Committee Likely to Move Economic Recovery, Housing and Auto Legislation This Year

Washington, D.C. – Amid intense competition, the House Democratic Steering Committee has nominated Congressman Gary Peters to serve on the powerful Financial Services Committee of the U.S. House of Representatives.  The full Democratic Caucus is expected to approve the assignment soon.  The Financial Services Committee has jurisdiction over all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. 

In the coming year, the committee is expected to pursue issues of particular importance to Michigan, including major economic recovery measures, bills relating to the viability of U.S. automakers and legislation to stabilize home values and help homeowners facing foreclosure. Financial Services will also conduct critical oversight of the Treasury Department and the Troubled Assets Relief Program and oversee the implementation of the Big Three’s long-term restructuring plans.

“I am honored to have been nominated to serve on the Financial Services Committee,” said Rep. Peters.  “Michigan has an unemployment rate approaching ten percent, the fifth highest foreclosure rate in the country and an auto industry threatened by the global credit crisis and we need action now.  As a member of the Financial Services Committee, I will be a strong voice for Michigan on efforts to revitalize our economy, help struggling homeowners and ensure the viability of our domestic auto industry.  No other committee will afford me a better opportunity to work on key issues to get Michigan’s economy growing again.”

Rep. Peters’ experience makes him uniquely qualified to join the Financial Services Committee.  Peters worked in the financial sector for over twenty years as a Vice President at both Merrill Lynch and UBS/PaineWebber.

“I am very pleased Gary Peters will be joining the Financial Services Committee.  His experience and understanding of the issues will make him a valuable member of the committee as soon as he joins us,” said House Financial Services Committee Chairman Barney Frank.

Last year the Financial Services Committee held hearings with the CEOs of America’s auto companies and developed legislation to provide bridge loans to General Motors and Chrysler.  The committee also created the Emergency Economic Stabilization Act and Troubled Asset Relief Program designed to prevent the collapse of the nation’s financial institutions.

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