The U.S. Congress Review June 27, 2009
The Compliance Exchange is
proud to present a weekly feature: The U.S. Congress Review. Every Saturday we
will post news on future hearings on Financial Services, Regulations, Press
Releases, Laws that have been passed and Bills that are being introduced, anything
pertaining to Regulatory Compliance that passes over the desks at the U.S.
Congress. Please make sure to check back every Saturday for the
latest updates.
U.S. CONGRESS
U.S. HOUSE OF REPRESENTATIVES COMMITTEE ON
FINANCIAL SERVICES
06/17/09:
Hearing
The Administration’s Plan for the Restructuring of the
American Financial Regulatory System
*Due to floor votes, the hearing today with Secretary
Geithner is postponed and will be rescheduled at a later date
Witness Proposed Testimony
The
Honorable Timothy F. Geithner,
Secretary, U.S. Department of the Treasury
http://www.house.gov/apps/list/hearing/financialsvcs_dem/testimony_-_treasury.pdf
06/24/09:
Hearing
Regulatory Restructuring: Enhancing Consumer Financial Products
Regulation
Archive of Webcast
http://financialserv.edgeboss.net/wmedia/financialserv/hearing062409.wvx
Witness Testimonies:
The
Honorable William D. Delahunt, Member
of Congress
http://www.house.gov/apps/list/hearing/financialsvcs_dem/delahunt.pdf
Professor
Elizabeth Warren, Leo Gottlieb
Professor of Law, Harvard University
http://www.house.gov/apps/list/hearing/financialsvcs_dem/warren_testimony.pdf
The
Honorable William Francis Galvin,
Secretary of the Commonwealth of Massachusetts
http://www.house.gov/apps/list/hearing/financialsvcs_dem/galvin.pdf
The
Honorable Ellen Seidman, Senior
Fellow, New America Foundation
http://www.house.gov/apps/list/hearing/financialsvcs_dem/seidman.pdf
Mr. Edmund
Mierzwinski, Consumer Program
Director, U.S. Public Interest Research Group
http://www.house.gov/apps/list/hearing/financialsvcs_dem/mierzwinski_-_submitted_with_plunkett.pdf
Mr. Edward
L. Yingling, President and Chief
Executive Officer, American Bankers Association
http://www.house.gov/apps/list/hearing/financialsvcs_dem/yingling.pdf
Mr. Alex
Pollock, Resident Fellow, American
Enterprise Institute
http://www.house.gov/apps/list/hearing/financialsvcs_dem/pollock.pdf
Mr. Travis
Plunkett, Legislative Director,
Consumer Federation of America
http://www.house.gov/apps/list/hearing/financialsvcs_dem/plunkett_-_submitted_with__mierzwinski.pdf
Ms. Kathleen
E. Keest, Senior Policy Counsel,
Center for Responsible Lending
http://www.house.gov/apps/list/hearing/financialsvcs_dem/keest.pdf
The
Honorable Ralph Tyler, Commissioner,
Maryland Insurance Administration on behalf of the National Association of
Insurance Commissioners
http://www.house.gov/apps/list/hearing/financialsvcs_dem/tyler_-_naic.pdf
Mr. Gary E.
Hughes, Executive Vice President and
General Counsel, American Council of Life Insurers
http://www.house.gov/apps/list/hearing/financialsvcs_dem/hughes_-_acli.pdf
Ms.
Catherine J. Weatherford, President
and Chief Executive Officer, NAVA, the Association for Insured Retirement
Solutions
http://www.house.gov/apps/list/hearing/financialsvcs_dem/weatherford.pdf
Mr. Cliff F.
