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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: House Financial Services Committee

House Financial Services Committee stories: 19 news summaries

Credit Cards Rates Jump Ahead of New Regulations

Companies add fees and cut limits in blind cash grab

Nov 6, 09 1:57 PM CST
(Newser) - If your credit card bill just exploded, it wasn’t an accident. Card issuers have been jacking up rates to historic highs—in excess of 30%—cutting limits, and adding new fees in an effort to squeeze money out of customers before new federal regulations kick in Feb. 22. The... More »

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House Financial Services Committee • Mafia • credit card • Barney Frank • banking industry • Credit Cardholder's Bill of Rights • credit card reform

Frank, Geithner to Roll Out 'Too Big to Fail' Bill

New rules will impose 'living wills' for banks

Oct 26, 09 6:57 AM CDT
(Newser) - After months of negotiations, Congress and the Obama administration are ready to introduce new rules on financial institutions deemed "too big to fail." Barney Frank, who heads the House Financial Services Committee, will present a bill as soon as this week that will let the government seize... More »

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House Financial Services Committee • bank • Treasury Department • Barney Frank • bank regulation • financial crisis • Timothy Geithner • financial reform

Feds Weigh New Bailouts
for Smaller Banks

Congressional Dems on board with plan to help institutions hammered by real estate

Sep 25, 09 6:40 PM CDT
(Newser) - With the residential and commercial real-estate markets continuing to hammer smaller US banks, the Treasury and other federal agencies are trying to diagram help for institutions considered too much of a gamble under original bailout terms. Congressional Democrats are “very, very supportive” of such a move, a source tells... More »

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real estate • House Financial Services Committee • housing bubble • bailout • Jeb Hensarling • financial crisis • small banks

(Newser) - Barney Frank is working on the biggest legislation of his career, and no one seems to care. Frank, the chairman of the House Financial Services Committee, is preparing for markup sessions on a bill to revolutionize America’s financial regulatory structure. “It’s been eclipsed obviously in the public’... More »

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Federal Reserve • House Financial Services Committee • Ron Paul • regulation • Barney Frank • bank regulation

Lawmakers Spent Taxpayer Money on $9.1M in Bonuses

Aides rewarded with surplus cash from lawmakers' expenses

Apr 1, 09 6:33 AM CDT
(Newser) - The lawmakers blustering about corporate bonuses haven't shied away from using government funds to reward their own staffers, a Wall Street Journal look at the records reveals. More than 200 House lawmakers from both parties paid $9.1 million in bonuses to 2,000-plus staff members in 2008—one of... More »

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Congress • House Financial Services Committee • bonuses • congressional aides • politician

Bank Execs
to Congress:
We Are Lending

CEOs defend compensation,
call for new regulation

Feb 11, 09 9:35 AM CST
(Newser) - “We’re lending,” bank executives told Congress this morning, as CEOs including Jamie Dimon, Ken Lewis, and Vikram Pandit testified before the House Financial Services Committee. They also defended the outrage-inducing (but, they stressed, much reduced) bonuses they handed out, according to their prepared testimony. “Our employees... More »

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executive compensation • House Financial Services Committee • testimony • bonuses • Vikram Pandit • banking industry • Jamie Dimon • Ken Lewis

'Humbled' Bank CEOs Will Deny Blowing Bailout

Top bankers face
grilling today from
furious Congress

Feb 11, 09 2:12 AM CST
(Newser) - Bank bosses being grilled by Congress today will defend their use of bailout cash, according to prepared testimony obtained by Reuters. Chief executives from the eight biggest US banks arrive in Washington this morning—by public transportation instead of private jet this time—and are expected to strike a note... More »

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Congress • House Financial Services Committee • Vikram Pandit • Lloyd Blankfein • bailout • banks • Troubled Asset Relief Program • Wall Street bailout • TARP

 Automaker Bankruptcy Would Be 'a Disaster': Frank

Debate rages on auto bailout

Dec 5, 08 11:02 AM CST
(Newser) - The CEOs of the Big Three are back on Capital Hill this morning testifying before the House Financial Services Committee, and Barney Frank at least seems sympathetic. The chairman said bankruptcy “would be a disaster,” given the current credit markets and today’s dire job report, adding that... More »

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Congress • bankruptcy • House Financial Services Committee • Barney Frank • auto industry • bailout • Paul Kanjorski • Gary Ackerman • auto bailout

OPINION


 Barney Frank: 
 At the Center 
 of the Storm 
 

Mass. congressman "vilified," but sticks to his guns

Dec 5, 08 8:00 AM CST
(Newser) - At the center of Washington’s financial crisis, Barney Frank has been called a “left-wing zealot”—but the congressman, while he’s admitted mistakes, has long been canny and courageous in his positions, writes Maureen Tkacik in Boston magazine. Amid much talk of the “moral hazards” in... More »

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Congress • House Financial Services Committee • Barney Frank • financial crisis

House Panel To Investigate Spitzer Probe

Dems wonder if feds' prostitution sting was politically motivated

Nov 25, 08 4:23 PM CST
(Newser) - The House Financial Services Committee is poised to open an inquiry into the investigation that led to Eliot Spitzer’s resignation, the New York Times reports, with Democratic members wondering aloud if the federal probe could have been a politically motivated hit job. The former New York governor was not... More »

