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News Now

Washington
In Congress NFIP action GSE mark ups
WASHINGTON (7/12/11)--The U.S. House and Senate returned to session yesterday and while lawmaker attention will be dominated this week by budget negotiations, there are other matters of credit union interest on the agenda--such as discussion of a possible five-year extension of the National Flood Insurance Program (NFIP). Today the House will consider Rep. Judy Biggert’s (R-Ill.) bill (H.R. 1039) intended to reform and extend the national flood insurance program. Congress must approve an extension or NFIP will expire Sept. 30, under the terms of its latest temporary extension. On the committee level, the highlight of committee activity this week will be the semi-annual monetary policy report to Congress delivered by Chairman Ben Bernanke of the Federal Reserve Board of Governors, which will take place on Wednesday before the House Financial Services Committee and Thursday before the Senate Banking Committee. Also of interest:
* The House Financial Service subcommittee on capital markets and government-sponsored enterprises has scheduled a markup for today on several bills related to Fannie Mae and Freddie Mac. During this mark-up, the subcommittee is expected to consider the following bills: Fannie Mae and Freddie Mac Transparency Act (H.R. 463); The Fannie Mae and Freddie Mac Taxpayer Payback Act (H.R. 2436); The Housing Trust Fund Elimination Act (H.R. 2441); The Market Transparency and Taxpayer Protection Act (H.R. 2440); Cap the GSE Bailout Act (H.R. 2462); Eliminate the GSE Charter During Receivership (H.R. 2439); and The GSE Legal Fee Reduction Act (H.R. 2428); * On Wednesday, the House Financial Services subcommittee on insurance, housing and community opportunity is scheduled to conduct a hearing on “Mortgage Origination: The Impact of Recent Changes on Homeowners and Businesses”; * For Thursday, the House Oversight and Government Reform Committee has scheduled a hearing entitled, “Consumer Financial Protection Efforts: Answers Needed.” Elizabeth Warren, assistant to the president and special adviserr to the Secretary of the Treasury, is the sole witness; * Also for Thursday, the House Financial Services subcommittee on oversight and investigations has scheduled a hearing on “Oversight of the Office of Financial Research and the Financial Stability Oversight Council.”


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