passed the House in February and the Senate last month, will strengthen the role of the Director of National Intelligence, mandate the designation of a lead agency for each covered transaction, and provide for a thirty-day review of transactions covered by CFIUS to determine its effects on national security, among other provisions.  The measure now moves to the White House for the President’s signature. Read full story.
  • 7/10/2007
    Chairmen Frank, Miller, Speaker Pelosi, to Hold Roundtable Discussion with Leading Experts on Globalization, Outsourcing and the American Worker
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services today announced that he will host a roundtable discussion with Speaker Nancy Pelosi and senior Members of Congress and leading economists and experts on “Globalization, Outsourcing, and the American Worker – What Should Government Do?”  Princeton University economist Alan Blinder believes that tens of millions of American jobs will be vulnerable to outsourcing in the years ahead.  Frank, Blinder, and other participants will discuss the implications of this for American workers as well as what the federal government can and should do about it.  Read full story.
  • 6/28/2007
    National Affordable Housing Trust Fund Introduced
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), along with Reps. Maxine Waters (D-CA), Gary Miller (R-CA), John McHugh (R-NY), and Jim Ramstad (R-MN) today introduced legislation with the goal of producing, rehabilitating and preserving 1.5 million housing units over the next 10 years.  The new bill, H.R. 2895, will initially allocate between $800 million and $1 billion annually to states and local communities, without increasing government spending or the federal deficit.  The National Affordable Housing Trust Fund will be funded from amounts provided in the recently passed Government Sponsored Enterprises’ (GSE) Affordable Housing Fund (H.R. 1427), from savings from Federal Housing Administration reforms contained in H.R. 1852, the Expanding Americans Home Ownership Act, and from any other funding sources that may be subsequently identified.  Under the Trust Fund bill, 60% of the funds will be allocated directly to local communities, with the remainder to be granted to states, insular areas, and Indian Tribes.  The Trust Fund will be the largest expansion in federal housing programs in decades.  Read full story.
  • 6/27/2007
    Chairman Frank Letter to Financial Regulators on Compliance to the Social Security Act
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, sent a letter to financial regulators on June 21, 2007, to inquire what actions their respective agency have taking to ensure that the financial institutions have complied with the Social Security Act’s explicit prohibition on the garnishment of federal benefits to Veterans, the elderly and the disabled.  The Chairman wrote the letter in light of news that some debt collectors have made use of the national banking system to circumvent state and federal law protecting consumers.  Read full story.
  • 6/27/2007
    National Affordable Housing Trust Fund to be UnveiledThursday
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, Rep. Maxine Waters (D-CA), Chairman of the Subcommittee on Housing and Community Opportunity, along with other members of Congress and interested parties, will unveil bipartisan legislation to create a “National Affordable Housing Trust Fund” at a press conference tomorrow, Thursday, June 26, 2007, at 12:00pm, in room 2128 of the Rayburn House Office Building.   The National Affordable Housing Trust Fund will be created from a combination of the GSE Affordable Housing Fund, along with savings from other existing housing programs.  Read full story.
  • 6/26/2007
    Financial Services Committee Passes FDIC Enforcement Enhancement Act
    Washington, DC - The House Committee on Financial Services today passed H.R. 2547, the FDIC Enforcement Enhancement Act, authored by Congressman Albio Sires (D-NJ) and Congresswoman Judy Biggert (R-IL), which will imposes penalties on companies that falsely claim to be Federal Deposit Insurance Corporation (FDIC) insured.  The bill protects the reputation of the FDIC as well as the millions of consumers that trust the financial regulatory institutions. Read full story.
  • 6/26/2007
    House Financial Services Committee Passes Financial Services Diversity Initiative
    Washington, DC - The House Financial Services today passed H. Con. Res.140, the Financial Services Diversity Initiative.  The bill, sponsored by Rep. Gregory W. Meeks (D-NY), is designed to increase diversity amongst the workforce in the financial services industry and take affirmative steps by employers and educational institutions to help increase diversity within the industry. Read full story.
