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September 16, 2009 - Chairman of the House Financial Services Committee Barney Frank (D-Mass.) announced a tentative schedule of hearings to debate regulatory reform measures beginning next week and spreading into October.
Prior to the August adjournment, Chairman Frank remarked that he would move regulatory reform legislation through his Committee this fall. The Chairman is focused on five main elements of regulatory reform: limits on securitization and leveraging, setting resolution authority, containing derivatives, protecting consumers and addressing executive compensation. President Obama also stated in a September 14 speech that he wants Congress to prioritize financial reforms and asked Wall Street “to get behind regulatory reform.”
Further Frank has remarked that H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act of 2009, the legislation to establish a separate consumer protection agency has the support to pass the House as a part of the Committee’s regulatory reform initiatives. NASCUS is working with the House Financial Services Committee to preserve state authority and to minimize regulatory burden in H.R. 3126.
Following is the tentative schedule of hearings:
September
Wednesday 9/23 at 9:30 a.m.: Secretary Geithner
Thursday 9/24 at 10 a.m.: Expert’s Perspectives on Systemic Risk and Resolution Issues
Friday 9/25 at 9 a.m.: Oversight and Audit Issues at the Federal Reserve System
Wednesday 9/30 at 10 a.m.: Consumer Financial Protection Agency
Wednesday 9/30 at 2 p.m.: Credit Rating Agencies (Capital Markets Subcommittee Hearing)
October
Thursday 10/1 at 10 a.m.: Financial regulators
Friday 10/2 at 10 a.m.: Capital Market Issues
Tuesday 10/6 at 10 a.m.: Capital Market Issues
Wednesday 10/7 at 10 a.m.: Derivatives
Thursday 10/8 at 10 a.m.: Systemic/Prudential Banking Reform Issues
Friday 10/9 at 10 a.m.: Systemic/Prudential Banking Reform Issues
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