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Dodd-Frank, Housing Finance Top Senate Panel Agenda -Sen Johnson
1:11p ET February 7, 2011 (Dow Jones)
Dodd-Frank, Housing Finance Top Senate Panel Agenda -Sen Johnson

By Michael R. Crittenden
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones) -The ongoing implementation of the Dodd-Frank regulatory overhaul law and the future of the U.S. housing finance market will top a busy legislative slate for the U.S. Senate Banking Committee this year, according to a memo issued by the panel's chairman.
Sen. Tim Johnson (D., S.D.) wrote in a memo circulated to committee members last week that the panel's focus will be on "continuing to support the economic recovery," which he acknowledged still faces headwinds.
"Although real output is now growing, the rate of unemployment remains above 9%, the housing market remains weak, and output is below potential," Johnson wrote in the Feb. 2. memo.
The panel's biggest job will be overseeing the implementation of the wide-ranging financial overhaul package signed into law by President Barack Obama last summer. Johnson said enacting the legislation quickly would help provide some certainty to consumers and businesses, which will "bring market participants back to the market and restore consumer and investor confidence."
The memo said the banking panel may hold hearings on a range of issues related to the Dodd-Frank Act, including the creation of a new consumer agency, efforts by regulators to assess systemic risks to the economy, and significant new rules for derivatives markets.
The committee's other major focus will be on the future of the U.S. housing market, notably the restructuring of Fannie Mae (FNMA) and Freddie Mac (FMCC). Johnson said the panel will likely hold numerous hearings and meetings on the issue, with the focus on ensuring the availability of 30-year, fixed-rate mortgages and giving all lenders equal access to the secondary mortgage market.
Outside of those two main topics, Johnson's memo suggested the panel could turn its attention to a range of other issues over the current congressional session. Among the topics also up for consideration are covered bonds, securities market structure issues, and the ongoing issues surrounding sovereign-debt concerns in Europe.
-By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; [e-mail]

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