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News Now

Washington
House holds hearing on consumer protections
WASHINGTON (6/24/09)--Rep. William Delahunt (D-Mass.) will join a number of academics and industry insiders when he testifies at a House Financial Services Committee hearing on consumer protection today. The hearing, entitled “Regulatory Restructuring: Enhancing Consumer Financial Products Regulation,” will be the first of many upcoming hearings to address the Obama Administration’s financial regulatory restructuring proposal. The hearing is set to begin at 10 a.m. in the Rayburn House Office Building. Delahunt will testify alone during the opening panel discussion, with two grouped discussion panels to follow. The committee will take up further discussion of financial regulatory reform both this week and following the July 4 district work period, with hearings on the Federal Reserve and derivatives among the scheduled topics. The House Financial Services Committee’s subcommittee on financial institutions and consumer credit will discuss the role that financial literacy could play in the proposed Consumer Financial Protection Agency at a Thursday hearing. Topics covered by this discussion will also include how “transparent, consumer friendly products” can be implemented by the new regulatory agency. In statements accompanying a release on the subcommittee's hearing, subcommittee chair Rep. Luis V. Gutierrez (D-Ill.) said that financial literacy is “vital” to consumers, adding that consumers cannot stop worrying about fraudulent or misleading business practices “just because Congress has outlawed some of the most predatory mortgage and credit card practices.” The Financial Services Committee is expected to begin its markup of legislation in late July, which could be presented to the full House of Representatives beginning in September. For the full witness list, use the resource link.
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