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News Now

Washington
Senate considers Bernankes post before resuming regulatory debate
WASHINGTON (12/1/09)--Regulatory reforms will take a back seat this week as the Senate Banking Committee on Thursday will hold a confirmation hearing on the nomination of Ben Bernanke to continue as Chairman of the Federal Reserve Board of Governors. Bernanke’s nomination comes at a crucial time for the Fed, as the oversight body is facing potential role changes and power reductions through possible House and Senate regulatory reform legislation. Action on the hill will include discussion of several items under suspension, and the House Financial Services Committee will resume its mark-up of H.R. 3996, the Financial Stability Improvements Act, and H.R. 2609, the Federal Insurance Office Act, on Wednesday. The House Committee will also hold hearings on H.R. 2266, the Reasonable Prudence in Regulation Act, and H.R. 2267, the Internet Gambling Regulation, Consumer Protection and Enforcement Act, on Thursday of this week. The House Financial Services Committee Michigan Credit Union League President/CEO Dave Adams on Monday testified before a House Financial Services Committee Subcommittee on Oversight and Investigation field hearing on improving responsible lending to small businesses. Legislators on the House side are expected to resume regulatory restructuring discussions including H.R. 3126, the Consumer Financial Protection Agency Act, next week. Credit Union National Association Vice President of Legislative Affairs Ryan Donovan said that while it “is not clear” when the Senate Banking Committee will resume its consideration of regulatory restructuring legislation, it may not be before Dec. 14.


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