On March 15, Treasury Secretary Geithner testified before the Senate Committee on Banking, Housing and Urban Affairs to discuss the Administration’s plan for reforming the housing finance market, which entails: (i) reducing the government’s role in the mortgage market and winding down Fannie Mae and Freddie Mac in a responsible manner; (ii) addressing fundamental flaws in the mortgage market; (iii) improving access to a wider range of affordable housing options; and (iv) setting out ways to structure government support in the housing finance market in the future. Geithner Testimony.
Senate Committee on Banking Housing and Urban Affairs
FDIC Chairman Bair Testifies on Implementation of Dodd-Frank Act
On September 30, FDIC Chairman Bair testified before the Senate Committee on Banking, Housing, and Urban Affairs on the FDIC’s approach to implementing the Dodd-Frank Act. Chairman Bair highlighted the FDIC’s top priorities, including: (i) resolution plan requirements and orderly liquidation authority, (ii) systemic risk oversight, (iii) capital and liquidity requirements, and (iv) consumer protection. Chairman Bair also discussed key implementation issues with respect to reliance on credit rating agencies, and the FDIC’s examination of enforcement authorities. FDIC Release.