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Washington
Reg restructuring debate to begin this week
WASHINGTON (6/23/09)--Congress will begin its final week before the Independence Day district work period by holding a House Financial Services Committee hearing on “Regulatory Restructuring: Enhancing Consumer Financial Products Regulation.” The House will follow up that hearing, which is scheduled for Wednesday, with plenty more hearings on the Obama administration’s plan for financial regulatory restructuring throughout the summer, as House Financial Services Committee chair Rep. Barney Frank (D-Mass.) announced a tentative schedule for discussion of the reform plans late last week. First on the committee’s agenda, following the July 4 district work period, is a July 9 domestic monetary policy subcommittee hearing on the Federal Reserve's role. The committee will also hold a hearing on derivatives on July 10 and will hear general testimony from financial industry experts and academics on July 13. "The debate over this issue is going to consume the House Financial Services Committee this summer," said Ryan Donovan, vice president for legislative affairs at the Credit Union National Association. While the House of Representatives is not expected to consider financial restructuring legislation until September at the earliest, the Financial Services Committee is expected to begin its markup of legislation in late July, according to the schedule. Frank is also expected to reschedule House testimony by U.S. Treasury Secretary Timothy Geithner, which was delayed last week due to conflicts with the voting schedule. In other discussions scheduled for this week, the full House Financial Services Committee will again convene to discuss options for maintaining federal and state-assisted affordable housing. The House Financial Services subcommittee on financial institutions and consumer credit will also hold a hearing on improving financial literacy on Thursday. The House Appropriations Committee subcommittee on financial services has planned a mark-up session for Thursday as well.


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