  • 6/19/2007
    Financial Services Committee Members Letter to Chairman Cox Regarding the FAS 140 AccountingStandard
    Washington, DC - In light of rising mortgage foreclosure rates in the United States, House Financial Services Committee Chairman Barney Frank, along with subcommittee chairmen Paul E. Kanjorski, Carolyn Maloney, Maxine Waters, Luis V. Gutierrez and Melvin Watt, committee members Keith Ellison, Christopher S. Murphy, Charles A. Wilson, and with Rep. Marcy Kaptur, sent a letter on June 15, 2007, to Securities and Exchange Commission Chairman Christopher Cox regarding the FAS 140 accounting standard.   Read full story.
  • 6/18/2007
    Terrorism Risk Insurance Extension Introduced in the House
    Washington, DC - Rep. Mike Capuano and the Chairman of the House Financial Services Committee Barney Frank, today introduced, H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA).  The bill extends the Terrorism Risk Insurance Act (TRIA) for ten years and will spur the development of a private market for terrorism risk insurance.  After the 9/11 terrorist attacks, many insurance companies excluded terrorism events from their insurance policies.  As a result, Congress passed TRIA in 2002 which created a federal backstop to protect against terrorism related losses.  In 2005, the measure was extended for two years and currently is set to expire at the end of 2007.  Also joining Rep. Capuano and Chairman Frank in co-sponsoring TRIREA are Reps. Gary Ackerman, Joseph Crowley, Paul Hodes, Steve Israel, Peter King, Carolyn McCarthy, Carolyn Maloney, Gregory Meeks, Dan Boren, Emmanuel Cleaver, Lincoln Davis, Al Green, Luis V. Gutierrez, Steven Lynch, Tim Mahoney, David Scott, Christopher Shays, Brad Sherman, Albio Sires, Melvin Watt and Robert Wexler. Read full story.
  • 6/11/2007
    Markey and Frank Press Banking Regulators on Loophole Used by Fraudsters
    Washington, DC - Representative Edward J. Markey (D-MA), a senior member of the House Energy and Commerce Committee, and Representative Barney Frank (D-MA), chairman of the House Financial Services Committee, today wrote to banking regulators about the practice of accepting and processing unsigned or “remotely created” checks, often generated by fraudsters in the names of unsuspecting victims. This practice is enabling the perpetration of schemes that are draining millions of dollars from the bank accounts of vulnerable Americans, including the elderly and individuals with chronic, debilitating diseases, as highlighted by the New York Times last month (“Bilking the Elderly, with a Corporate Assist”, May 20, 2007, A1).  Read full story.
  • 6/4/2007
    Chairman Frank, European Parliamentarians Join Efforts to Include Issues of Hedge Funds and Private Equity in the G-8 Agenda
    Washington, DC - House Financial Services Committee Chairman Barney Frank today released a letter to President Bush urging the president to include issues raised by the recent and rapid increase in private equity and hedge fund activity.  The letter is similar to a letter signed by European Parliament Member Poul Rasmussen and other members of the parliament.  At a press announcement this morning, Chairman Frank noted that he shares the concerns of his European counterparts that parliamentarians must work together address concerns such as the long-term financial stability of firms, the impact of takeovers on workers and the possibility of systemic risk.  Read full story.
  • 5/25/2007
    Financial Services Committee Passes Section 8 Voucher Reform Act of 2007
    Washington, DC - The House Financial Services Committee today passed H.R. 1851, the Section 8 Voucher Reform Act of 2007.  The bill passed by a wide bipartisan margin of 52 to 9. The legislation would reform the Section 8 funding formula to make it more efficient, revise the rent calculation process for Section 8 and public housing to expand work incentives and reduce administrative costs, increase flexibility to use vouchers for homeownership, amend voucher targeting rules to increase voucher opportunities for lower income working families in rural areas, and authorize an expansion in the number of families receiving vouchers by 20,000 a year for each of the next five years.  Read full story.
