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April 25, 2014

Banking Committee to Consider Fed Nominees, GSE Bill Next Week

“WASHINGTON — The Senate Banking Committee is scheduled to vote Tuesday on a stack of pending nominees to the Federal Reserve Board and other agency positions, before it proceeds with a highly anticipated vote on a bill to overhaul the housing finance system.”

“The banking panel will consider the nominations of Lael Brainard and Stanley Fischer to join the Fed. Fischer has also been named to take Janet Yellen’s seat as vice chairman of the Board, now that she serves as chairman. The committee will also vote on the renomination of Jerome Powell, a sitting Fed governor.”

“In addition, the lawmakers will vote on the nominations of Nani Coloretti to serve as deputy secretary at the Department of Housing and Urban Development, Gustavo Velasquez Aguilar to be an assistant secretary at HUD and J. Mark McWatters to join the National Credit Union Administration Board.”

“Immediately following the confirmation votes, the committee will proceed with its planned markup of a mortgage finance reform bill drafted by Sens. Tim Johnson, D-S.D., chairman of the panel, and Mike Crapo, R-Idaho, the ranking member. The announcement follows speculation in recent weeks that committee leaders were considering a delay in the hopes of winning more votes for the legislation.”

“The bill, which remains hotly debated, would unwind Fannie Mae and Freddie Mac and establish a new secondary mortgage market backed by a government guarantee in the event of catastrophic losses.”

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Read full American Banker article here.

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