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This week in Congress: Hearings on mortgage market, cyberthreats

November 17, 2014

WASHINGTON (11/18/14)--Both houses of the U.S. Congress will conduct several hearings, including reviews of some legislation, this week before the Thanksgiving holiday. The House is considering several bills under the suspension of the rules, while the Senate is considering a child care block grant act and a Keystone XL pipeline bill.

See below for the hearings scheduled for the remainder of the week.

Today:

  • House Financial Services Committee housing and insurance subcommittee, "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II." The hearing will discuss various international regulatory standards being proposed by the G-20, the Financial Stability Board, the International Association of Insurance Supervisors and other international supervisory authorities. Witnesses will be Michael McRaith, director, U.S. Treasury's Federal Insurance Office; Sen. Neil Breslin (D-N.Y.); Michael F. Consedine, commissioner, Pennsylvania Insurance Department; and Thomas Sullivan, senior advisor, Federal Reserve Board of Governors.

Wednesday:

  • enate Banking, Housing and Urban Affairs Committee, "The Federal Housing Finance Agency (FHFA): Balancing Stability, Growth, and Affordability in the Mortgage Market." FHFA Director Mel Watt will testify at the hearing; and

  • House Financial Services Committee housing and insurance subcommittee, "Opportunities for a Private and Competitive Sustainable Flood Insurance Market." The hearing will focus on the Flood Insurance Market Parity and Modernization Act of 2014 (H.R. 4558), which would clarify that flood insurance offered by a private carrier outside of the National Flood Insurance Program can satisfy the mandatory purchase requirement. Witnesses will be: Steve Ellis, vice president, Taxpayers for Common Sense; Jordan Gray, senior vice president/general counsel, WNC Insurance Services Inc.; and Don Brown, a Florida property insurance expert.

Thursday:

  • House Select Intelligence Committee, "Cybersecurity Threats: The Way Forward." The hearing will feature government and private sector witnesses, with both lists to be announced.

Friday:

  • enate Banking, Housing and Urban Affairs Committee financial institutions and consumer protection subcommittee, "Improving Financial Institution Supervision: Examining and Addressing Regulatory Capture." Witnesses at the hearing will be: William C. Dudley, president/CEO, Federal Reserve Bank of New York; David Beim, professor of professional practice, Columbia Business School; Robert Hockett, Edward Cornell Professor of Law, Cornell Law School; and Norbert Michel, research fellow in financial regulations, Heritage Foundation.

Congress is expected to recess after this week for the Thanksgiving holiday and return to Washington Dec. 1 to complete business for the year. Its target adjournment for the year is Dec. 11 or 12.