  • 5/23/2007
    House Financial Services Committee Passes FHA Manufactured Housing Loan Modernization
    Washington, DC - The House Committee on Financial Services today passed H.R. 2139, the FHA Manufactured Housing Loan Modernization Act of 2007, a measure to help thousands of potential homeowners across the country with Federal Home Administration (FHA) loans for manufactured housing.  The bill will modernize the FHA Title I Personal Property Manufactured Loan Program, to stem a decline from some 30,000 loans a year 10 years ago, to less than 2,000 loans a year in recent years.  Personal property loans are defined as financing for people who do not own the land, but leases the land on which the manufactured home is located.  Read full story.
  • 5/23/2007
    Financial Services Committee Passes Rural Housing-Related Measures
    Washington, DC - The House Financial Services Committee today passed two rural housing-related bills today which will authorize $10 million in funding for the Housing Assistance Council (HAC) and $30 million for the Rural Housing and Economic Development (RHED) program respectively for Fiscal Year 2008. The two measures, H.R. 1980, the Housing Assistance Council Authorization Act of 2007, and H.R. 1982, the Rural Housing and Economic Development Improvement Act of 2007, were both authored by Congressman Ruben Hinojosa (D-TX). Read full story.
  • 5/23/2007
    House Financial Services Committee Overwhelmingly Passes Iran Divestment Bill
    Washington, DC - The House Financial Services Committee today overwhelmingly passed H.R. 2347, the Iran Sanctions Enabling Act of 2007, which will empower Americans to apply economic pressure on the Iranian regime.  The federal government will establish a list of entities that invest in Iran and allow for divestment.  As Iran continues to threaten regional stability and international security by pursuing a nuclear program, rattling sabers at its neighbors – especially Israel – and supporting terrorist groups funded by its energy sector, this bill will protect investors and state and local governments that choose not to invest in companies that support Iran’s oil and gas industry.  The bill was introduced by Reps. Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Tom Lantos (D-CA), Chairman of the House Foreign Affairs Committee.  Senator Barack Obama has introduced a similar bill in the U.S. Senate. Read full story.
  • 5/23/2007
    House Passes GSE Reform Bill Legislation Will Create an Independent Regulator and Affordable Housing Fund
    Washington, DC - Yesterday, the U.S. House of Representatives passed H.R. 1427, the Federal Housing Finance Reform Act of 2007, by an overwhelming bipartisan vote of 313 to 104.  The bill will overhaul the regulatory oversight of the government sponsored enterprises (GSE) of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and create a new, independent regulator with broad powers analogous to current banking regulators.  The regulator’s primary responsibility will be to ensure the safety and soundness of the institutions.  In addition, the bill creates an off-budget and non-taxpayer financed affordable housing fund, which will dedicate hundreds of millions of dollars for the construction, maintenance and preservation of affordable housing with the first year of the fund to be dedicated to the hurricane stricken areas of the Gulf Coast, and billions of dollars over the next five years for affordable housing nationwide.  The bipartisan bill was originally introduced by Chairman Frank, along with Reps. Richard Baker (R-LA), Mel Watt (D-NC) and Gary Miller (R-CA). Read full story.
  • 5/22/2007
    Frank, Bachus Letter to House Agriculture Committee Regarding the Farm Credit System
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) and Ranking Member Spencer Bachus (R-AL), sent a letter Friday to House Agriculture Committee Chairman Collin Peterson (D-MN) and Ranking Member Bob Goodlatte (R-VA), regarding the possible expansion of the Farm Credit System as it could affect the financial services market.  The letter is a follow up to a previous letter sent on February 28, 2007.  Read full story.
