This week will be another in which Congress contemplates financial regulatory restructuring in earnest, with hearings in the House Financial Services, Agriculture and Small Business committees. Watch for new developments in Congress’ attitudes toward the Federal Reserve.
The Senate Banking Subcommittee on Housing, Transportation and Community Development will hold a field hearing in Hackensack, N.J. to examine ways to help stop foreclosures. Secretary of Housing and Urban Development Shaun Donovan will testify first, followed by a panel consisting of New Jersey Attorney General Anne Milgram; Marge Della Vecchia, the executive director of the New Jersey Housing and Mortgage Finance Agency; Phyllis Salowe-Kaye, the executive director of New Jersey Citizen Action; Mario Vargas, the executive director of the New Jersey Puerto Rican Action Board and Edward Heaton, a homeowner from Springfield, N.J.
House Agriculture will hold the second of two hearings examining the legislation proposed by the Treasury Department to regulate derivatives markets. The hearing begins at 11am and witnesses have yet to be announced.
The Fed’s Open Markets Committee meeting begins today.
The House Financial Services Committee will hold a 9:30am hearing on regulatory reform at which Treasury Secretary Timothy Geithner is set to testify.
The FOMC meeting will conclude and a statement is expected in the afternoon.
The House Small Business Committee will hold a 1pm hearing on the effects of the Obama administration’s regulatory restructuring proposal on small businesses and community lenders. Witnesses have yet to be announced.
Financial Services will look at regulating systemic risk in a 10am hearing for which witnesses have not yet been announced. Later, at 2:30pm, the Financial Services Subcommittee on Capital Markets will look at recent developments in securitization.
Comptroller of the Currency John Dugan will address the Exchequer Club’s Women in Housing and Finance luncheon.
Financial Services will hold a hearing on oversight of the Fed. Witnesses have yet to be announced.