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Washington
Senate House prep next step of reg restructuring debate
WASHINGTON (5/25/10)--With the Senate last week approving its version of financial regulatory reform, that legislation is now awaiting conference action between members of the House and the Senate. The Senate had not determined its conferees at press time, but the Credit Union National Association expects that list to include Senate Banking Committee Chairman Chris Dodd (D-Conn.), ranking committee member Richard Shelby (R-Ala.), Blanche Lincoln (D-Ark.), and Saxby Chambliss (R-Ga.). The House may not determine its own conferees this week, opting instead to appoint them following the upcoming memorial day break. House Financial Services Committee Chairman Barney Frank (D-Mass.), ranking committee member Spencer Bachus (R-Ala.) will likely be among the House conferees. The conference session could take as little as two days. In a related event, late Monday the Senate passed a motion 60-30 to instruct its eventual conferees to accept the House language exempting auto dealers from the reg restructuring bill. For this week, the most meaningful issues, for the finance industry at least, will arise before the House Financial Services Committee. On Tuesday, the panel will conduct a hearing on the Obama administration's plans to preserve and transform public and assisted housing. Housing will also be a central aspect of a Wednesday House Financial Serivices subcommittee on capital markets hearing on Federal Housing Finance Agency oversight. This hearing will be one of many on the housing financing system, and Rep. Paul Kanjorski (D-Pa.), who will chair the hearing, said Monday that Congress "must work as quickly as possible to reform our housing finance system in a way that will limit taxpayer risk and establish a more stable, long-term funding source. "Future hearings will explore important issues like the role and regulation of mortgage insurance, the housing finance systems of other countries, and the structure and function of guarantee fees,” Kanjorski added. A House finance committee subcommittee on oversight and investigation will also discuss the impact that efforts to block terrorist financing have had on lawful charities on Wednesday.


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