  • 5/21/2007
    House Overwhelmingly Passes Industrial Bank Holding Company Act
    Washington, DC - The U.S. House of Representatives today overwhelmingly passed H.R. 698, the Industrial Bank Holding Company Act of 2007, by a vote of 371 to 16.  This legislation, co-sponsored by Congressmen Paul Gillmor (R-OH), the Ranking Member of the Financial Institutions Subcommittee, and House Financial Services Committee Chairman Barney Frank (D-MA), along with Congressman Jim Marshall (D-GA), will restore the historic separation between banking and commerce, prevent branch banking by some commercially-owned ILCs, and bolster the supervisory authorities of the FDIC as a holding company regulator.  Read full story.
  • 5/15/2007
    Frank, Lantos and Obama Introduce Divestment Bill
    Washington, DC - Reps. Barney Frank, Chairman of the House Financial Services Committee, Tom Lantos, Chairman of the House Foreign Affairs Committee, and Senator Barack Obama, today introduced the Iran Sanctions Enabling Act of 2007, in the U.S. House of Representatives and U.S. Senate, respectively, which empowers Americans to apply economic pressure on the Iranian regime by establishing a federal list of entities that invest in Iran and allowing for divestment.  As Iran continues to threaten regional stability and international security by pursuing a nuclear program, rattling sabers at its neighbors – especially Israel – and supporting terrorist groups funded by its energy sector, this bill will enable investors and state and local governments to ensure they are not invested in companies that support Iran’s oil and gas industry. Read full story.
  • 5/15/2007
    Frank, Lantos to Hold Press Conference to Discuss New Legislation Targeting Investments in Iran
    Washington, DC - Reps. Barney Frank, Chairman of the House Committee on Financial Services, and Tom Lantos, Chairman of the House Foreign Affairs Committee will hold a press conference on Wednesday to discuss new legislation aimed at targeting investments in Iran.  The new bill will require the Secretary of Treasury to create a list of companies investing over $20 million in the Iranian energy sector, as well as allow state and local pension funds to divest their funds from Iranian investments should they choose to do so.  Additionally, the bill will offer “safe harbor” provisions for mutual fund managers and private pension managers who wish to divest.  Further details of the legislation will be unveiled at the press conference.    Read full story.
  • 5/11/2007
    Chairmen Dingell and Frank Call for Increased Federal Consumer Protection
    Washington, DC - Rep. Barney Frank, Chairman of the House Financial Services Committee, and Rep. John Dingell, Chairman of the House Energy and Commerce Committee, today sent a joint letter to federal financial services regulators and the Federal Trade Commission, calling for the strengthening of protections for financial consumers against unfair and deceptive trade practices.  The letter was sent to Ben S. Bernanke, Chairman of the Federal Reserve Board, John M. Reich, Director of the Office of Thrift Supervision, Deborah Platt Majoras, Chairman of the Federal Trade Commission, John C. Dugan, Comptroller of the Office of the Comptroller of the Currency, and Sheila Bair, Chairman of the Federal Deposit Insurance Corporation. Read full story.
  • 5/3/2007
    House Financial Services Committee Passes Comprehensive FHA Reform
    Washington, DC - The House Financial Services Committee today passed H.R. 1852, the “Expanding American Homeownership Act of 2007” introduced by Representative Maxine Waters, Chairwoman of the Subcommittee on Housing and Community Opportunity, and Barney Frank, Chairman of the Financial Services Committee.  The bill would revitalize the Federal Housing Administration (FHA) to restore its historical role in ensuring critically needed mortgage loans for low and middle income families by authorizing zero down payment loans, directing the Department of Housing and Urban Development (HUD) to serve higher risk borrowers who would otherwise turn to predatory and high priced mortgage loan alternatives, and by raising loan limits so that FHA can serve high cost housing markets.  The bill now awaits a vote by the full House of Representatives. Read full story.
