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Garrett to Wall Street: No More Bailouts on My Watch
Nov 10, 2010
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The Capital Markets Subcommittee was put on the map by Representative Paul Kanjorski (D-PA), the present chairman of the subcommittee who penned the "Too Big To Fail" legislation otherwise known as the "Kanjorski Amendment."
Kanjorski lost his re-election bid and now with the Republicans taking c...
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Reprieve for Wall Street Is Expected to Be Limited
Nov 4, 2010
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Republican gains in Congress will likely give Wall Street only a limited reprieve from the sweeping financial overhaul signed into law in July, while exposing banks and securities firms to heightened risk of hostile rhetoric from tea-party lawmakers.
Analysts, industry groups and other experts sa...
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GOP Pledges Major Changes to Dodd-Frank, Fannie and Freddie, CFPB
Nov 4, 2010
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Two different interpretations of this week's historic midterm elections emerged on Wednesday, with both sides competing to say how the vote would impact the financial services world.
On the one hand, House Republicans, who retook the chamber after four years, saw their victory as a mandate to ove...
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An Effort to Adapt a European-Style Tool to U.S. Mortgages
Nov 2, 2010
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Covered bonds, a financing tool that has been popular in Europe since the 18th century, are winning converts here as a new way to finance residential and commercial mortgages.
A covered bond is a securitized debt instrument backed by a pool of high-quality assets, usually mortgages. But unlike th...
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GSE Reform Centerpiece of N.J. Republican Garrett's Housing Agenda
Oct 19, 2010
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If Rep. Scott Garrett has his way next year, covered bonds will become a viable way to provide an array of credit, the conservatorship of the government-sponsored enterprises will be unraveled and the new consumer protection bureau will be repealed.
But the New Jersey Republican, the top GOP lawmak...
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House Republicans Wary of Fed Asset Purchase Plan, Garrett Says
Oct 7, 2010
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New Jersey Representative Scott Garrett said House Republicans are concerned that another round of large-scale bond purchases by the Federal Reserve could fan an asset bubble or validate more deficit spending by Congress.
“I have concerns,” said Garrett, a Republican member of the House Financial...
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Local Lawmakers Praise New U.S. Sanctions on Iran
Oct 6, 2010
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A subsidiary of Iran’s Swiss-based national oil company is the latest firm to be sanctioned under new U.S. measures, in a move welcomed by local lawmakers.
On Sept. 30, the United States sanctioned Naftiran Intertrade Company under the Iran Sanctions Act passed by Congress earlier in the year.
Com...
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Lawmakers, Experts Push for Alternative to Fannie and Freddie
Oct 4, 2010
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More than two years after the government took control of Fannie Mae and Freddie Mac, lawmakers from both parties continue to talk about replacing or at least revamping the fallen mortgage giants. But practical alternatives remain in short supply, and a grand plan for Fannie and Freddie — along with ...
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Fate Of Fannie, Freddie Could Test Limits Of GOP Pledge
Sep 29, 2010
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Beneath the bold promises of the GOP's Pledge to America rests the tough task of implementing policy. And on that front, a battle over housing policy offers a glimpse of how difficult it may be for House Republicans to carry forward their goal of smaller government in the next Congress.
House Rep...
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US Lawmakers Criticize Method Of Paying Madoff Victims
Sep 23, 2010
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A senior U.S. lawmaker criticized the method being used to pay claims to victims of the Madoff and Stanford Ponzi schemes as unfair and vowed to pursue changes at the Securities Investor Protection Corp.
Rep. Paul Kanjorski (D., Pa.) said the SIPC has damaged investor trust by denying claims of vi...
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