Wilson, Southeast Arizona Insurance
Services on behalf of the National Association of Insurance and Financial
Advisors
http://www.house.gov/apps/list/hearing/financialsvcs_dem/wilson_-_naifa.pdf
U.S. HOUSE OF REPRESENTATIVES COMMITTEE ON
EDUCATION AND THE WORKFORCE
06/19/09:
Press Release
House Democrats Unveil Discussion Draft for Providing
Quality, Affordable Health Care for All Americans
http://edlabor.house.gov/newsroom/2009/06/house-democrats-unveil-discuss.shtml
Complete Summary of the
Discussion Draft
http://edlabor.house.gov/documents/111/pdf/publications/DraftHealthCareReform-BillSummary.pdf
Detailed Fact Sheets
http://edlabor.house.gov/blog/2009/06/health-care-reform-house-dems.shtml
06/24/09:
Press Release
Committee to Vote on Bill to Disclose Hidden 401(k)
Fees
http://edlabor.house.gov/blog/2009/06/committee-to-vote-on-bill-to-d.shtml
06/23/09:
Hearing
The Tri-Committee Draft Proposal for Health Care
Reform
Archived Webcast
http://edwork.edgeboss.net/wmedia/edwork/fc/fc062309.wvx
Rep. George Miller (CA) Opening Statement
http://edlabor.house.gov/documents/111/pdf/statements/20090623GMHearingStatement.pdf
Witness Testimonies:
Dr. Christina Romer, Chair, Council of Economic Advisers, Washington,
DC
http://edlabor.house.gov/documents/111/pdf/testimony/20090623ChristinaRomerTestimony.pdf
PowerPoint Slides
http://edlabor.house.gov/documents/111/pdf/testimony/20090623ChristinaRomerTestimonySlides.pdf
Ron Pollack, Founding Executive Director, FamiliesUSA, Washington,
DC
http://edlabor.house.gov/documents/111/pdf/testimony/20090623RonPollackTestimony.pdf
Gerald Shea, Assistant to the President, AFL-CIO, Washington,
DC
http://edlabor.house.gov/documents/111/pdf/testimony/20090623GeraldSheaTestimony.pdf
Paul J. Speranza, Jr., Sr. Vice President,
General Counsel and Secretary,
Wegmans Food Markets, Inc., Rochester,
NY
http://edlabor.house.gov/documents/111/pdf/testimony/20090623PaulSperanzaTestimony.pdf
Dr. Jacob Hacker, Professor and Co-Director of the Berkeley
Center on Health, Economic, and Family Security, University of California
Berkeley, Berkeley, CA
http://edlabor.house.gov/documents/111/pdf/testimony/20090623JacobHackerTestimony.pdf
Michael J. Stapley, President and Chief Executive Officer, Deseret
Mutual, Salt Lake City, UT
http://edlabor.house.gov/documents/111/pdf/testimony/20090623MichaelStapleyTestimony.pdf
John Arensmeyer, Chief Executive Officer, Small Business Majority,
Sausalito, CA
http://edlabor.house.gov/documents/111/pdf/testimony/20090623JohnArensmeyerTestimony.pdf
Fran Visco, President, National Breast Cancer Coalition, Washington,
DC
http://edlabor.house.gov/documents/111/pdf/testimony/20090623FranViscoTestimony.pdf
Karen Pollitz, Research Professor and Project Director of the
Health Policy Institute, Georgetown University, Washington, DC
http://edlabor.house.gov/documents/111/pdf/testimony/20090623KarenPollitzTestimony.pdf
Celia Wcislo, Assistant Division Director, SEIU, Boston, MA
http://edlabor.house.gov/documents/111/pdf/testimony/20090623CeliaWcisloTestimony.pdf
James A. Klein, President, American Benefits Council, Washington,
DC
http://edlabor.house.gov/documents/111/pdf/testimony/20090623JamesKleinTestimony.pdf
William Vaughan, Senior Health Policy Analyst, Consumers Union, Washington,
DC
http://edlabor.house.gov/documents/111/pdf/testimony/20090623WilliamVaughanTestimony.pdf
Robert E. Moffit, Ph.D., Director, Center for
Health Policy Studies, The Heritage Foundation, Washington, DC
http://edlabor.house.gov/documents/111/pdf/testimony/20090623RobertMoffitTestimony.pdf
ReShonda Young, Small Business Owner, Alpha Express, Inc. on
behalf of the Main Street Alliance, Waterloo, IA
http://edlabor.house.gov/documents/111/pdf/testimony/20090623ReShondaYoungTestimony.pdf
Dr. Fitzhugh Mullan, Murdock Head Professor of Medicine and
Health Policy, George Washington University, Washington, DC
http://edlabor.house.gov/documents/111/pdf/testimony/20090623FitzhughMullanTestimony.pdf
Related News
Articles
PlanSponsor News
06/23/09: ERIC:
Health Reform Proposals Could Harm Employer-Sponsored System
http://www.plansponsor.com/pi_type11/?RECORD_ID=46744
U.S. SENATE COMMITTEE ON BANKING, HOUSING
AND URBAN AFFAIRS
Future Hearing
06/22/09 – Over-the-Counter Derivatives:
Modernizing Oversight to Increase Transparency and Reduce Risks
06/18/09:
Press Release
Dodd
Slams Financial Industry For Opposing Consumer Protections
06/18/09: Hearing
The Administration’s Proposal to Modernize the Financial Regulatory
System
Archive of Webcast
Majority Statements
Tim Johnson
Minority Statements
Mike Crapo
Witness Testimony
Honorable Timothy Geithner, Secretary, United States
Department of the Treasury
06/22/09:
Hearing
Over-the-Counter Derivatives: Modernizing Oversight to Increase
Transparency and Reduce Risks
Archive of Webcast
Witness Testimonies:
Honorable
Mary Schapiro, Chairman, U.S.
Securities and Exchange Commission
Honorable
Gary Gensler, Chairman, U.S.
Commodity Futures Trading Commission
Ms.