  • 5/2/2007
    Financial Services Committee Overwhelmingly Passes Industrial Bank Holding Company Act
    Washington, DC - The House Financial Services Committee today overwhelmingly passed H.R. 698, the Industrial Bank Holding Company Act of 2007.  This legislation, co-sponsored by Congressmen Paul Gillmor (R-OH), the Ranking Member of the Financial Institutions Subcommittee, and House Financial Services Committee Chairman Barney Frank (D-MA), along with Congressman Jim Marshall (D-GA), will restore the historic separation between banking and commerce, prevent branch banking by some commercially-owned ILCs, and bolster the examination and enforcement authorities of the FDIC as a holding company regulator.  Read full story.
  • 4/25/2007
    Frank Letter to Chairman Cox Regarding Mandatory Arbitration Requirements
    Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, sent a letter Wednesday, to Securities and Exchange Commission (SEC) Chairman Christopher Cox concerning suggestions that the SEC may begin permitting public companies to impose mandatory arbitration requirements on shareholders through the registration process. Read full story.
  • 4/24/2007
    Reps. Moore, Scott and Frank Introduce Counter-Terrorism Financing Coordination Act
    Washington, DC - Reps. Gwen Moore (D-WI), David Scott (D-GA), and Barney Frank (D-MA) introduced legislation today to force the Bush Administration to work together to help other countries dismantle terrorist financing networks and keep Americans safe.  The Counter-Terrorism Financing Coordination Act, (H.R. 1993) will direct the Bush Administration to resolve turf wars and end bureaucratic infighting that have compromised the effectiveness of the U.S. government's efforts to assist other countries in the war on terrorism.  Specifically, the bill will require the Secretaries of State and Treasury to adopt recommendations of the Government Accountability Office (GAO) delineating the role of each agency in the delivery of counter-terrorism financing training and technical assistance to countries abroad.  The Bush administration has been ignoring the problem for years, and has failed to resolve it after a GAO report released in 2005 discovered that these agencies lacked an integrated strategy to coordinate training and technical assistance efforts.  The GAO also reported that the two key agencies involved in these efforts, Treasury and State, cannot even agree with each other on their respective roles.  Read full story.
  • 4/20/2007
    House Passes Executive Compensation Reform
    Washington, DC - The U.S House of Representatives today passed H.R. 1257, the “Shareholder Vote on Executive Compensation Act” by a vote of 269 to134, to allow shareholders of public companies to approve or disapprove of a company’s executive compensation plans.  H.R. 1257 will not set any limits on pay, but will ensure that shareholders have a nonbinding and advisory vote on their company’s executive pay practices without micromanaging the company.  The legislation passed by the House today also contains a separate advisory vote if a company gives a new, not yet disclosed, “golden parachute” while simultaneously negotiating to buy or sell a company.  Advisory votes on compensation have been successfully used in the United Kingdom and Australia and voluntarily by companies including Aflac. Read full story.
  • 4/17/2007
    House of Representatives to Consider Allowing Shareholders to Vote on Executive Pay
    Washington, DC - The U.S. House of Representatives will meet this week to consider and vote on H.R. 1257, the Shareholder Vote on Executive Compensation Act.  Also referred to as the “say on pay” bill, it would require that public companies ensure that shareholders have an annual nonbinding advisory vote on their company’s executive compensation plans; and an additional nonbinding advisory vote if the company awards a new golden parachute package while simultaneously negotiating the purchase or sale of the company. H.R. 1257 has the support of many shareholder and workers rights groups, and investors, including the California State Teachers’ Retirement System and the International Corporate Governance Network.  Introduced in March by House Financial Services Committee Chairman Barney Frank, the Shareholder Vote on Executive Compensation Act was acted on the in the Financial Services Committee on March 22, 2007 and passed by a vote of 37-29. Read full story.
  • 3/29/2007
    House Democrats Introduce Comprehensive FHA Reform
    Washington, DC - Representative Maxine Waters, Chairwoman of the Subcommittee on Housing and Community Opportunity, and Barney Frank, Chairman of the Financial Services Committee today introduced the “Expanding Homeownership Act of 2007.”  The bill will revitalize the Federal Housing Administration (FHA), a provider of mortgage insurance to low and moderate income families seeking the American dream of homeownership. Chairwoman Waters called on her colleagues to pass this legislation quickly to return stability to the mortgage lending market. Read full story.
