February 18, 2011
Senate and House Committees Focus on Oversight of Dodd-Frank
Chairman Johnson of the Senate Banking Committee announced the Committee's priorities for this session of Congress:
The Committee’s top priorities and agenda will be viewed through the lens of continuing to support the economic recovery. Although real output is now growing, the rate of unemployment is 9 percent, the housing market remains weak, and output is below potential.
There are three overarching issue areas within the Banking Committee’s jurisdiction that will play the greatest part in the Committee’s focus on economic recovery and job growth:
1) Oversight of Dodd-Frank Wall Street Reform and Consumer Protection Act
2) Housing Finance Reform
3) Oversight of Taxpayer Investments in TARP and Auto Manufacturing
Similarly, the House Financial Services Committee Chairman Spencer Bachus today announced the committee’s planned hearing schedule for March 2011 and stated that:
The Committee will continue our efforts to promote economic recovery and job creation. We are committed to ensuring government policies promote, rather than hinder, a stronger economy and more jobs. That means the Committee will continue focusing on the need to end the bailouts of Fannie Mae and Freddie Mac, which have already cost taxpayers $150 billion. It means we will fulfill our Constitutional obligation to exercise rigorous oversight of the implementation of the Dodd-Frank Act and its impact on the economy, and it means we will pursue the elimination of unnecessary spending at a time of record deficits.
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