A. Patricia White, Associate
Director of the Division of Research and Statistics, Board of Governors of the
Federal Reserve System
Dr.
Henry Hu, Allan Shivers
Chair in the Law of Banking and Finance, University of Texas School of Law
Mr.
Kenneth C. Griffin, Founder,
President, and Chief Executive Officer,
Citadel Investment Group, L.L.C.
Mr.
Robert G. Pickel, Executive
Director and Chief Executive Officer, International Swaps and Derivatives
Association, Inc.
Mr.
Christopher Whalen, Managing
Director, Institutional Risk Analytics
U.S. SENATE COMMITTEE ON FINANCE
06/18/09:
Press Release
Grassley Works To Empower Special Inspector General
For TARP To Conduct
http://finance.senate.gov/press/Gpress/2009/prg061809a.pdf
Senator Grassley’s letter to Treasury
Secretary Geithner
http://finance.senate.gov/press/Gpress/2009/prg061809b.pdf
CONGRESSIONAL BILLS
BILL INTRODUCTIONS
06/16/09:
Bill Introduction
H.R. 2896: Equal Treatment of Covered Bonds Act of
2009
A bill introduced by Rep.
Scott Garrett [R-NJ] t amend the Federal Deposit Insurance Act to provide the
same treatment for covered bonds as for other qualified financial contracts to
which a depository institution is a party when such institution is in
receivership or conservatorship, and for other purposes.
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h2896ih.txt.pdf
06/16/09:
Bill Introduction
S. 1276: Private Fund Transparency Act of 2009
A bill introduced by Sen.
John Reed [D-RI] to require investment advisers to private funds, including
hedge funds, private equity funds, venture capital funds, and others to
register with the Securities and Exchange Commission, and for other purposes.
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s1276is.txt.pdf
06/16/09:
Bill Introduction
H.R. 2897: Bank
Accountability and Risk Assessment Act of 2009
A bill introduced by Rep.
Luis Gutiérrez [D-IL] t amend the Federal Deposit Insurance Act to return a
sense of fairness and accountability to the deposit insurance premium
assessment process, and for other purposes.
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h2897ih.txt.pdf
06/16/09:
Bill Introduction
H.R. 2907: No
Specific Bill Title Provided – Amendment Emergency Economic Stabilization Act
of 2008
A bill introduced by Rep.
Todd Tiahrt [R-KS] t To amend the Emergency Economic Stabilization Act of 2008
to ensure that recipients of assistance under the Troubled Asset Relief Program
repay such assistance only if they would remain well capitalized after such
repayment.
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h2907ih.txt.pdf
06/15/09:
Bill Introduction
H.R. 2869: Energy
Market Manipulation Prevention Act
A bill introduced by Rep.
Peter DeFazio [D-OR] to require the Commodity Futures Trading Commission to
take certain actions to prevent the manipulation of energy markets, and for
other purposes.
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h2869ih.txt.pdf
06/15/09:
Bill Introduction
H.R. 2873: Enhanced
S.E.C. Enforcement Authority Act
A bill introduced by Rep.
John Campbell [R-CA] to provide enhanced enforcement authority to the
Securities and Exchange Commission.
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h2873ih.txt.pdf
06/23/09:
Bill Introduction
H.R. 2989: 401(k) Fair Disclosure and Pension
Security Act of 2009
A bill introduced by Rep.
George Miller [D-CA] to amend the Employee Retirement Income Security Act of
1974 to provide special reporting and disclosure rules for individual account
plans and to provide a minimum investment option requirement for such plans, to
amend such Act to provide for independent investment advice for participants
and beneficiaries under individual account plans, and to amend such Act and the
Internal Revenue Code of 1986 to provide transitional relief under certain
pension funding rules added by the Pension Protection Act of 2006.
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h2989ih.txt.pdf
06/18/09:
Bill Introduction
S. 1297: Retirement Security for Life Act of 2009
A bill introduced by Sen.
Kent Conrad [D-ND] to amend the Internal Revenue Code of 1986 to encourage
guaranteed lifetime income payments from annuities and similar payments of life
insurance proceeds at dates later than death by excluding from income a portion
of such payments.
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s1297is.txt.pdf
06/17/09:
Bill Introduction
S. 1280: TARP Recipient Ownership Trust Act of 2009
A bill introduced by Sen.
Bob Corker [R-TN] to authorize the Secretary of the Treasury to delegate
management authority over troubled assets purchased under the Troubled Asset
Relief Program, to require the establishment of a trust to manage assets of
certain designated TARP recipients, and for other purposes.
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s1280is.txt.pdf
(NOTE:
Bills are generally available from the Government Printing Office on the
internet a couple of days after they are introduced on the floor of the House
or Senate. Delays can occur when there are a large number of bills to prepare
or when a very large bill has to be printed.)
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