  • 3/29/2007
    Financial Services Committee Passes GSE Reform Bill
    Washington, DC - The House Financial Services Committee today passed H.R. 1427, the Federal Housing Finance Reform Act of 2007.  The bill will overhaul the regulatory oversight of the government sponsored enterprises (GSE) of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and create a new, independent regulator with broad powers analogous to current banking regulators.  In addition, the bill creates an off budget and non-taxpayer financed affordable housing fund, which will dedicate hundreds of millions of dollars for the construction, maintenance and preservation of affordable housing with the first year of the fund to be dedicated to the hurricane stricken areas of the Gulf Coast, and billions of dollars over the next five years for affordable housing nationwide. The bill, as amended, passed on a bipartisan majority of 45 to 19. Read full story.
  • 3/28/2007
    House Financial Services Committee Passes Bill to Give Shareholders a Vote on Executive Pay
    Washington, DC - The House Financial Services Committee today passed legislation to allow shareholders of public companies to vote on a company’s executive compensation plans.  The bill, H.R. 1257, the “Shareholder Vote on Executive Compensation Act” will not set any limits on pay, but will ensure that shareholders have an opportunity to give a non-binding up or down vote on the company’s executive pay practices beginning in 2009.  The vote is advisory in nature, meaning, the board and the CEO of a company can ignore the will of the shareholders if they so choose.  The legislation passed by the committee also contains a separate advisory vote if a company gives a new, not yet disclosed, “golden parachute” while simultaneously negotiating to buy or sell a company.  Advisory votes on compensation have been successfully used in the United Kingdom and Australia.  The bill will now be reported to the full House of Representatives for consideration. Read full story.
  • 3/26/2007
    Reps. Biggert and Frank Introduce Bipartisan Legislation for Flood Insurance Reform and Modernization
    Washington, DC - Today, Reps. Judy Biggert (R-IL) and Barney Frank (D-MA) introduced H.R. 1682, the Flood Insurance Reform and Modernization Act of 2007.  The legislation will reform the National Flood Insurance Program (NFIP) and ensure its continued viability by increasing accountability, eliminating unnecessary Federal subsidies, and updating the flood insurance program to meet the needs of the 21st century.  The bipartisan bill is also sponsored by Reps. Earl Blumenauer (D-OR), Gary Miller (R-CA), Gene Taylor (D-MS), Richard Baker (R-LA), Doris Matsui (D-CA), JoAnn Davis (R-VA), Maxine Waters (D-CA) and Ginny Brown-Waite (R-FL). Read full story.
  • 3/21/2007
    House Passes Gulf Coast Hurricane Housing Recovery Act
    Washington, DC - In a major step to bring relief to the displaced families of Hurricanes Katrina, Rita and Wilma, the House of Representatives today overwhelmingly passed H.R. 1227, the “Gulf Coast Hurricane Housing Recovery Act.”  The bipartisan bill, which passed by a vote of 302 to 125, will provide immediate assistance to the displaced families of the Gulf Coast by increasing flexibility to use funds that were already allocated to the relief effort.  In addition, the bill will also free up rebuilding funds for homeowners, provide tough oversight of state housing assistance plans, and require HUD to reopen public housing and provide voucher assistance for added affordable housing.  Read full story.
  • 3/16/2007
    Statements of Reps. Gillmor and Frank Regarding Wal-Mart ILC Announcement
    Washington, DC - Congressmen Paul Gillmor (R-OH), the Ranking Member of the Financial Institutions Subcommittee and House Financial Services Committee Chairman Barney Frank (D-MA), the sponsors of the Industrial Bank Holding Company Act of 2007, made the following statements on today’s decision by Wal-Mart to, after 20 months, withdraw its application for an Industrial Loan Companies (ILC) charter: Read full story.
