Tim Johnson Open to Dodd-Frank Changes
Senate Banking Committee Chairman Tim Johnson, D-S.D., unveiled the panel's agenda for the 113th Congress on Tuesday, emphasizing continued oversight of the Dodd-Frank reform law and building a consensus on housing finance matters, among other issues.
The committee will continue to watch over implementation of numerous Dodd-Frank provisions, including work by the Securities and Exchange Commission, the Consumer Financial Protection Bureau and the Financial Stability Oversight Council. It may also look into advancing a legislative fix for the law if an agreement among the parties can be reached, according to a memo released by Johnson.
"The committee will also explore taking appropriate steps to improve the effectiveness of Wall Street Reform should broad bipartisan consensus emerge," the agenda said.
The banking panel will also be busy in the mortgage arena, overseeing work by the Federal Housing Administration, which has projected a potential capital shortfall, and looking into a host of recently released and still anticipated housing regulations, including the qualified mortgage rule, the qualified residential mortgage rule, mortgage servicing standards and others. It may also start to examine long-term housing finance solutions, which could include talk about the future of government-sponsored enterprises Fannie Mae and Freddie Mac.
"The committee will continue to seek bipartisan consensus on a new structure for housing finance," the memo said. "Following up on the discussions that began in the 112th Congress, the committee will also focus on ways to reduce the government footprint in the housing market while ensuring access, affordability, stability and fairness in the mortgage market."
Beyond those key issues, Johnson said the committee will continue work promoting growth in rural parts of the country and on Native American reservations, and address several reauthorizations, including for public transportation and the Export Import Bank. The panel's subcommittees will also cover a host of issues from ongoing oversight of consumer financial products to the enforcement of various banking laws to concerns about cyber security, according to the memo.
"The committee has important work to do in the 113th Congress, and I intend to work across the aisle to build consensus and find solutions to strengthen and sustain our economic recovery," Johnson said in a press release. "This committee has a proud tradition of bipartisanship and I am hopeful that we can continue to build on our successes of the last two years. From protecting consumers and taxpayers from Wall Street abuses, to providing the Federal Housing Administration with additional tools to manage its finances while continuing to serve American families, I believe we can and must find common ground."