This week, Congress is back in session and the financial regulatory committees will be hard at work on a system overhaul. Thrown into the mix is a new set of rules governing private equity investments in failed banks, put out to comment by the Federal Deposit Insurance Corp.
The FDIC will hold a roundtable to discuss its proposal for new rules to govern private equity investments in failed banks. The agency declined to release a list of participants.
The Senate Banking Committee will hold a hearing at 2pm on "the effects of the economic crisis on community banks and credit unions in rural communities." Witnesses include Independent Community Bankers of America representative Jack Hopkins, the CEO of CorTrust Bank, N.A. in Sioux Falls, S.D.; Credit Union National Association representative Frank Michael, the CEO of Allied Credit Union in Stockton, Calif.; American Bankers Association representative Arthur Johnson, the CEO of United Bank of Michigan in Grand Rapids; and Peter Skillern, the executive director of the Community Reinvestment Association of North Carolina.
The House Financial Services Committee will hold a hearing on new legislation, the Tarp for Main Street Act of 2009. No witnesses have been announced. Later, the committee will convene a 2pm hearing on balancing the Federal Reserve´s monetary policy duties with a potential systemic risk regulatory role. The committee has not yet released a witness list.
At 10am, Treasury Secretary Timothy Geithner will testify before a joint hearing held by Financial Services and the House Agriculture Committee on regulating derivatives. The hearing will take place in the Cannon building, room 345.