  • 3/9/2007
    Bipartisan GSE Reform and Oversight Legislation Introduced
    Washington, DC - Congressman Barney Frank, along with Reps. Richard Baker (R-LA), Mel Watt (D-NC) and Gary Miller (R-CA) today introduced bipartisan legislation to overhaul the regulatory oversight of the government sponsored enterprises (GSE) of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.  The legislation, H.R. 1427, the “Federal Housing Finance Reform Act of 2007” is the product of both bipartisan legislation in the 109th Congress and careful discussions and compromise with the Department of Treasury.  The legislation will create a new, independent regulator with broad powers analogous to current banking regulators.  In addition, the bill creates an off budget and non-taxpayer financed affordable housing fund, which will dedicate hundreds of millions of dollars for the construction, maintenance and preservation of affordable housing with the first year of the fund to be dedicated to the hurricane stricken areas of the Gulf Coast. Read full story.
  • 3/7/2007
    House Financial Services Committee Passes Comprehensive Gulf Coast Hurricane Housing Bill
    Washington, DC - The House Financial Services Committee today passed H.R. 1227, the “Gulf Coast Hurricane Housing Recovery Act of 2007.”  The bill, as amended, passed on a bipartisan vote of 50-16, and will provide comprehensive housing relief for the hurricane impacted areas of the Gulf Coast.  The measure will provide increased flexibility for already allocated funds, provides new oversight of existing programs, preserves public housing and assists evacuees with rental housing, and provides support for landlords and local communities who assisted evacuees with housing.  Read full story.
  • 3/1/2007
    Frank Introduces Legislation to Allow Shareholders to Vote on Executive Pay
    Washington, DC - House Financial Services Committee Chairman Barney Frank, joined by 21 other Members of Congress, today introduced legislation to require public companies to include in their annual proxies a non-binding advisory shareholder vote on their executive pay plans.  The bill, H.R. 1257, the “Shareholder Vote on Executive Compensation Act” will not set any limits on pay, but will ensure that shareholders have an opportunity to give their approval or disapproval on the company’s executive pay practices.  The bill also contains a separate advisory vote if a company gives a new, not yet disclosed, “golden parachute” while simultaneously negotiating to buy or sell a company.  Advisory votes on compensation have been successfully used in the United Kingdom and was recently adopted voluntarily by the company AFLAC. Read full story.
  • 2/28/2007
    House Passes Brownfields Redevelopment Enhancement Act
    Washington, DC - Yesterday, the House overwhelmingly passed H.R. 644, the Brownfields Redevelopment Enhancement Act.  The bill will help to facilitate assistance by the Department of Housing and Urban Development for the cleanup and economic redevelopment of brownfields.  The Brownfields Redevelopment Enhancement Act will become a powerful economic development tool when used in conjunction with other federal economic development resources, such as the Community Development Block Grants (CDBG) and Section 108 Loan Guarantees. Read full story.
  • 2/22/2007
    Statement of Chairman Barney Frank on Today’s Announcement on Hedge Funds
    Washington, DC - "I believe the announcement today by Secretary Paulson on hedge funds is a first step in addressing questions presented by the significant growth of hedge funds.  The Presidential Working Group correctly identified two separate--but related--issues in systemic risk and investor protection.  Steps are being taken to increase investor protection, and I believe the appropriate committees in the House and the Senate should be working with the Presidential Working Group and others for the further study and monitoring of both issues. Read full story.
  • 2/16/2007
    Financial Services Committee Members Letter to Regulators on Nontraditional Mortgage Guidance
    Washington, DC - Financial Services Committee Chairman Barney Frank (D-MA), along with Maxine Waters (D-CA), Chair of the Subcommittee on Housing and Community Opportunity, Carolyn Maloney (D-NY), Chair of the Subcommittee on Financial Institutions and Consumer Credit, Melvin L. Watt (D-NC), and Brad Miller (D-NC), a senior member of the committee, sent a letter to federal and state regulators calling for them to craft guidance on nontraditional mortgages.  Read full story.
