Hearings eye GSEs, Fed action, BSA oversight
March 4, 2013 – NAFCU is closely watching three hearings slated this week, key among them Wednesday’s House Financial Services subcommittee hearing examining the roles of Fannie Mae and Freddie Mac in the financial crisis.
The hearing is being held by the Subcommittee on Capital Markets and Government-Sponsored Enterprises. The panel is chaired by Rep. Scott Garrett, R-N.J. Housing reform has played a prominent role in several hearings held by the full committee this year and is expected to come up Wednesday.
NAFCU continues to urge lawmakers to pass comprehensive legislation that ensures credit unions can have unconditional and uninterrupted access to the secondary market. In recent years, the House has moved more quickly than the Senate in working on legislation to reform the housing finance system.
Tomorrow, the House Financial Services Subcommittee on Monetary Policy and Trade, chaired by Rep. John Campbell, R-Calif., will address the Federal Reserve’s unconventional monetary policy actions. A key focus will be the Fed’s decision to maintain the federal funds rate target range of 0 to 0.25 percent and the impact on the economy.
On Thursday, the Senate Banking Committee, chaired by Sen. Tim Johnson, D-S.D., will examine patterns of abuse in assessing Bank Secrecy Act compliance and enforcement. Witnesses scheduled to testify include David Cohen, Treasury’s under secretary for terrorism and financial intelligence; Thomas Curry, comptroller, Office of the Comptroller of the Currency; and Jerome Powell, Federal Reserve Board governor.