The Charlotte Observer - Charlotte-area Lawmakers Added to Banking Panel
Charlotte-area lawmakers added to banking panel
Reps. Mulvaney, Pittenger, join McHenry, Watt on key congressional committee
By Jim Morrill
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Posted: Tuesday, Dec. 04, 2012
Two more Charlotte-area lawmakers were named to the House Financial Services committee Monday, giving the nation's second-largest banking center at least four members of the panel that oversees the industry as well as a broad swath of the economy.
U.S. Rep.-elect Robert Pittenger of Charlotte and Rep. Mick Mulvaney of Indian Land, S.C., both Republicans, were appointed to the committee by House Speaker John Boehner of Ohio.
Democratic U.S. Rep. Mel Watt of Charlotte and Patrick McHenry of Cherryville are currently on the 61-member panel, along with Republican Walter Jones of Pitt County.
"I have counted up over 2,700 businesses that come under the umbrella of financial services (in the area)," Pittenger said Monday. "There's no question of the relevance and importance of this committee to our region."
In the new session of Congress that starts next month, the committee is expected to deal with a number of financial issues including those surrounding troubled mortgage giants Fannie Mae and Freddie Mac, as well as the Federal Housing Administration.
On the panel's web site, committee Chairman Spencer Bachus, R-Ala., promises to also examine the risk of future government bailouts he says were created by the 2010 Dodd-Frank Act, which overhauled regulation of the financial industry.
Before the election, many Republicans called for repealing the act.
"We'd love to take a look at Dodd-Frank but given the outcome of the election, the prospect of any wholesale changes to that is probably a pipedream," Mulvaney said Monday.
Mulvaney, a lawyer, has experience with the financial industry. Practicing in Charlotte more than a decade ago, he represented Bank of America's real estate lending services.
Pittenger, a real estate investor, served on the board of Charlotte's Park Meridian Bank before it was sold in 2001 to Regions Financial Corp.
"While it is unusual for a freshman Representative to be appointed to such an important committee, I feel Robert Pittenger's experience as a small businessman and common-sense approach will be an asset as we seek solutions to promote job growth and strengthen our economy," Boehner said in a statement.
Morrill: 704-358-5059
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