On Wednesday, July 15, the House Financial Services Committee will receive the testimony of Fed Chair Janet Yellen in a full Committee hearing titled "Monetary Policy and the State of the Economy." Chair Yellen will update the Committee on the progress of the economy toward meeting the four benchmarks for the economy as set by the Full Employment and Balanced Growth Act (Humphrey Hawkins) Act of 1978.
Read More »Witnesses at House Committee Hearing Testify of Dodd-Frank’s Adverse Effects
The hearing, titled "Dodd-Frank Five Years Later: Are We More Stable?" was the first in a series of three full Committee hearings to examine the impact Dodd-Frank has had on American consumers and the country's financial system and economy since President Obama signed it in to law in July 2010. The focus of Thursday's hearing was on how the 400 new regulations enacted in the 2,300-page law is a threat to the country's financial stability.
Read More »Lawmakers Debate ‘Too Big to Fail’ and Criteria for ‘Systemically Important’ Tag
Some members of the Subcommittee contended at the hearing that Dodd-Frank is codifying "too big to fail" by continuing to designate firms (both banks and non-banks) as SIFIs, therefore guaranteeing those firms a federal backstop should a financial crisis occur.
Read More »House Subcommittee to Hold Hearing On Banks Designated as ‘Systemically Important’
"Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, there has been much discussion by members of Congress, regulators, and academic experts related to the designation and regulatory standards for bank holding company SIFIs," the Committee wrote in a memorandum about Wednesday's hearing.
Read More »House Committee Schedules Hearings Marking Anniversary of Dodd-Frank
The first hearing, titled "Dodd-Frank Five Years Later: Are We More Stable?" will begin Thursday, July 9, at 10 a.m. Eastern time. The second hearing, titled "Dodd-Frank Five Years Later: Are We More Prosperous?" is scheduled for July 28. The date of the third hearing in the series, titled "Dodd-Frank Five Years Later: Are We More Free?" will be announced later, according to the Committee.
Read More »Key Takeaways From CFPB Whistleblower Hearing in House Subcommittee
Witnesses who testified at the hearing were Robert Cauldwell, President of the National Treasury Employees Union Chapter 335 and CFPB Examiner, and Florine Williams, Senior Equal Employment Specialist of the CFPB's Office of Civil Rights. Cauldwell went as far as to say the word "allegations" should be removed from the title of the hearing, because "discrimination and retaliation against CFPB employees is a fact."
Read More »House Subcommittee to Examine New Allegations of Discrimination and Retaliation at CFPB
The Oversight and Investigations Subcommittee of the House Financial Services Committee will hold a hearing this week as part of a continued investigation of allegations that the Consumer Financial Protection Bureau (CFPB) discriminated against employees and subsequently retaliated against the whistleblowers, according to an announcement on the House Financial Services Committee website.
Read More »Five Takeaways from Treasury Secretary Jack Lew’s Testimony Before Congress
During his testimony this week before the full House Financial Services Committee, U.S. Department of Treasury Secretary Jack Lew stated when asked about GSEs and the conservatorship that the system should be restructured, but the time was not right for the conservatorship to end. Lew was testifying before the House Financial Services Committee on the 2015 Annual Report of the Financial Stability Oversight Council (FSOC).
Read More »HUD Secretary Castro Says There Is Some ‘Agreement’ Between Parties on Housing Reform
Royce then asked Castro about a reduction in FHA market share for large banks, which he said has been recently cut from 61 percent to 33 percent, and that non-bank financial institutions how have 51 percent of the market share compared to 24 percent several years ago.
Read More »HUD Secretary Castro Touts Success of Department’s Programs at Congressional Hearing
During his five-minute allotted period for questioning, Hensarling asked the Secretary for statistical evidence that HUD was achieving its original goal of eliminating poverty. Castro responded with the 33 percent drop in veteran homelessness and HUD's Jobs Plus Initiative, where he said individuals who go through program tend to earn 14 percent more than individuals who do not.
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