House Financial Services Committee to Examine Risk Retention, Housing Finance, Capital and Liquidity
This morning, the Committee on Financial Services (“Committee”) of the House of Representatives approved its oversight plan for the 114th Congress. Specifically, the plan details the issues that the Committee plans to explore over the next two years, and includes the following items important to the securitization and structured finance industry:

  • Securitization and Risk Retention: The Committee will monitor the implementation of joint agency risk retention rule-making mandated by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).

  • Capital Standards and Basel III: The Committee will explore bank capital and liquidity, and in so doing, examine the guidelines developed by the Basel Committee on Banking Supervision and how domestic financial regulators are either implementing or planning to implement those guidelines in the United States.

  • Volcker Rule: The Committee will examine financial regulators’ implementation of Section 619 of Dodd-Frank, knowns as the “Volcker Rule,” and its effect on the strength and international competitiveness of U.S. capital markets.

  • Regulatory Burden Reduction: The Committee will review the current regulatory burden on financial institutions, with a goal of reducing unnecessary, duplicative, or overly burdensome regulations.

  • Covered Bonds: The Committee will examine the potential for covered bonds to increase mortgage and broader asset class financing, improve underwriting standards and strengthen U.S. financial institutions.

  • Housing Finance Reform: The Committee will examine proposals to modify or terminate Fannie Mae and Freddie Mac’s statutory charters, harmonize their business operations and wind down any legacy business commitments, including oversight of the Federal Housing Finance Agency. The Committee will further examine the proper role of the Federal Housing Administration in the mortgage finance system.

The Committee will also oversee general implementation of Dodd-Frank, including the proper roles, responsibilities and transparency levels for the Financial Stability Oversight Council, the Office of Financial Research and the Consumer Financial Protection Bureau.
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