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News Now

Washington
Geithner faces Congress after reg plan unveiling
WASHINGTON (6/16/09)--Though the balance of this week's congressional schedule looks to be filled with appropriations-related discussions, Treasury Secretary Timothy Geithner will discuss the Obama administration's official plan for financial regulatory restructuring before the Senate Banking Committee and the House Financial Services Committee in separate hearings scheduled for Thursday. The Credit Union National Association (CUNA) has been meeting with administration and congressional officials on the regulatory plan, which is expected to frame debate on Capitol Hill as it moves forward. Legislators, including House Financial Services Committee Chairman Barney Frank (D-Mass.), have said that the National Credit Union Administration (NCUA) would maintain its independence in spite of the coming regulatory changes. NCUA Chair Michael Fryzel has also said that the NCUA will likely retain its independence under any future financial regulatory legislation. (See related story: Fryzel: NCUA will remain independent.) Other noteworthy hearings include a Tuesday hearing on systemic risk and insurance before the House Subcommittee on capital markets, insurance and government sponsored enterprises and a Thursday joint hearing between the House Financial Services Committee subcommittee on domestic monetary policy and the Ways and Means Subcommittee on select revenue measures on barriers to full minority participation in the new markets tax credit program. Healthcare reform also remains a topic of discussion, ensuring that Congress will stay busy in the lead up to its two-week independence day district work period, which begins on June 29.


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