Alert January 29, 2008

Congressional Leaders Announce Top Financial Services Priorities

Senator Chris Dodd and Representative Barney Frank recently held press conferences to announce their legislative priorities for this year. Sen. Dodd, the Senate Banking Committee Chairman, stated that passing his mortgage lending reform bill is a top priority. He said that some other committee priorities are government-sponsored enterprise reform, credit card billing and marketing practices, flood insurance reform and insurance regulation (creating an optional federal charter).

Rep. Frank, the Chairman of the House Financial Services Committee, stated that tightening rules on mortgage securitizations heads his list of committee issues. Other important issues include foreclosures (creating a government corporation to buy defaulted mortgages and foreclosed properties), credit card practices, expanding the Community Reinvestment Act to other financial services industries and money-laundering reporting reform. Click here for a copy of the Sen. Dodd’s press release.