More on Financial Institutions
Rep. Maloney announces bill to help small businesses recover from disasters
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), a senior member of the House Financial Services Committee, announced at a Financial Institutions and Consumer Credit Subcommittee hearing today she plans to introduce a bill that would exempt loans from the credit union member business lending cap that are made after federally-declared natural disasters, injecting much-needed funds into local communities when they need it most.
Reps. Maloney, Waters and 44 others introduce bill to regulate so-called Overdraft “Protection” plans
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, along with Rep. Maxine Waters and 44 other cosponsors, today announced the introduction of the “Overdraft Protection Act”, H.R. 1261, at an event outside the House chambers. The bill would require a bank or other financial institution to obtain a consumer’s affirmative opt-in to any overdraft protection plan and also require clear disclosure of coverage and “reasonable and proportional” fees, would ban the manipulation of transaction posting order in a way that maximizes fees paid to the institution, and would cap the number of fees that can be assessed to a maximum of one per month and six per year.
Reps. Maloney, Slaughter, Bachus, and Frank call on CFPB to study impact of Credit CARD Act’s “ability to pay” rules
WASHINGTON – Reps. Carolyn Maloney (D-NY), Louise Slaughter (D-NY), Spencer Bachus (R-AL) and Barney Frank (D-MA) today asked Raj Date, the acting head of the Consumer Financial Protection Bureau (CFPB), to study and report back on the impact of so-called ‘ability to pay’ rules implemented by the Federal Reserve before the CFPB took over implementation of the Credit CARD Act.
Maloney Applauds Senate Passage of Landmark Financial Reform Bill
WASHINGTON, D.C. – Rep. Carolyn Maloney (D-NY) issued the following statement applauding Senate passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act:
Maloney Statement on Senate Passage of Financial Stability Bill
WASHINGTON, DC – House Financial Services senior member and Joint Economic Committee Chair Rep. Carolyn Maloney (D-NY) issued the following statement on the passage of the Financial Stability Bill in the Senate:
Frank, Maloney Statement on Goldman Sachs Warrant Buyback
Washington, DC — Today, Financial Services Committee Chairman Barney Frank and Joint Economic Committee Chairwoman Carolyn Maloney (D-NY) issued the following statement in response to the announcement that Goldman Sachs paid full price – a total of $1.1 billion – to buy back warrants the government received as part of the Troubled Asset Relief Program (TARP).
Maloney Applauds Passage of AIG Tax Bill
Washington, D.C. – Congresswoman Carolyn B. Maloney (D-NY) today applauded the House passage of H.R. 1586, which would impose a 90% federal tax on bonuses paid by AIG and other companies that received more than $5 billion in funding from the federal government’s Troubled Assets Relief Program. The bill, which passed the House by a vote of 328-93, would apply to bonuses paid after December 31, 2008 to those with more than $250,000 in adjusted gross income.
AIG REVEALS COUNTERPARTIES AFTER CHAIR MALONEY URGES FED TO RELEASE INFORMATION
Washington, D.C. - Today Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), released the following statement reacting to the release of AIG counterparty information. AIG’s filing comes after Congresswoman Maloney repeatedly urged the Federal Reserve to release the identities and amounts: “I’ve been asking for this information for months. This is a good first step, but I’m concerned by how long it took. Not knowing was not acceptable. Transparency about the counterparties is essential to having an informed debate and developing solutions to our current economic crisis, as well as to Congress’ ability to oversee the use of taxpayers’ money. This also demonstrates the necessity of H.R. 1242, the TARP
Reps. Maloney and King Introduce TARP Accountability and Disclosure Act
WASHINGTON, DC—Reps. Carolyn Maloney (D-NY) and Peter King (R-NY) are introducing the “TARP Accountability and Disclosure Act” (H.R. 1242) to increase oversight and ensure transparency in the spending of the $700 billion in the Troubled Asset Relief Program (TARP) approved by Congress last fall. “I am tired of reading report after report about the questionable spending by financial intuitions, who have been the recipients of taxpayer dollars, and not having a way to fully track how it is spent,” Rep. Maloney said. “We must use the technological tools that are available in this day and age that will provide a complete picture of how TARP funds are being used in near real time. Such a system would be the most efficient mechanism for oversight, audits and investigations. Currently, reported TARP data are buried in filings with over 25 different Federal agencies, including the Security and Exchanges Commission, the Federal Reserve, FDIC, and the Commodities Futures Trading Commission. What’s more, the data are encased within incompatible systems and formats.”
Rep. Maloney Asks Greenspan Why He Opposed Regulation of Derivatives as Former Fed Chair Admits Error
Normal 0 false false false MicrosoftInternetExplorer4 In today’s hearing held by the House Oversight and Government Reform Committee, Rep. Carolyn Maloney asked former Federal Reserve Chairman Alan Greenspan about his longstanding opposition to the regulation of derivatives, and Greenspan conceded that at least one type of controversial derivatives -- credit default swaps -- should be regulated.
