Click on the link below to read the June 22, 2012 Williams & Jensen “Washington Update” of Congressional and regulatory activities. Both chambers recess on Friday for a Fourth of July holiday. Discussed in this issue: 1-page summary of the House Financial Services Committee’s Subcommittee on Capital Markets and Government Sponsored Enterprises hearing entitled: “Market Structure: Ensuring Orderly, Efficient, Innovative and Competitive Markets for Issuers and Investors,” 1-page summary of the Senate Banking Committee hearing entitled: “Perspectives on Money Market Mutual Fund Reforms,” which “focused on the impacts of the 2010 reforms on money market funds, whether additional reforms are needed, whether a floating net asset value (NAV) or increased capital buffers are needed, the impacts of additional reforms on municipalities, and whether the need for sponsor support shows a weakness in the money market fund structure.” Also discussed, summary of the Senate Banking Committee’s Subcommittee on Securities Insurance and Investment hearing to examine the IPO process, a summary of the House Financial Services Committee’s hearing “Examining Bank Supervision and Risk Management in Light of JPMorgan Chase’s Trading Loss,” a summary of the House Financial Services Committee’s Subcommittee on Insurance, Housing and Community Opportunity hearing on Mortgage Disclosures, House passage of energy legislation, including “a series of energy bills approved by the House Energy and Commerce Committee and the House Natural Resources Committee,” U.S. Middle East foreign policy recommendations, and more…
Upcoming hearings: June 27 the Consumer Financial Protection Bureau will hold a field hearing in Tampa, Florida on reverse mortgages. June 28 “The Senate Finance Committee and the House Ways and Means Committee will hold a joint hearing titled “Tax Reform and the Tax Treatment of Capital Gains” to review the tax treatment of capital gains in the context of comprehensive tax reform,” the House Financial Services Committee’s Insurance and Housing Community Opportunity Subcommittee will hold a hearing entitled: “Appraisal Oversight: The Regulatory Impact on Consumers and Businesses” to examine “the appraisal industry and regulations impacting the single-family mortgage market,” The House Financial Services Committee’s Domestic Monetary Policy and Technology Subcommittee will hold a hearing entitled: “Fractional Reserve Banking and the Federal Reserve: The Economic Consequences of High-Powered Money” regarding “fractional reserve banking and its impact on monetary policy,” House Judiciary Committee’s Subcommittee on Crime, Terrorism, and Homeland Security will hold a hearing entitled: “Identity Theft and Income Tax Preparation Fraud.” June 29 the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee will hold a hearing to “examine whether existing payment, consumer protection and anti-money laundering laws provide appropriate and seamless coverage when using mobile payments.” Coming up next month July 11, the House Agriculture Committee “announced a business meeting regarding the 2012 Farm Bill.”
WJ Washington Update 06-22-2012
Security Traders Association has partnered with independent government affairs law firm Williams & Jensen since 1998. A more comprehensive history of WJ Washington updates can be found on the Security Traders Association website.
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