Chairman Michael Oxley, R-Ohio, of the new House Financial Services Committee has fielded his team for the upcoming legislative season, naming Rep. Marge Roukema, R-N.J., his vice chair and appointing Rep. Richard Baker, R-Tenn., to head an expanded subcommittee.
The full panel has jurisdiction over housing and housing finance legislation.
"I''m fielding a first-rate lineup," said Oxley, who gave up his leadership of the House Commerce Committee to run Financial Services. "As I quarterback this team, I know I can depend on each one of these chairmen to catch the pass." The 10th term legislator from Ohio's fourth district said his committee has an "unprecedented opportunity in a new and exciting area of policy. Along with a Republican Administration and Senate, the subcommittee chairmen and I will move forward to serve America's taxpayers, savers, borrowers, and investors."
The new and expanded committee replaced the old banking committee with jurisdiction over securities and insurance as well as banking and housing.
Rep. Roukema, who is precluded by term limit rules from continuing as chair of the Financial Institutions Subcommittee, will chair the Subcommittee on Housing and Community Opportunity. Public and private housing, urban development and the Department of Housing and Urban Development will be under her panel's purview.
Rep. Baker will ride heard on the new and powerful Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises (GSEs). The panel will hold sway over Fannie Mae and Freddie Mac, the two federally-chartered institutions which funnels much of the money that goes into mortgages from investors to local lenders.
Last year, Rep. Baker tried to reign in Fannie and Freddie, saying the two giant corporations have become to big for their britches not only at the expense of potential competitors but at a big cost to taxpayers as well. And he has vowed to try again this year.
Senate Banking Committee Chairman Phil Gramm, R-Texas, has no plans to legislate the GSEs. But he will be watching them carefully.
He said "there will be continued need for oversight" about whether Fannie Mae and Freddie Mac are going beyond their mission, or performing it at all, and to what degree taxpayers may be liable should Uncle Sam has to bail them out of financial difficulty.
Rep. Peter King, R-N.Y., will run the subcommittee which has jurisdiction over federal monetary policy, and Rep. Spencer Bachus, R-Ala., will chair the panel that covers banks and banking, depository institutions, federal deposit insurance, and safety and soundness.
Back in the upper chamber, Sen. Wayne Allard, R-Col., will remain chair of the Housing and Transportation subcommittee with jurisdiction over the Department of Housing and Urban Development, Fannie Mae and Freddie Mac, and private and government housing programs, including the Department of Veterans Affairs' guaranteed home loan program.
In addition, Sen. Robert Bennett, R-Utah, will continue to head the Financial Institutions Subcommittee, which overseas banks, thrifts, Federal Home Loan Banks, and electronic commerce.
For more articles by Lew Sichelman, please press here.
Published: February 6, 2001
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