Democratic congressional leaders have created a new financial services appropriations subcommittee and dismantled the cumbersome "TTHUD" panel, formally known as the Transportation, Treasury, the Judiciary, and Housing and Urban Development subcommittee, to streamline the annual budget process.The financial services subcommittee will approve the budgets for the Treasury Department, the judicial system, the Federal Deposit Insurance Corp., and related agencies. The Department of Housing and Urban Development's budget will be approved by the Transportation, HUD and Related Agencies subcommittee. Sen. Patty Murray, D-Wash., will chair the Treasury/HUD appropriations subcommittee in the Senate and Rep. John Olver, D-Mass, will chair the House panel. Rep. Jose Serrano, D-N.Y. will chair the House Financial Services appropriations subcommittee, and Sen. Richard Durbin, D-Ill., will chair the Senate panel.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry