Financial Services
(Washington, DC)--Congressman Al Green (TX-09) attended today a meeting at the White House in which President Barack Obama pushed for the prompt creation of a Consumer Financial Protection Agency, which is a key factor of the President’s proposed financial regulatory reform.
“The creation of a Consumer Financial Protection Agency would help avoid a repetition of the current economic recession and would also safeguard consumers from some of the practices that contributed to the meltdown of the financial system,” said Congressman Al Green after the meeting.
(Washington, DC)--Today, Congressman Al Green and Congressman Ed Perlmutter sent a letter to Securities and Exchange Commission (SEC) Chairman Mary Schapiro proposing possible modifications to the “mark-to-market” accounting standards currently in place. The mark-to-market standards have been criticized for exacerbating the ongoing financial crisis by causing extensive write-downs of assets and the loss of significant bank capital.
(Washington, DC)--On January 21, 2009, the House of Representatives passed legislation reforming and strengthening accountability in the Troubled Assets Relief Program (TARP) included in the Emergency Economic Stabilization Act passed last October. H.R. 384, the TARP Reform and Accountability Act, incorporated the provisions of the TARP Accountability Act, introduced earlier this month by Congressmen Steve LaTourette and Al Green.
(Washington, DC)--On December 10, 2008, Congressman Al Green (D-TX) joined Congressman Steven LaTourette (R-OH) in passing a bipartisan amendment to the Auto Industry Financing and Restructuring Act. The amendment enhances transparency in the lending provided for through the Act or through the Troubled Assets Relief Program (TARP) included in the Emergency Economic Stabilization Act passed earlier this year.
(Washington, DC)--Today, Congressman Al Green (TX-09), a member of the House Financial Services Committee, released the following statement on the passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008.
The Emergency Economic Stabilization Act of 2008 passed the House today with a vote of 263-171. The bill came to the House after it was passed in the Senate on Wednesday, October 1, by a vote of 74-25.
(Houston, TX)--Today, Congressman Al Green was joined by House Financial Services Committee Chairman Barney Frank at a press conference to discuss housing issues and legislation pending in the House Financial Services Committee to address the ongoing subprime mortgage crisis.
(Washington, DC)--Yesterday, the House of Representatives passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007. This bill responds to the subprime mortgage crisis by instituting much needed reform which would prevent bad loans from being made to consumers who cannot repay those loans.
(Washington, DC)--Congressmen Al Green (D-TX) and Patrick McHenry (R-NC), members of the House Committee on Financial Services, today introduced the Mortgage Disclosure Simplification Act of 2007. This legislation will require mortgage lenders to give every borrower a one-page summary of important information regarding their loan.
(Houston, TX)--Today, Congressman Al Green (TX-09) applauded the Association of Community Organizations for Reform Now's (ACORN) plans to conduct a large scale outreach program to find homeowners at risk of losing their home due to a predatory loan. Last week, Congressman Al Green passed an amendment to the Expanding American Homeownership Act of 2007 which would impose on mortgage brokers and correspondent lenders, the least regulated part of the mortgage industry, duties that would let consumers know that they are not on their own.
(Washington, DC)--Today, the House Committee on Financial Services passed H.R. 1852 the “Expanding Home Ownership Act of 2007”. The bill will revitalize the Federal Housing Administration (FHA), a provider of mortgage insurance to low and moderate income families seeking the American dream of homeownership. Congressman Al Green (TX-09) passed two important amendments to further comprehensive FHA reform and increase opportunities of home ownership for hard-working Americans.