Senate Banking Committee to take another shot at GSE reform.Building on last year's efforts, Senate Banking Committee Chairman Richard Shelby Richard Craig Shelby (born May 6 1934), sometimes known as Dick Shelby, is an American politician. He currently is the senior U.S. Senator from Alabama. Originally elected to the Senate as a Democrat, Shelby switched to the Republican Party in 1994 when it gained the (R-Alabama) said he will continue to push for consensus in order to move a strong government-sponsored enterprise (GSE GSE
general somatic efferent system. ) reform bill through the Senate in 2006.
GSE reform is one of more than a dozen priorities set for the Banking Committee during the second session of the 109th Congress, announced Shelby.
"Over the course of my chairmanship, I have been extremely pleased with the committee's commitment to operating in a bipartisan manner to address many of the key issues in the areas of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. , housing and transit," Shelby said in a statement. "I look forward to working with ranking member [Paul] Sarbanes [D-Maryland] and the other members of the committee to again press forward with an aggressive agenda."
The House passed a GSE reform bill, the Federal Housing Finance Reform Act of 2005 (H.R. 1461), in November. However, the Senate's reform bill--the Federal Housing Enterprise Regulatory Reform Act The Regulatory Reform Act may refer to either of two Acts of the Parliament of the United Kingdom:
Among other things, H.R. 1461 would give the new regulator the authority to set a clear definition of the secondary mortgage market and of mortgage loan origination, effectively establishing a "bright line" between the primary and secondary mortgage markets, which the Mortgage Bankers Association (MBA MBA
Master of Business Administration
Noun 1. MBA - a master's degree in business
Master in Business, Master in Business Administration ) supports.
Despite the committee's fulsome intended agenda, the work accomplished last year by the committee gives GSE reform a "leg up," making the chances of moving a bill good, according to Banking Committee Communications Director Andrew Gray.
"Senator Shelby thinks the environment is right for moving a bill," Gray told Mortgage Banking.
Look for post-Hurricane Katrina redevelopment to be "an issue of primary importance" to the committee, said Gray, with a particular focus on flood insurance, economic stabilization and housing needs. Part of this review will include various proposals to rebuild the Gulf Coast region.
A separate but related committee priority will include reform of the National Flood Insurance Program The National Flood Insurance Program (NFIP) was created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). (NFIP NFIP National Flood Insurance Program (US FEMA)
NFIP National Foreign Intelligence Program
NFIP National Foundation for Infantile Paralysis, Inc.
NFIP National Federation of Independent Photographers ). In light of what Shelby has referred to as the program's "bankruptcy," as well as its continuing obligations, expect the committee to consider legislation to allow NFIP to remain viable, said Shelby.
On the issue of data security, Gray said the committee is in the process of drafting a bill that would establish standards for notifying customers of unauthorized disclosure of their financial information in certain circumstances. The bill would be designed to complement existing data-security protections established in the Gramm-Leach-Bliley Act and the Fair Credit Reporting Act The Fair Credit Reporting Act (FCRA) is legislation embodied in title VI of the Consumer Credit Protection Act (15 U.S.C.A. § 1681 et seq. ), which was enacted by Congress in 1970 to ensure that reporting activities relating to various consumer transactions are conducted in a (FCRA FCRA Fair Credit Reporting Act (US)
FCRA Foreign Contribution Regulation Act
FCRA Federal Credit Reform Act
FCRA Florida Civil Rights Act
FCRA Florida Court Reporters Association
FCRA Fabric Care Research Association ).