  • 1/31/2007
    Reps. Gillmor and Frank Commend FDIC for Prudent Extension of the Moratorium
    Washington, DC - Congressmen Paul Gillmor (R-OH), the Ranking Member of the Financial Institutions Subcommittee and House Financial Services Committee Chairman Barney Frank (D-MA), the sponsors of the Industrial Bank Holding Company Act of 2007, made the following statements on today's decision by the Federal Deposit Insurance Corporation (FDIC) to set a one year moratorium on the chartering or acquisition of commercially-owned Industrial Loan Companies (ILC): Read full story.
  • 1/29/2007
    Gillmor and Frank Re-Introduce Bipartisan Legislation to Curb ILCs
    WASHINGTON, DC- Congressmen Paul Gillmor (R-OH) and Financial Services Committee Chairman Barney Frank (D-MA) today introduced bipartisan legislation to close one of the remaining exceptions in banking law that allow retailers and other commercial firms to engage in banking. The legislation is an outgrowth of Gillmor/Frank amendments which passed the House of Representatives in the 108th and 109th Congresses to prohibit newly formed commercially-owned ILCs from gaining additional powers, including opening branches nationwide. Read full story.
  • 1/25/2007
    House Financial Services Committee to Hold Hearing on CFIUS Reform
    Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), and the likely-Chairman of the Subcommittee on Domestic & International Monetary Policy, Trade and Technology, Rep. Luis V. Gutierrez (D-IL), announced today a full committee hearing to examine the Committee on Foreign Investments in the United States (CFIUS) and H.R. 556, the "National Security Foreign Investment Reform and Strengthened Transparency Act of 2007, sponsored by Rep. Carolyn Maloney (D-NY). Read full story.
  • 1/23/2007
    House Passes "Seasoned Customer Exemption Act"
    Washington, DC - Today, the U.S. House of Representatives overwhelming passed H.R.323, the "Seasoned Customer CTR Exemption Act."  Led by House Financial Services Committee Ranking Member Rep. Spencer Bachus (R-6th, AL) and House Financial Services Committee Chairman Rep. Barney Frank, (D-4th, MA), the bill will help to relieve financial institutions from having to file Currency Transaction Reports (CTRs) for so-called "seasoned customers." Read full story.
  • 1/16/2007
    House Passes Reverse Mortgage Bill
    Washington, DC - Today, the House passed overwhelmingly H.R. 391, a bipartisan measure to temporarily increase caps on the Home Equity Conversion Mortgages (HECM), also known as the "Reverse Mortgage Program." The bill authorizes the Secretary of Housing and Urban Development (HUD) to continue to insure Home Equity Conversion Mortgages so that thousands of America's seniors whom are cash poor but equity rich will continue to be able to benefit from this program. The bi-partisan bill was led by Rep. Jim Matheson (D-UT), and co-sponsored by Reps. Ginny Brown-Waite (R-FL), Geoff Davis (R-KY), Gary Miller (R-CA), Maxine Waters (D-CA) and House Financial Services Committee Chairman Barney Frank (D-MA). Read full story.
  • 1/9/2007
    Financial Services Committee Advisory on Nigerian Scam Purporting Ties to Committee
    Washington, DC- The Financial Services Committee has been made aware of a scam that is falsely using the committee's name and stationary in a pitch to defraud people from inside and outside of the United States of their money. In the pitch, potential victims are told that they are due to receive a large sum of money from an inheritance, but that they must first pay a large fee through lawyers to the Financial Services Committee in order to verify that the funds are not tied to terrorist financing. This is not true. The Financial Services Committee does not require what they are calling a "Clean Bill of Record" for receiving inheritance money-and there is no money to be received since this is a scam to take your money. Read full story.
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