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New York • sex scandal • House of Representatives • House Financial Services Committee • Eliot Spitzer • Treasury Department • Barney Frank • inquiry • prostitution ring

Paulson, Bernanke Defend Bailout Before House

Money for Detroit isn't the 'purpose' of the bailout: Paulson

Nov 18, 08 11:00 AM CST
(AP) - Treasury Secretary Henry Paulson told Congress today he opposes tapping a $700 billion taxpayer-funded bailout pool to help struggling US automakers. Paulson and Federal Reserve Chair Ben Bernanke were on Capitol Hill defending their management of the bailout program, just a week after the Bush administration abandoned the original strategy... More »

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Ben Bernanke • Henry Paulson • House Financial Services Committee • credit market • bailout • Troubled Asset Relief Program • financial crisis

Dems Set Their Own Terms for Bailout Plan

Congress wants oversight of treasury, homeowner assistance

Sep 22, 08 6:43 AM CDT
(Newser) - As Hank Paulson did the Sunday talk shows, Democrats in the House and Senate set down their own terms for a plan to rescue the nation's financial institutions—one that would give Congress greater oversight over the treasury. Barney Frank, who chairs the House Financial Services Committee, put forward his... More »

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Congress • Congressional oversight • Henry Paulson • House Financial Services Committee • Treasury Department • Barney Frank • bailout • financial crisis

Pols Pitch Federal Agency
to Take On Bad Debt

Agency would formalize what feds are already doing in money crisis

Sep 17, 08 2:40 AM CDT
(Newser) - The idea of creating a federal agency to dispose of the toxic debt at the heart of the credit crisis is gaining traction in Washington, the New York Times reports. The proposed agency would resemble one set up in 1989 to resolve the savings and loan crisis—but in a... More »

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Federal Reserve • debt • House Financial Services Committee • credit crisis • Barney Frank • FDIC • bailout • financial crisis

Housing Industry Funnels 
Cash to Lawmakers 

Campaign contributions soar compared to 2006

Jul 5, 08 7:16 AM CDT
(Newser) - The housing industry has given more campaign cash to lawmakers and political parties this election cycle than it gave through the entire 2006 cycle, the Wall Street Journal reports, as an emergency housing bill containing favorable provisions for the industry has been working its way through Congress. Cash has flowed... More »

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Congress • House Financial Services Committee • Chris Dodd • Barney Frank • campaign contributions • housing industry • Senate Banking Committee • political donations • housing legislation

 US Must Stop
 Foreclosures,
 Bernanke Warns 

He warns of cascading crisis

May 6, 08 2:35 AM CDT
(Newser) - Federal Reserve Chairman Ben Bernanke yesterday called for government intervention to halt home foreclosures, warning that to do nothing could "destabilize communities, reduce property values of nearby homes, and lower tax revenues." Bernanke said in a speech in New York that a million Americans were already three months... More »

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Ben Bernanke • Federal Reserve • foreclosure • mortgage • House Financial Services Committee • Federal Housing Administration • Columbia Business School • adjustable-rate mortgages

House Panel OKs $15B Plan to Buy Foreclosed Homes

States, cities would get money to purchase and fix up houses

Apr 24, 08 2:39 AM CDT
(Newser) - Lawmakers have backed a $15 billion aid package for municipalities so they can buy and fix up foreclosed homes, the Wall Street Journal reports. A House panel voted 38-26 for the measure, which would be split evenly between loans and grants. States could use the money to get vacated homes... More »

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foreclosure • House Financial Services Committee • Barney Frank • subprime crisis • federal loans • Spencer Bachus

Profile

Frank is Dems' Unlikely Lead Economy Dog

Mass. rep huddles with Paulson, Bernanke on housing measure

Apr 10, 08 11:37 AM CDT
(Newser) - Democratic Rep. Barney Frank has become an unlikely power player in Washington’s “new economic trio” with Ben Bernanke and Henry Paulson, writes David Rogers in Politico. His pet plan—a “humongous housing deal” to steady an ailing market—might be a tough sell to the White House,... More »

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Congress • Ben Bernanke • Henry Paulson • House Financial Services Committee • Barney Frank • housing crisis • economy

Bernanke Signals New Rate Cuts

Says central bank 'will act as needed'
to further minimize economic risks

Feb 27, 08 9:15 AM CST
(Newser) - Federal Reserve Chairman Ben Bernanke today said that the board stands ready to cut interest rates again to give the economy "adequate insurance against downside risks," reports the Wall Street Journal. The move, which follows 2.25% in cuts to the key rate since September, is widely expected... More »

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inflation • Ben Bernanke • housing market • Federal Reserve • energy prices • House Financial Services Committee • testimony • US economy • credit market • Federal Open Market Committee • interest rate cut • labor market

Wal-Mart Drops Out of Bank Biz

Mar 18, 07 10:53 PM CDT
(Newser) -  Wal-Mart has withdrawn its controversial application for a bank charter, ending a potential foray into the retail bank market. The big-box retailer’s plans to set up its own bank had drawn fire from banking and consumer groups, who feared it would stifle competition. The company, for its part,... More »

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retail • Republican • House Financial Services Committee • bank • banking • Wal-Mart

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